Key Benefits Your Business will see when you set up a Marketing Center of Excellence
A Marketing Centre of Excellence is a physical or virtual center of knowledge that brings together existing expertise and resources, adds to it where required and optimizes marketing in a way that ensures a high rate of efficiency, performance and value. The scope and goals of the Marketing Centre of Excellence are very clearly defined down to all the specifics and every resource optimally leveraged. This helps push beyond performance boundaries to deliver great value and excellence.
But in order to do this, there needs to be a cohesive working together of all the various wings of a marketing center of excellence. And when that happens, the benefits are great!
According to a study, it was found that the top benefits are improved operational efficiency (40%), faster time to market (36%) and the ability to meet customer expectations (35%). Quality of deliveries go up by 26% and costs some down significantly. (Source – https://www.ptc.com/en/technologies/plm/digital-transformation-report)
Marketing efficiency increases
Every person who is involved in a Marketing Center of Excellence has their roles and responsibilities clearly defined. All the processes are clearly defined. And every activity is tracked and reviewed to ensure optimal output.
You can optimize people, processes and tech costs
When you engage with several vendors for different services, you end up paying a lot more than you have to. The pricing of any vendor includes every cost involved in servicing a brand. For instance, every vendor will include an Account Manager’s cost in their pricing. When you work with multiple vendors you end up paying for multiple Account Managers!