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What is promotional asset management and do you need one?
Whether you have an event in Nashville, Nantucket, or Naples, marketers today are increasingly challenged with the task of providing marketing to their teams. The increasing number of events (large or small) and the materials (swag, print, signage, etc.) needed to support events in today’s global environment highlights the importance of having an effective promotional asset management partner.
So, how does a marketer get materials to the field in a timely manner under these conditions? I’d recommend finding a partner that already has an effective platform and business model, what I refer to as a “Promotional Asset Management (PAM).”
Think of PAM like you would a company that outsources manufacturing of its product. If you research the evolution of contract manufacturing, you will find that prior to the 1970s, most businesses built their own production facilities.
That changed when it became apparent that it was much more efficient to find a partner for the production of their product. A marketer’s objectives are to drive revenue and grow market share. Getting materials to the field is critical to support that goal. Businesses that have a strong promotional asset management in place have a competitive advantage, so it’s important to evaluate your process.
Let’s talk about it
Promotional asset management refers to the creation, production, and distribution of the materials needed to support field marketing and sales. PAM has three main elements: a branded front end or ordering portal, professional project management teams, and a distribution center.
Ultimately, all three must work together, and ideally, should be the same partner. There is too much at stake regarding the timing and execution of production to rely on two or three different partners—a chain that can be exhausting to manage.
An optimized partner should speed time to the field and increase your return on the marketing spend. It is not easy to find a supplier that has mastered all three elements of PAM, so you have to do your homework.
Here are the elements you should consider when finding a PAM partner:
A branded ordering portal
This is where all your materials are accessible to the users in the field. The user interface should be intuitive and logical, which enables users to easily find what they are looking for. Your portal should have a number of instrumental features, such as user profiles, budgeting, multiple divisions, inventory management tools, special shipping instructions, return labels, and more.
Professional project management
Project managers who handle the production of branded swag, printed material, signage, and the assembly of kitted materials should have years of experience in these specific fields. This element of PAM contains the most production variables and specific details where things can go astray. It is critical for your vendor to have professional project managers. There is nothing more frustrating—and costly—than not having materials when you need them.
A distribution center
This is where your marketing materials are stored and available to be shipped to your users. It is also where materials from the field are returned and checked for quality. While there are many specifics to look for in a distribution center, you must ensure your partner has the ability to process and ship orders in the same day. They must also have an accurate, robust inventory management system.
The management of your inventory is crucial. Remember, visibility to what is being used versus what is sitting on a shelf for months at a time is vital. This allows marketers to make better decisions and maximizes the ROI of their budget.
Getting Married?
Over the years, I have often used the analogy of “getting married” when a company chooses which vendor to use. Like choosing a partner in a marriage, your relationship with your vendor is a critical component of your success.
It takes a substantial effort to gather an internal team and construct the business rules to create your promotional asset plan. It is a significant investment of time and money, so if your vendor does not meet your needs, your whole organization will suffer. Try to choose well.
If you choose wrong and get a divorce, so to speak, it is equally time-consuming and painful. You don’t really want to spend your energy dealing with moving your materials. So drill down and do the due diligence needed.
What will you want to learn from your discovery process? Let’s take a look. There are numerous items to consider, and a healthy process means developing a list of questions to ask when interviewing your potential PAM partners.
The more questions you ask, the better your likelihood of success. (See sidebar, “Do You Need Promotional Asset Management?”). Since we launched our PAM model eight years ago, I have had a front row seat to how this process unfolds. Prospects typically bring two to four colleagues to these interviews and ask reasonable questions about our capabilities.
In one extreme case, a prospect brought 16 team members, everyone from field marketing, brand, sales, HR, and other departments. They all had specific needs that were not being met by their current supplier.
While it was an impressive vetting process, I am happy to say we have solutions in place for each of their questions. Consequently, they hired us and proceeded directly to our onboarding process, which I will discuss later. The pain they were experiencing, some of which was acute, is gone. They are no longer tolerating an ineffective vendor; they are marketing, selling, and driving revenue.
Do you need PAM?
If you are uncertain about your company’s need to outsource your promotional assets, consider the level of pain in your current model—the design, creation, as well as the production and distribution of your branded materials.
- Do you have materials available to your users?
- Is the ideation/creative process effective?
- Are your brand guidelines met consistently?
- Are materials easily accessible?
- Is it difficult to get products to the field in a timely manner?
- Are critical ship dates delayed or not met?
- Do you frequently have material stuck in customs?
- Do you have access to data regarding inventory and item usage?
- Are your team members frequently frustrated with your current vendors?
Finding your way
- Nearly 65% of senior marketers have never done a comprehensive analysis of how well their supply chain is managed, with most admitting their suppliers are poorly integrated.
- Only 26% track obsolescence on marketing and event management consumables, yet they acknowledge that doing so would reap a tremendous benefit to their ROI.
- 89% of companies indicate they are not generating economies or efficiencies in their marketing supply chain.
- 48% of marketers acknowledge that marketing supply chain management is an evolving functional area that needs more attention.
Source: CMO Council
Launch Date—Set the Stage
One of the most rewarding moments of building a PAM program is the day you launch and provide accessibility for your key marketing materials. At this point, you have done an extensive amount of work to qualify suppliers, create your site, order materials, and test the process. It is an accomplishment worthy of celebration.
You have built a process that should increase the effectiveness of your teams—one that creates a new sense of enthusiasm within those teams. I have seen sites launched with only four or five users and sites launched with hundreds of users on Day 1.
You may want to plan an event to introduce your PAM program. I have seen some of our clients do great internal marketing around the launch of their new partner. Documenting the process of ordering, the business rules, and the benefits of having PAM helps your users get started.
It should be an exciting experience, so share it.
