28% of marketers manage seven or more technology vendors and service providers as part of their marketing initiatives
A recent study by Yes Lifecycle Marketing has highlighted a rather eye-opening pain point for many in the B2B marketing industry… multiple suppliers and vendors. In the report, Yes Lifecycle Marketing found that more than a quarter of marketers used seven or more suppliers. The outcome of this approach is, of course, a related cost of time and resources…
21% of marketers are spending upwards of 15 hours every week coordinating their technology and service providers
This is an unbelievable statistic which highlights the fact that many marketers are spending nearly two whole days each week simply coordinating providers and vendors that are supposed to be helping them. The problem stems from modern multi-channel marketing and the fact that many vendors and suppliers typically specialise in one particular channel or tactic. This means that in order to generate the best results across the board, marketers are relying on the specialist knowledge of multiple experts. But is this really the best approach? Considering the coordination responsibilities, perhaps not.
15% of respondents cited the need to consolidate vendors to be able to achieve goals
The obvious solution to this issue is consolidation of vendors and suppliers, therefore requiring less management time, however even this process presents a significant problem. The report found that 25% of marketers had seven internal stakeholders within their organisation involved in the selection of technology vendors and services. With so many stakeholders involved in the process, selection can be a long and arduous journey in which everyone’s concerns and issues need to be resolved.
So, what is the best solution? The answer is comprehensively searching for one or two vendors who can provide all of the marketing requirements to an expert level. The search process may take longer and the cost of such highly specialised staff may initially cost more. However, consolidating the supplier and vendors has two clear benefits. The first is that educating the vendors about your brand, requirements and style guides takes a fraction of the time and resources. Secondly, with only one or two suppliers, it’s much easier to create a seamless brand message and gather closed-loop reporting.
Consolidating your suppliers will dramatically reduce the current drain on resources, time, energy and costs. It also means highly talented experts can provide integrated solutions which are easier to measure, track and amend where necessary.
To see what’s involved in planning a comprehensive multi-channel marketing campaign…