Why Procurement and Marketing Go Hand-in-Hand
Ever work in a big organization? If so, you’ve probably heard of procurement and marketing.
Procurement and marketing may seem like two entirely different things at first.
Believe it or not, procurement and marketing may be more alike than you think, especially when it comes to tenders.
For marketers who want to find new tenders, it can be tricky to get what you need from procurement.
Lucky for you, we’re here to help you combine procurement and marketing.
Let’s take a closer look at procurement and marketing and what they mean for your company.
What Is Procurement?
People might mistake procurement for purchasing, and vice-versa. And perhaps it is easy to understand why.
Procurement involves choosing vendors, setting up payment terms and buying goods and services. In most cases, procurement is a key part of a business strategy.
Often, purchasing is only one part of procurement. It refers to buying goods and services, along with receiving or submitting payments.
Although procurement is important, it is unlikely to make or break a company on its own.
To better understand the true value of procurement, let’s consider a study conducted by Hackett Group.
According to Forbes, the study showed the top procurement organizations spend 25 percent less on procurement than other companies.
What does this mean for businesses? You don’t need to overspend on procurement to get the best results possible.
What Is the Link Between Procurement and Marketing?
Conflicts sometimes arise between procurement and marketing departments.
Procurement wants to help a business maximize the return on any investment – without exception.
Meanwhile, marketing needs procurement to help launch campaigns.
Marketers want to run campaigns and need money to do so. With a good relationship with procurement, marketing can get the money it needs.
How to Bridge the Gap Between Procurement and Marketing
With the right approach, marketing can become procurement’s new best friend.
There are several ways to bridge the gap between procurement and marketing, including:
- Maintain open communication. Don’t leave procurement or marketing in the dark. Maintain constant contact, and everyone will be able to stay up to date.
- Make the procurement process simple. Lengthy negotiations won’t do any good for marketing and procurement departments. Yet a simple procurement process reduces stress for everyone.
- Choose value over cost. What a campaign costs is less important than the benefits it can provide to a business. If procurement and marketing focus on value, they can take a close look at how a campaign will help a company.
- Build a relationship. Procurement and marketing want to help an ordinary business become a successful brand. Together, procurement and marketing can build relationships on trust and respect to help a company achieve its goals.
Procurement and marketing go hand-in-hand. If you take the time to build bridges between procurement and marketing, your company can enjoy the benefits for years to come.
Ready to take your business to new heights?
Combine procurement and marketing to increase your sales. Then, you can begin your search for new tenders and discover new B2G business opportunities.