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Top 3 Factors CPOs COnsider When SOurcing Global Marketing Services

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According to this year's ProcureCon CPO Study, procurement is starting to exercise more influence over sourcing their organization's global marketing and translation services. Over half of CPOs say they play an active role right from the beginning of a project.

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Top 3 Factors CPOs COnsider When SOurcing Global Marketing Services

  1. 1. $ TOP 3 FACTORS CPOS CONSIDER WHEN SOURCING GLOBAL MARKETING SERVICES
  2. 2. Procurement’s role in enabling the global marketing strategy This presents CPOs with a much stronger opportunity to build long-term value compared to what they’ve known in the past, when procurement was typically cost-driven and enlisted late in the decision-making process. According to this year’s ProcureCon CPO Study, procurement is starting to exercise more influence over sourcing their organization’s global marketing and translation services. Over half of CPOs say they play an active role right from the beginning of a project. 02
  3. 3. 03 Let’s take a look at the three most important factors CPOs consider when exploring services fit to meet organizational goals. So how are they taking advantage of the opportunity?
  4. 4. 04 IN THE STUDY, RESPONDENTS WERE ASKED: “How important, on a scale of 1-5, are the following attributes when making marketing/translation purchasing decisions?” Here’s what the survey found.
  5. 5. 05 QUALITY Respondents pinpoint the quality of a service provider’s work as the most important of eight given attributes. 65% of respondents consider quality the biggest factor in their purchasing decisions, while only 9% feel neutral or consider it least important. Source: Charting the Technological and Strategic Transformation of the Procurement Department, ProcureCon, 2018 1 (MOST IMPORTANT) 2 3 (NEUTRAL) 4 5 (LEAST IMPORTANT) 1 (MOST IMPORTANT) 65% 65% 3% 3% 3%
  6. 6. 06 EXPERTISE The runner up was expertise in a certain industry, which 46% of CPOs deem the most important detail in their strategic decisions. 9% say they are unlikely to look for industry-specific capabilities. Source: Charting the Technological and Strategic Transformation of the Procurement Department, ProcureCon, 2018 1 (MOST IMPORTANT) 2 3 (NEUTRAL) 4 5 (LEAST IMPORTANT) 46% 29% 16% 6% 3%
  7. 7. 23% 07 INNOVATION Innovation came third in CPOs’ thought processes. However, while only a small proportion of respondents deprioritize innovation, as with the other two attributes, the vast majority (40%) sit on the fence. Source: Charting the Technological and Strategic Transformation of the Procurement Department, ProcureCon, 2018 1 (MOST IMPORTANT) 2 3 (NEUTRAL) 4 5 (LEAST IMPORTANT) 27% 40% 7% 3%
  8. 8. 08 Procurement’s commitment to value creation is reflected in the fact that the three most commonly cited must-haves in marketing and translation are not cost-related. Instead, they all pertain to the reliability of high-quality output from a supplier. SO: VALUE TRUMPS COST
  9. 9. 9 That said, other factors highlighted in the report— including cost—haven’t been forgotten. Along with the references a supplier can provide, these factors are worth examining during due diligence.
  10. 10. 10 To learn more about other attributes CPOs evaluated as beneficial (or not so beneficial) to purchasing decisions, download the full report: Charting the Technological and Strategic Transformation of the Procurement Department
  11. 11. About Lionbridge Lionbridge enables more than 800 world-leading brands to increase market share, speed product adoption and effectively engage customer in local markets worldwide. We provide technical documentation, labor time, warranty and service information development and validation, training development, engineering services, translation, and application testing solutions that ensure global brand consistency, local relevancy and technical usability across all touch points of the customer lifecycle. Based in Waltham, Mass., Lionbridge maintains solution centers in 28 countries. LEARN MORE AT LIONBRIDGE.COM © 2018 Lionbridge. All Rights Reserved.

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