While media investments have been the main focus for savings among marketing procurement executives there is a growing focus on creative and production activities for potential savings as well, according to a new survey from the World Federation Of Advertisers, which partnered with Flock Associates on the project.  

Close to 20% of the marketing procurement executives surveyed for the report said creative savings is their main focus this year, up from 11% in 2023. And 11% cited production as the driver of savings efforts this year, up from 5% last year. Advances in technology like generative artificial intelligence were cited as key assets in the effort to save on production costs.  

That said, just over half (53%) of respondents said media will continue as the main driver of procurement savings in 2024, down from 64% a year ago.   

This year’s study was based on a survey of responses from 51 companies spending a combined $114 billion annually on advertising.  

This year’s survey also found that many marketing procurement executives (about half of respondents) are frustrated that those higher up in the corporate food chain that are setting targets often lack marketing knowledge. Respondents also said they want to broaden metrics of “success” beyond savings. 

“We need more alignment at an enterprise level, beyond individual scopes, between CFO, CPO and CMO so procurement can work towards optimizing company investments, not just marketing budgets,” said Laura Forcetti, director of global sourcing, WFA.  

The full report, for WFA members only, can be found on the group’s website.