Why Marketing Procurement Is Different from Other Types of Procurement (A ChatGPT Story)
By: John Wallace January 31st, 2023 4 minute reading
I often get asked “what differentiates Octerra from any other type of procurement software” and the answer lies within the answer to a different question.
Inspired by the results of my first experience using the AI chatbot, ChatGPT, I thought I would put it to the test once again. This time I decided to get a bit more creative with my prompt (below) regarding a very important fact that marketers are keen to acknowledge: namely, that marketing procurement is not like other types of procurement.
Procuring marketing goods and services is unique
Here was my prompt:
Write a detailed article on how and why bidding marketing production is different from bidding other types of goods and services and talk about how software can help make it easier and better. Use a tone and style of Jerry Seinfeld. Cite sources for your information.
And here is what ChatGPT wrote…
Hamlet vs. a box of nails
Hey, have you ever noticed how bidding for marketing production is different from bidding for other types of goods and services? It's like comparing apples to oranges, or maybe more appropriately, comparing a production of "Hamlet" to a box of nails.
First off, let's talk about what we mean by "marketing production." This can refer to a wide range of services, from developing creative campaigns and producing video content to designing websites and creating branded merchandise. Essentially, it's any type of work that helps you promote and market your brand.
Now, let's compare this to bidding for, say, a box of nails. When you're bidding for a box of nails, you're probably looking at factors like price, quality, and delivery time. Maybe you want the cheapest nails, or maybe you want the best quality for the price. Either way, it's relatively straightforward.
Marketing procurement is complex
But when it comes to marketing production, there are so many more variables to consider. For example, you might be looking for a production company that can bring your brand to life in a way that resonates with your target audience. You might be looking for a team with a strong track record of producing high-quality work, or one that can deliver on time and on budget. And let's not forget about the all-important "wow" factor - you want a team that can come up with creative and innovative ideas that will make your brand stand out.
Software makes managing production bidding a breeze for marketers
So how can you make the bidding process for marketing production easier and better? One way is by using software specifically designed for managing the bidding process. There are a number of tools out there that can help you streamline the process of requesting proposals, evaluating bids, and selecting the best vendor. Some examples include Inflo and eBid. These tools can help you create and distribute RFPs (request for proposals) more efficiently, and they can also help you track and evaluate responses from different vendors.
By using software to manage the bidding process, you can make it easier and more efficient to find the right marketing production partner for your brand. And trust me, that's worth its weight in gold.
The gold standard for marketing procurement
As similarly described in my related post, ChatGPT was pretty much spot on. But where it misses the mark here is in recommending Inflo and eBid as potential solutions. Unlike Octerra, neither of these are viable tools to help marketers manage the bidding process with their vendors. Only Octerra allows users to manage a roster of vendors, collaborate across multiple brands/agencies and select the best bid for every project.
I often hear marketers say things like "[marketing procurement] is more art than science." And to some degree they are correct. The beauty of Octerra, and what differentiates it from other procurement software, is that it handles the complexity of marketing procurement - gracefully and intuitively - making it easy to account for the variability that comes with sourcing goods and services that are rarely ever black or white, but rather shades of grey. By comparison, traditional procurement software doesn't come close.
(Source: "The Top 10 Bid Management Software," Capterra)
By John Wallace
Production and technology provide the foundation for John's current role at Octerra. With 12+ years of experience as Head of Production at StudioNow and AOL, he has created video content alongside some of the world's top brands & agencies.
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