Every business is experiencing supply chain issues that are impacting business growth. Marketing is no exception. Managing your marketing supply chain ensures sustainability for your marketing campaigns.
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 nimbler and more 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, but 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.
For additional information on managing your marketing supply chain, contact your Think Patented account executive or call 937.353.2299.
Sources: Accenture (https://www.accenture.com/us-en/insights/consulting/coronavirussupply-chain-disruption), Conduit, Inc. (https://www.conduit-inc.com)