According to the latest procurement market intelligence report from Technavio, the global marketing consulting market is expected to grow at a CAGR of 4.1% over the next five years due to an increase in the production of consumables business expansions, which are driving the demand for marketing consulting services.
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Technavio has published a new report on the global marketing consulting market from 2017-2021. (Graphic: Business Wire)
The research report titled ‘Global Marketing Consulting Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the marketing consulting market will be driven by growth in the number of consumables produced across industry segments such as consumer electronics, automobiles, and FMCG and the need to tap the increasing buying power in emerging markets such as India and Brazil,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Also, an increase in competition among businesses is making it difficult to identify the right target groups for marketing products,” adds Angad.
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Cost Saving Opportunities in the Marketing Consulting Market
The adoption of various cost-optimization levers helps buyers of marketing consulting realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the marketing consulting market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Some of the latest technologies used for marketing activities include Big Data, analytics, SEM, e-mail marketing, Google AdWords remarketing, and marketing automation. Adoption of these technologies by marketing consulting services can help realize savings to the extent of 7%.
Buyers prefer engaging with suppliers that incorporate the latest technologies to gain market and customer insights for marketing activities such as brand promotion and customer relationship management (CRM).
Optimization of procurement practices saving aspects
Optimization of procurement practices is critical in the global marketing consulting market. Category managers suggest a procurement model based on short-term contracts based on the scope of the campaign, with a pricing model that is based on specialist rates with time estimates.
Buyers look for suppliers that gauge campaign success via metrics and use a variety of tools to track and measure customer conversion rates and revenue growth as driven by marketing activities. These parameters are considered by buyers to ensure healthy ROIs from campaigns conducted by consulting firms.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving tactics in the global marketing consulting market is the bundling of consulting requirements such as strategy and HR. Buyers seek to engage with consultancies that employ people who possess comprehensive skill sets. The required skills include understanding and effectively working with sales teams, following a process-based approach for lead management with proficiency in direct marketing.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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