RESEARCH NEWS: European companies wasting millions on marketing
Marketing production specialists, Charterhouse has revealed that Europe’s top 500 businesses (based on size of turnover) could be wasting a combined total of €716m due to inefficient marketing procurement.
According to the forthcoming study four-fifths of procurement professionals declared that this area could drive new cost-savings if marketing products and services can be purchased more efficiently in their businesses.
Further findings revealed that 88 per cent of those questioned said that their existing procurement practices are becoming less effective.
David Fincham director at Charterhouse, said, “The potential to identify new savings in an already squeezed environment is great news. But marketing procurement must be approached intelligently to avoid reducing its effectiveness. “Driving purchasing efficiencies will be vital in an uncertain economic environment and in light of shrinking marketing budgets.”
The study surveyed 200 professionals across Europe’s 500 largest businesses.