March 2022 E-Connect Daily
Ideas for managing your marketing supply chain
Just about every supply chain has been impacted negatively across the globe. And while marketers are mostly focused on customers, the marketing supply chain is not immune from disruption. Assessing and repurposing the supply chain for your campaigns and their corresponding channels may just be one of the most critical endeavors you undertake.
The ability to source and manage the components of a marketing campaign are vital. Developing a system that is resilient and responsible will pay dividends for years to come. Marketing leaders must make rapid decisions, and take immediate actions to sustain business operations in order to best serve clients and communities.
According to Accenture's most recent supply chain data:
- 94% of Fortune 1000 companies are seeing supply chain disruptions from COVID-19.
- 75% of companies have had negative or strongly negative impacts on their businesses.
- 55% of companies plan to downgrade their growth outlooks.
- Marketers may want to consider the following ideas to respond to the current crisis and protect themselves in the future:
- Continuous cycle of risk assessment: Implementing a research process that includes data around each component of the marketing supply chain allows you to stay informed and anticipate challenges. For example, an analysis of the raw material and creative labor markets that serve your initiatives.
- Deeper communication with supply partners: Holding ongoing dialogue with marketing services can add to developing a robust framework that allows you to be more nimble and responsive.
- Build a marketing supply chain team: By delegating certain people to analyze the variables impacting the supply chain, it becomes a competitive advantage. Connecting your people with the key personnel within the chain not only helps manage crises, but provides great visibility in the future.
- Create a dashboard: Chronicling the performance within the marketing supply chain not only gets you focused on it, it should boost productivity as partners are held accountable for both results and communication. We typically get what we measure.
- Scenario role play: If you are able to run simulations to predict when and where challenges are likely to occur, you will understand where action is needed to optimize your campaigns.
Sources: Accenture (https://www.accenture.com/us-en/insights/consulting/coronavirus-supply-chain-disruption), Conduit, Inc. (https://www.conduit-inc.com)
“Employers are in the middle of an intense war for talent that’s not likely to let up anytime soon. The challenge of hiring and keeping employees has now spread from isolated industries and skill sets to most industries and workforce segments. To compete, it’s imperative for employers to take strategic actions and find ways to differentiate the value proposition they offer to current and prospective workers.”
– Adrienne Altman, Managing Director and North American Head of Rewards at Willis Towers Watson
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