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7 December 2011 | Angeline Albert
Europe’s top 500 businesses are missing out
on savings collectively worth €716 million (£615 million), due to inefficient
buying of marketing goods and services.
A survey of 200 purchasers working for
Europe’s top companies in terms of turnover found 79 per cent felt marketing
products and services, such as printed materials or online advertising, could
be purchased more efficiently at their company.
And some 65 per cent of procurement
professionals, polled by marketing services production firm Charterhouse in
November, said traditional spend categories – not including marketing - are now
yielding fewer savings than ever before.
The poll also found that 35 per cent
described marketing as “the last real opportunity” for procurement to drive
significant new savings. And it also said purchasers were trying to work with
marketers more closely to identify potential savings and make marketing budgets
to go further.
“Most large businesses have been furiously
driving out inefficiencies since the start of the recession. As a result,
procurement professionals have to seek out savings in new areas. There is a
huge opportunity for big businesses to make significant savings on their
marketing,” said David Fincham, director at Charterhouse. “Driving purchasing
efficiencies will be vital in an uncertain economic environment and in light of
shrinking marketing budgets. We believe a closer relationship between the two
disciplines can drive real savings without sacrificing the vital creativity and
innovation that effective marketing demands.”
The full results of the survey are due to
be published in a report next year.