Marketing Excellence: Driving Costs Down & Effectiveness Up

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Marketing organizations today are faced with the dueling challenge of delivering quality services to their internal clients while still holding down costs. To meet performance objectives, is it essential that Marketing leaders understand how their expenses, services scope, resources, organizational structure, and use of off-shore labor sources compare with those at other companies.

While cost-cutting tactics vary in effectiveness depending on the company and industry– the benchmarked class in Best Practices’ recent report, “Marketing Services Excellence: Driving Costs Down & Effectiveness Up,” identified the top 5 cost-saving tactics that have paid off for their companies.

$. Organizational Structure – Using a centralized Marketing Shared Services (MSS) or In-house Agency structure can help to reduce duplication & keep costs down.

$$. Human Resources – Among the best practices in HR, benchmarked participants listed:   

  • Offshoring technical & transactional work to lower-cost labor markets (for example – India)
  • Retaining experienced staff to minimize learning curve, speed productivity & build internal customer relationships
  • Extending staff capacity with judicious use of contractors for temporary workload increases.

$$$. Automation Automating project management/intake & processes saves time & eventually can cut down lots of costs.

$$$$. Measurement/Metrics – Tracking costs and hours worked “like an external agency would” to be better understand resource needs

$$$$$. Vendor Management/Procurement ­– Using vendor management practices, including cost and negotiation & preferred vendor programs for procurement.

By implementing some (or all) of these cost-saving tactics, professionals can become leaders in the Marketing function, all while remaining efficient and saving money. Check out our SlideShare presentation (provided below) to learn more about our Digital Marketing Consortium, or click here! Become a member of the Consortium today to significantly improve your Marketing function with the current leaders in the pharmaceutical and medical device industries!

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