Category: Business

Behind every purchase a consumer makes, there is a decision-making journey. 

This is a process that everyone goes through from discovering their problem or need to their final decision to buy. As a person progresses through their buying journey, they’ll have different questions and concerns. 

BOFU (bottom-of-funnel) content comes at the very end of the decision-making journey, or the last step before buying. In content marketing, nailing the BOFU phase is absolutely essential for getting an ROI on your content. If this step isn’t right, your prospects won’t convert into customers, and all the work that came before would be for nothing.

We’ll take you through the types of BOFU content, how to use them, and why they’re effective. 

What is BOFU content?

To understand BOFU content, it’s worth taking a step back to understand the decision-making funnel. The decision-making funnel is used to describe the step-by-step process consumers go through before most purchases. You’ll find variations of this model, but here’s the simplified version:

• The user becomes aware of their problem or desire
• They conduct research and find out which solutions are available to them
• Decision: they do any final research, then make their purchase

BOFU content, as it sounds, targets the end of the decision making process. People at this stage in their journey know about their problem and some of the solutions, and are preparing to make their final decision.

That means you can (and should) be more aggressive with your copy and calls-to-action (CTAs). With this type of content, these kind of CTAs are all appropriate:

• Get a free trial
• Request a demo
• Get a quote
• Call us now
• Buy now
• Add to basket

They may not, however, be appropriate further up the funnel. It’s important to match your language and CTAs to the correct intent and stage of the funnel. 

If someone is searching for “what is Bitcoin?”, they probably don’t want to buy Bitcoin. Not yet anyway. A better next step might be to read about the price history, or “Is Bitcoin a good investment?” to help push this reader further down the funnel.

This is a simple concept, but an important one to grasp. If you try to use more aggressive calls-to-action (CTAs) such as ‘book a demo’ or ‘add to basket’ in content that is not BOFU, then your conversion strategy simply won’t work. It’s important to match the right CTA to the right type of content.

How does BOFU content differ from MOFU and TOFU content?

Naturally, since we have ‘BOFU’ content, we also have ‘MOFU’ and ‘TOFU’. Middle of funnel, and top of funnel, respectively. Here’s an explanation of what each of those are, how they differ, and some quick examples to illustrate.

Top-of-funnel (TOFU) content 

At the top of the funnel, you have the biggest and broadest audience. These are people who are mostly simply looking for information, and may not yet be aware of a specific problem they need to solve. They are the furthest away from a purchase, which also means you have a lot of nurturing work to do before this audience converts.

Here are some examples of TOFU content:

TOFU content is informational. It is the first step in making a reader aware of your brand, and aware of a problem you could solve for them where possible too.

Middle-of-funnel (MOFU) content 

In the middle of the funnel, people are now aware of their problem. This is known as the evaluation stage, where the person is weighing up the different solutions to solve this problem.

With MOFU content, it’s worth remembering that it doesn’t have to be YOU who nurtures the person to this stage. There’s already plenty of people out there who’ve got to this stage, and are ready to start researching solutions.

You now just have to make sure that you produce the right content, and get it in the right places so that your target market finds you in this stage.

Here are some examples of MOFU content:

Types of BOFU content

At the bottom of the funnel, we have prospective customers who know their problem, and know some of their potential solutions. At this stage, people are figuring out the details, and finalizing their decision. Here are five types of content you can produce to convert BOFU prospects into customers.

1. Product comparisons

Comparing product A to product B is a commonly used tactic to weigh up the pros and cons of each product, and identify the use cases where one is superior to the other.

Why this works

Someone reading comparison content is past their initial research stage. They know of at least these two solutions to their problem, and now they want to know the finer details of each. It’s a great opportunity to jump in and highlight key selling points.

Example: GetResponse vs. Constant Contact

This example is written by GetResponse. They’re aware that anyone buying GetResponse may also be considering Constant Contact, so they’ve put in the time to write up a comparison.

It starts by drawing a comparison of the features, before moving onto pricing. It also gives GetResponse a chance to highlight other selling points that may affect the decision-making process, such as 24/7 support.

A secondary benefit of producing this content is that it equips the sales team to deal with any questions about this comparison, and give resources for prospects to read.

Example: Trello vs. Meistertask vs. Toggl Plan

This article that compares Trello vs. Meistertask is written by Toggl Plan, a competitor of both tools.

It is a creative tactic that allows you to leverage the brand awareness of your competitors with SEO and content. Toggl Plan has satisfied the search intent by pitting Trello against Meistertask, but simultaneously thrown their own hat in the ring as a third alternative.

If you’re a newcomer to the market, try doing some keyword research. Look for people who are comparing some of your better known competitors, and see if there’s an opportunity to utilize that in your content marketing.

2. A case study

Case studies are used to show what kind of results other people have had with your solution. Often, they’ll focus on a specific problem that you solve, and take you through the journey to the results.

Why this works

A case study proves that your solution works. That customer chose you ahead of all their other options. What was the result? It lets you incorporate testimonials and show off the outcomes that other customers have achieved.

A reader may find themselves in a similar situation to the person or company in your case study. Explaining step-by-step what happened in a real-world scenario makes it easy for the prospect to understand what can happen if they buy.

Example: Attest’s Gymshark Case Study

In this first example, Attest are able to boast about how their solution has enabled Gymshark to navigate a difficult market. Gyms closing was a new challenge, and Attest could equip brands in this space with market intelligence to figure out what to do next.

The case study walks through the journey, starting with the problems and questions Gymshark had, then following with the results. It details how Gymshark made some key discoveries, such as data proving that people were anxious about returning to the gym amidst the pandemic.

Example 2: Shopify’s Heinz Case Study

Shopify’s Heinz case study neatly lays out the challenge, solution, and results from using their e-commerce platform. It includes multiple testimonials from a key stakeholder at Heinz.

Three key details are also highlighted above the fold:

• Previous platform
• Food and beverage
• Use case

These help a reader understand quickly how relevant the case study is. The closer to their situation, the more effective it will be, which makes having case studies across a number of different industries and use cases effective.

3. An ‘alternatives’ listicle

Sometimes a person is aware of one solution to their problem, but it just isn’t quite right. This is usually a market leader with lots of brand awareness. In that case, it’s common to search for product alternatives to see if there’s anything else out there that is a better fit.

Why this works

Someone searching for an alternative is ready to buy. They already know their problem, and just need to find the right solution. It might be that the solution they already know about is too expensive. Maybe it lacks a certain feature, or isn’t great for their specific use case. This is an opportunity for you as a content marketer to step in and offer the perfect alternative.

Example 1: Benchmade Bugout Alternatives

This affiliate article starts by identifying the reasons why someone might look for an alternative to this brand (Benchmade). The primary reason is that it’s an expensive brand. However, it’s also small, and very light – so perhaps someone would look for something bigger or sturdier, too.

For each potential drawback, the article recommends a product that fits better. This is easily replicable across many physical products, SaaS products, and brands. Like with product comparison keywords, you can do keyword research to look for similar opportunities in your niche. See if you can leverage the brand awareness of market leaders in your space.

Example: ClickUp Alternatives

This example is a little different in that ClickUp is the author of this post.

If people are searching for alternatives to your product, you have an opportunity to address their concerns. Publishing and ranking content like this makes it harder for your competitors to do so, and it allows you a chance to change the reader’s mind.

In this article, ClickUp lists out alternatives to their product, but also identifies the drawbacks of each and how ClickUp solves them. For example, Asana is one of the prospective alternatives. ClickUp are sure to highlight the limited privacy permissions which they can offer a better solution for.

4. A free trial or demo landing page

A free trial or demo is the perfect way to get prospects over the line. The very last step in the decision-making funnel.

Why this works

People this far down the funnel already believe you can offer them the solution they’re looking for. They’re nearly ready to pull the trigger and pay, but need to see it in action first to confirm. At this point, you don’t need to beat around the bush. CTAs can be straight to the point. People are ready to try your solution. 

Example: LinkedIn Sales Navigator Free Trial

LinkedIn’s Sales Navigator trial page is a great example to look at, that includes many landing page best practices.

Take note of:

• A clear CTA above the fold
• A product video
• Social proof used (high profile customer logos)
• FAQs to address potential concerns

The page is short and to the point. You can also see that there’s no top bar navigation. LinkedIn has reduced the number of ways someone can get distracted and leave the page without starting a trial.

Example: Perkbox’s Request a Demo

For a self-serve product, a free trial works well. For a sales-led product, however, we usually see free demonstrations being offered. There are some similarities to the LinkedIn page: a clear CTA above the fold, and lots of social proof (client logos, testimonials, reviews).

For a demo request form like this, it’s important to consider which fields to include. Typically, more fields will result in fewer form submissions, but potentially a higher quality of lead. Fewer fields will likely result in more leads, but they could be less qualified.

In this case, Perkbox choose to add in fields for company size and level of seniority, since these are important factors in the sales process. 

5. Free courses and educational materials

Lastly, another type of BOFU content is educational materials. This can come in several forms, but video courses are particularly popular and effective.

Why this works

By creating free educational content, you’ll be able to show someone how they can achieve their goals by using your product. Prospects can see your product in action, understand the value it provides, and see whether or not it’s what they need.

It allows you to give value up front, and showcase your expertise on the topic. It’s also an opportunity to grab email addresses and work on nurturing leads. 

Example: Ahrefs Academy

This free course by Ahrefs is designed for absolute beginners in SEO. It teaches the fundamentals of things like keyword research and on-page SEO, showing how Ahrefs can help you with those things along the way. Getting a trial of Ahrefs is a logical next step after this course, to start applying the learnings.

Example: Email Marketing Basics by Sendinblue

Similarly to the Ahrefs example, this course by Sendinblue introduces users to the basics of email marketing. And naturally, to Sendinblue’s email marketing product. It’s a low-friction way to start delivering value and educating users on how to achieve their marketing goals with the product. 

Both Ahrefs and Sendinblue’s courses are ungated, meaning there’s no email address required to access them. You’ll find others examples such as HubSpot Academy which do require a sign up. In that case, the creator has the opportunity to send further emails and nurture leads. 

How long do prospects stay in the BOFU stage before a buying decision?

Typically, once a prospect reaches the BOFU stage, they are close to buying. However, the precise timelines for that final decision can vary a lot. Some purchases are simply a bigger decision than others. 

Keep in mind these key factors which could affect the timeline:

• B2B vs. B2C
• Number of stakeholders involved
• Price point
• Business model (sales-led vs. self-service)
• Industry

Think about how long it would take you to decide on which car to buy. Then compare that to how long it would take you to decide which brand of chips to buy.

The price and the business model will also impact this a lot. For example, a sales-led B2B product may have a long sales cycle. With multiple demos, multiple decision-makers involved, and budgets to allocate, this can take months whereas a lower cost B2C product could take as few as a couple of hours. 

Conclusion 

BOFU content is the key to ROI on your content marketing. The whole purpose of everything that comes before (TOFU and MOFU marketing) is to get prospects to this point, and convert them into customers.

Think about the questions, thoughts, and potential objections a prospect might have by this point in their buyer’s journey. Create content that aims to satisfy those concerns. Think about producing:

• Product comparisons
• Case studies
• ‘Alternatives’ listicles
• Free trial and/or demo landing pages
• Free courses and educational content

As businesses increasingly focus on managing costs, finding the right vendors has become a top priority for procurement teams. 

Consequently, the practice of strategic sourcing, which focuses on maximizing value and reducing risk through vendor partnerships, is transforming the way businesses view buyer-supplier relationships.

Spending wisely can make or break your business. Admittedly, this idea isn’t new. Indeed, for finance and procurement teams, it’s an age-old, foundational principle. However, what is new is how they decide what wise spending looks like. As businesses increasingly seek to control costs while maximizing output, the procurement department is faced with the question of how to deliver results. For many, the answer is strategic sourcing.

Strategic sourcing is a growing practice that embraces spend analysis, data-driven supplier selection and ongoing engagement with vendor partners. 

This guide will explore strategic sourcing in detail. To start, learn the definition of strategic sourcing as well as key principles and benefits of the practice. Then, explore scenarios that are ideal for strategic sourcing as well as who is involved in the process. Next, you’ll see a detailed plan for implementing strategic sourcing. Finally, the article will share how technology enables strategic sourcing to deliver even more value.

What is strategic sourcing?

Strategic sourcing is an approach to procurement that weighs the overall value delivered through a vendor relationship rather than the simple cost of the product or service provided by a vendor. The practice is a part of supply chain management and emphasizes customized solutions and strategic partnerships.

Furthermore, this big-picture perspective acknowledges and accounts for the many complex factors that influence value. Indeed, strategic sourcing is often viewed as a cycle that includes spend analysis, supplier selection and ongoing engagement.

In addition, an emphasis on building meaningful buyer-vendor partnerships promotes collaboration, accountability and innovation throughout the vendor lifecycle. Ultimately, this approach achieves the overall goal of strategic sourcing – to reduce costs while improving the efficiency and reliability of the supply chain.

Traditional procurement vs. strategic sourcing

Procurement has always been focused on controlling costs and improving company profitability. However, the way that organizations identify and connect with suppliers and vendors has changed significantly in the last several decades.

Historically, vendor selection has largely been based on locality and peer referrals. As technology emerged, organizations gained access to a vast and competitive global network of suppliers. 

Now, with visibility to a full range of suppliers, procurement teams focus on controlling procurement costs by finding the vendor offering the lowest price as quickly as possible. This tactical, traditional approach is widely practiced. However, a bad experience with the wrong vendor quickly teaches that the fastest, cheapest solution isn’t always the best fit. Consequently, strategic sourcing recognizes and accounts for factors outside of cost. 

Strategic sourcing principles

• Decisions based on big-picture value 
• Partnerships preferred over transactional interactions
• Considers total cost of ownership
• Prioritizes the most important elements of a vendor’s offer
• Highlights the value of the procurement department

Strategic sourcing vendor considerations

Taking a holistic approach that weighs all aspects of the vendor relationship, the strategic sourcing process digs into anything that influences value. The subsequent vendor evaluation process then identifies which of these many considerations are most important.

• Quality of goods and services
• Brand reputation
• Financial stability
• Customizability of solution
• Technology adoption
• Customer satisfaction and support
• Vendor innovation
• Subcontracting and outsourcing
• Reliability and responsiveness
• Scalability and growth opportunities
• Seasonality and stability
• Company culture and values
• Sustainability and diversity

Why is strategic sourcing gaining prominence in procurement?

The concept of strategic sourcing isn’t exactly new. In fact, it started sometime in the late 1980s or early 1990s. Initially adopted by large companies to quantify and increase vendor return on investment (ROI), today, the practice is widespread among organizations of all sizes. 

Regardless of size, businesses now have the ability to collect and evaluate extensive data between competitors. Indeed, while much of the value of strategic sourcing is derived from it’s in-depth approach, the multitude of factors also make it difficult to attribute procurement savings directly to a single factor. However, organizations that practice strategic sourcing report a number of benefits.

Benefits of strategic sourcing 

Let’s discuss a few benefits of strategic sourcing and how they’re used today.

Cost savings

Reducing costs is always a top priority for procurement teams. In fact, a recent Deloitte survey reports that reducing costs is a top priority for 76 percent of chief procurement officers (CPOs). Accordingly, cost savings is easily the biggest benefit of strategic sourcing.

The entire process centers around the goal of reducing spend. Starting with the first step of the strategic sourcing cycle, procurement professionals identify current costs overdue for optimization. Then, they gather data, explore stakeholder needs, research the current market and eventually issue a detailed request for proposal (RFP) to evaluate and select the ideal vendor.

Because the selection process is more detailed than a traditional procurement project, both parties are invested in building a mutually beneficial and long-term partnership. As such, the relationship is ongoing and collaborative, ultimately resulting in reduced costs. 

Reduced risk

At its core, strategic sourcing is just as much about avoiding a bad partnership as it is about finding a good vendor. Again, thanks to the detailed process you can consider every factor, dig into the vendor’s experience, explore their contingency plans and set a framework for ongoing communication. The Deloitte CPO survey indicates that 75 percent of CPOs identify improved vendor information sharing as their top risk-management strategy. Luckily, collaboration is a foundational component of strategic sourcing.

Enhanced innovation

With the unique focus on partnership, strategic sourcing gives you the opportunity to provide your vendors with regular feedback. Likewise, they have a platform to proactively alert you to trends, keep you competitive and collaborate on innovative initiatives.

Longer relationship, fewer RFPs

It won’t surprise you to know that neither your procurement department nor the vendor’s proposal team relish the prospect of opening up a new RFP. For complex, high-value sourcing projects, the process could last months or even years. By leveraging strategic sourcing, you can rest assured that you’ve accounted for every important factor, selected the right partner and you’re both ready to meet your goals together. 

When is strategic sourcing a good option? 

While there are undoubtedly benefits to strategic sourcing, it’s not a fit for every procurement project. After all, it is an admittedly complicated, and occasionally time-consuming, process. Some projects just don’t require that level of detail. So, it’s important to always find a balance between the value of the item being procured and the time investment required to undertake a strategic sourcing project.

Strategic sourcing is a good fit for projects that are: 

• High value, well defined and essential to the organization
• Complex and highly specialized
• High stakes and part of an organizational change initiative

Examples of strategic sourcing scenarios: 

• Selection of a new customer relationship management software
• Evaluation of financial services or employee benefits
• Engaging an architecture firm for a new construction project

Scenarios that are better suited to alternative procurement approaches

The detail and time required for strategic sourcing means there are some situations that simply won’t be a good fit for the process. Here are a few examples.

• Low value, low risk procurement like finding a project management solution for a single department
• Collecting bids to meet policy requirements when there is an existing strong preference for a particular vendor
• A routine, transactional purchase of office supplies – try an RFP lite
• Gathering ideas, pricing and planning a potential purchase – consider a request for information (RFI)
• Finding the best expert to consult on a marketing initiative – try a request for qualifications (RFQ)
• Securing the lowest price for a low-complexity purchase — Consider a request for quotation (RFQ)

Who is involved in the strategic sourcing process?

Within your organization, a number of people and departments will play a role in your strategic sourcing efforts. Typically, the process is owned and managed by the procurement department. Indeed, many organizations have recently created strategic sourcing manager roles to encourage specialization in this area.  

As with most procurement projects, a number of other stakeholders will inevitably participate. For example, for a CRM procurement project, stakeholders from sales, marketing and operations would contribute to the project. In addition, legal, finance and IT are also often involved. Finally, almost every strategic sourcing project will require executive review and approval. 

How to shift to strategic sourcing

Adopting strategic sourcing happens one procurement project at a time. Initially, it may feel like a big change, but parts of the process will feel familiar. Indeed, strategic sourcing shares a number of common principles with traditional procurement.

As you identify purchases or existing vendor relationships that are a good fit for the approach, you’ll move through the strategic sourcing cycle, starting with spend analysis, then supplier selection and, finally, ongoing engagement.

Spend analysis

Whether you’re evaluating an existing vendor relationship or undertaking a brand new procurement project, you’ll start with research and analysis. The goal of this step is to define your current state, establish needs and goals, and research solutions.

Define your current state

Often, procurement projects start with a need. Either a new problem has emerged or a current process just isn’t working as expected. Regardless of the circumstances, clearly defining your current circumstances sets the foundation for everything that comes next. 

As you engage with stakeholders, ask: What is the existing process or strategy? Who are the stakeholders and decision makers? What gaps or roadblocks exist? Are there internal or external factors influencing the current state? Who will have final approval?

Establish needs and goals

Before you buy, you have to know what you need. Furthermore, you also must understand what you’re trying to achieve. So, gather current contracts, talk to stakeholders and brainstorm a list of solution features as well as goals for the purchase. Try to get the perspective of a range of people involved in the current process at various stages. Once you have your list, it’s time to categorize your considerations.

Making smart purchasing decisions requires a clear understanding of which features and factors are must-haves, which are nice to have and those that are out of scope. Review your list of requirements and label each accordingly to create your scope. Each of your must-have elements should tie directly to the stated goal of the project.

Research solutions

With your clearly defined needs and goals in mind, it’s time to explore potential solutions. The business landscape is constantly changing, so staying abreast of new developments requires some research. Explore online resources, gather supply market analysis reports, check customer reviews and tap into your network for recommendations. Ideally, this step will give you a framework as you determine next steps.

Strategic sourcing considers the return on investment at every step. Consequently, you must now weigh the potential benefits of engaging with a new vendor against the time and cost required to move forward. 

Ask yourself: do the potential vendors offer a cost savings that offsets the investment required to find a new solution? Can you invest time in an existing vendor relationship to avoid undertaking a new strategic sourcing project? Do you have benchmark data to validate future ROI? Which vendors are most likely to meet your immediate needs as well as empower future growth?

Supplier selection

If you decide to move forward to engage with a new vendor, you’ll now focus on finding the right partnership. On the other hand, if your research and analysis indicates that the best course of action is to focus on improving your current vendor relationship, you’ll skip this step and move forward to ongoing engagement. 

Supplier selection is where strategic sourcing significantly diverges from traditional procurement. Indeed, you’ll find that creating a strategic sourcing RFP is more detailed and complex than routine RFPs. Likewise, the proposal evaluation process is more involved.

Writing your RFP

When it comes to strategic sourcing, your standard RFP template offers a good start, but updates are required. Indeed, by definition, a strategic sourcing RFP should be thorough and highly specific when it comes to the background information it provides as well as the questions it asks. Remember, comprehensive RFPs are more likely to yield thoughtful, relevant proposals.

RFP background and information

Strategic sourcing projects are often complex and require a customized solution. So, before you ask a single question, it’s important to provide as much information as possible about your company’s background, needs and goals. This enables potential vendors to fully understand your business and tailor their proposed solution to meet your unique requirements.

Information to include in your strategic sourcing RFP:

• Company information: History, about us, mission, vision, industry position and glossary
• Project information: Background information, problem/need statement, current state summary, project contact and key stakeholders
• Solution scope: Minimum vendor qualifications, project deliverables, vendor evaluation process details and proposed implementation timeline
• Submission information: RFP timeline and milestones including proposal due date, evaluation criteria and proposal submission instructions

RFP questions

After you’ve provided key company background and project information, it’s time to ask the questions that will provide you with crucial decision-making data. 

Standard RFP questions

Your RFP should ask a combination of straightforward questions as well as more in-depth, nuanced questions. Luckily, your RFP template provides a foundation to build upon. For example, your template likely already includes these standard sections: 

• General company information
• Product and service descriptions
• Business philosophy and approach
• Competitive differentiators
• Customer references and case studies
• Cost model and proposed pricing
• Customer success policies 
• Data security information

Strategic sourcing RFP questions

Beyond the standard questions, strategic sourcing RFPs also address more in-depth topics. Naturally, the specific questions you’ll ask in your RFP depend on your project priorities and goals. However, here is a selection of sample strategic sourcing sections and questions to consider.

Customer landscape and competency 

• Does the company already work with your competitors?
• Can you talk directly with a customer that has a similar use case to you?
• Ask what challenges commonly face customers like you and how the vendor participates in collaborative problem solving?

Finances

• Is the company publicly or privately owned? If private, who are the current investors?
• Are earnings, assets or profit and loss statements available for review?
• Has the company been involved in a merger, acquisition or reorganization in the last few years?

Supply chain stability and infrastructure

• Who are the vendor’s primary suppliers? Subcontractors? Consultants?
• Can the company’s production accommodate an increase in volume or change in scope?
• How robust is their supply chain and how have they overcome supply chain challenges in the past? 

Communication policies

• What technology do you use to communicate with customers?
• When is customer support available and how can they be contacted?
• What is the average response time to customer questions?

Implementation and time to value

• Describe your standard customer onboarding process.
• How long does onboarding take and what is the current timeframe for implementation if you are selected?
• What resources or preparations are required from your organization to ensure on-time implementation?

Ethics and social responsibility

• Request a copy of the company’s corporate and employee policies.
• What are the company’s sustainability policies?
• Does the organization support social responsibility and charitable giving?

Proposal evaluation

RFPs are a useful data collection tool. However, as a procurement professional, you must be able to use that data to find the best vendor. With hundreds of data points per proposal, simply viewing the information side-by-side won’t make the best choice obvious. Fortunately, team proposal evaluation and weighted scoring offer a way to summarize the results of any procurement project.

Team proposal evaluation

Once you’ve received your RFP responses, it’s time to score your proposals. Start by verifying that each proposal meets your minimum requirements. Then, score any closed-ended questions. Finally, it’s time to engage your stakeholders again to help score the more nuanced responses.

A strategic sourcing proposal covers a lot of detailed and technical topics. So rather than having a single procurement professional score the proposals, split the scoring into several groups. For instance, the legal team should score responses to questions that deal with terms and conditions. Likewise, your IT team is best equipped to score RFP responses about software integrations and capabilities. 

As you engage with individual and team proposal reviewers, provide a scoring guide to ensure everyone is on the same page. Indeed, you’ll find your initial spend analysis documents helpful as you create a scoring rubric.  

Weighted scoring

While strategic sourcing considers a vast number of factors, not each of those factors have the same importance to the business. For example, the vendor’s history of on-time delivery is likely far more important to you than their fax number. To properly account for these different priorities, many strategic sourcing teams leverage weighted scoring.

Weighted scoring assigns each question a point value based on its importance to the business, often a scale from one to five. Then, it weighs the score based on its value to the business. For example, several questions in the capabilities section may each be worth five points while a question about must-have functionality is worth 20 points. Then, the capabilities section as a whole is worth 40 percent of the entire proposal. 

To get the final weighted score, multiply the point total for each section by weight percentage and then add the section scores together to get a total score for each vendor. Admittedly, it sounds complicated. However, when you break it down, a simple weighted scoring calculation may look something like this:

Certainly, it’s the best practice to ensure as much objectivity as possible by assigning an individual score for each question. However, some businesses prefer to score and weight each section collectively to save time. As with most procurement practices, your approach will vary based on the needs of the project. 

Final vendor selection

Once you’ve scored your proposals, made your comparisons and called customer references, hopefully you have a clear winner. If not, consider narrowing your vendors to a short list and requesting live RFP presentations or issuing a supplementary RFP.

When you identify the best vendor fit, begin negotiations and contracting. During this step, it’s important to define and put in writing your expectations, strategy for meeting goals and metrics for evaluating performance. Indeed, make sure your team and the vendor are on the same page when it comes to timelines, deliverables and quality control. Proactively establishing this framework will make the next step in the strategic sourcing cycle significantly easier.

Ongoing evaluation

When it comes to maximizing the value of your vendor relationships, continual communication is key. Far too often in traditional procurement approaches, the relationship falls into maintenance mode after the contract is signed. Your vendor goes quiet and the partnership has a ‘no news is good news’ approach.

Unfortunately, this greatly limits the value that the vendor partnership can provide your organization. Luckily, strategic sourcing leverages ongoing evaluation through regular performance reviews, continual communication and market research.

Regular performance reviews

Using the metrics established during negotiations and contracting, establish regular check-ins with your vendor contact. Generally, setting quarterly reviews provides enough oversight to proactively address problems while delivering sufficient feedback for continual improvement. Before these reviews, gather feedback from the individual departments and users that regularly interact with the vendor, so you get a complete picture of how the engagement is going.

Ask what is working well in the partnership? Is the vendor delivering the products and services as expected? How can the process become more efficient? Where is there room for improvement?

Vendor evaluation factors

• Quality control metrics for products and services
• Consistent and timely delivery
• Customer support and responsiveness
• Quantity and cost invoice accuracy
• Expected and actual return on investment

If you encounter challenges outside of the regular review period, reach out to your vendor. Don’t just assume that the vendor is aware of and apathetic to the problem. An article from business.org summarizes saying: 

“Even the most reliable supplier can occasionally slip up. Make sure they have a direct contact point at your company and conduct regular performance reviews. This will help you keep tabs on their work and make sure they’re fulfilling their end of the agreement. These reviews will also help you when it comes time to talk about contract renewal, so you know where you stand.”

Continual communication 

Your partnership should be a two-way street that provides feedback to your vendor and encourages them to do the same. Ideally, transparent communication enables your vendors to become a trusted part of your network.

Ongoing collaboration between your company and your vendors encourages efficiency, identifies roadblocks and fuels creativity. Unfortunately, vendor communication doesn’t always happen spontaneously, it must be planned for and encouraged.

An article from Entrepreneur puts it like this:

“Not every customer wants to buddy up to suppliers, so the fact that your suppliers aren’t offering to work closely with you to improve quality, reduce defects and cut costs doesn’t necessarily mean they don’t want to. They may be under the impression that you are the reluctant one. So, if you want a tighter working relationship with suppliers, let them know.”

Each vendor in your supply chain has a unique perspective and valuable set of experiences. Indeed, staying in sync with your providers will help you identify trends, anticipate market changes and collaborate to find creative ways to improve efficiency.

Market research

It’s no secret that the business landscape is continually changing and evolving. Accordingly, you must watch for potential shifts in customer demand that may impact your needs. Even when you have a positive relationship with a current vendor, it’s important to stay up to date with what their competitors can offer. 

Fortunately, creating and maintaining vendor profiles enables you to catalog key information and updates from potential suppliers. Staying abreast of the latest developments enables you to have a backup plan if your vendor fails to meet your needs. In addition, because these profiles contain background information and differentiators, they can help speed up shortlist selection in the event that a new RFP must be issued.

Tools for strategic sourcing

For organizations prioritizing procurement savings, strategic sourcing software is a must. Designed to centralize and automate strategic sourcing, these platforms are typically cloud-based and collaborative, enhancing efficiency and effectiveness in strategic sourcing.

Strategic sourcing software may include features like: 

• Project management
• Savings tracking 
• Digital RFP issuing and evaluation
• RFP template library
• Data collection and analysis
• Internal and external collaboration
• Vendor relationship management
• Category management
• Supplier marketplace

Make strategic sourcing work for you

Ultimately, strategic sourcing is the process of collecting data, partnering with the best vendors and ensuring ongoing procurement value and efficiency. It goes beyond basic, transactional purchases and focuses on the big picture – how to help achieve the goals of the organization. Likewise, the vendor partnerships that result from strategic sourcing help navigate challenges as they arise while improving outcomes and reducing costs. 

Naturally, the specifics of strategic sourcing will change from one organization to the next. However, the foundation and goals of the process remain the same. Luckily, you can start your strategic sourcing efforts one project at a time.

Video is one of the best tools marketers and business owners can use to build brand awareness, attract customers, and convert leads to sales. 

It has an unparalleled power to connect with audiences, influence their emotional decisions, and move them along their buying journey. 

Unfortunately, many companies make the mistake of focusing on trendy, of-the-moment content that loses relevance within a matter of weeks. But if you’re taking the time and money to invest in video, you want to make sure that it lasts for months – or even years – to come. 

How do you do that? The answer is evergreen video content. Here’s everything you need to know to take full advantage of video, including seven evergreen video ideas that you’ll want to try out for yourself. 

What are evergreen videos? 

An evergreen video is content that stays fresh and relevant long after it’s created. 

Effective evergreen video content will: 

• Be something that your audience will search for or want to see after it is posted
• Connect with your audience or be useful no matter what time of year you share it
• Build your brand across platforms including social media and your website

Evergreen video can come in all different forms, but it should be focused on aspects of your business, products, or services that don’t change often. While content centered on trends and current events certainly have their place in marketing, their short shelf life can be a major limitation, especially for businesses who want every marketing dollar to count.

Since it’s lasting and sustainable, investing in evergreen video content is a smart marketing strategy that can pay for itself time and time again.

How to make evergreen videos 

Evergreen video content will represent your organization across platforms for a while, so you want the quality to reflect your brand. But even if you don’t have an in-house video production team, you can create visually appealing content with just a little planning and some know-how. 

Content planning

Before you get down to the nitty-gritty of organizing your video production, it’s important to consider your overall strategy. If your organization already has a marketing strategy in place, determine where the videos will fit in. Take time to ask yourself some of these questions:

• Who is the audience of my videos and what do they want to see?
• Where are they watching video content?
• What are the goals of my evergreen video content? Is it to generate sustained traffic, build fandom, increase brand awareness, etc.? 

Answering these basic questions will give you direction for your content and allow you to use it in ways that serve a purpose and deliver the desired results.  

Pre-production process

Once you have a general idea of where your videos will fit into your overall strategy, think about what and who you’ll need before you hit record.

Crafting your video’s story

What, exactly, you need for your video will all hinge on what type of video you are producing. The needs for a scripted production can be a lot different than an off-the-cuff testimonial interview. Regardless, you should be aware of your video’s story and what it will convey. 

If you’re producing scripted content, nail down the script early and be sure to clear it with the necessary stakeholders before moving on to other stages of production. For videos with more informal dialogue, outline what main points should be covered by the person on camera. And if you’re conducting an interview, determine what message you are hoping to get from the interviewee and what questions you can ask to get the desired answers.

Getting the right people in front of the camera

After you know what your video will be about, think about who needs to be in front of the camera. Do you need to find satisfied customers for a testimonial? Will you use employees to tell the story of your organization? Do you need actors or models to perform for a scripted piece? 

Coordinate with these people and find a shoot date that works for everyone. Be sure to give them ample time if they need to rehearse or memorize lines. If you will be conducting an interview, send potential questions to the interviewee early so they know what to expect and can mentally prepare answers. 

Finding equipment and crew members

It’s also important to think about who will be behind the camera. Even the smallest shoots benefit from having several hands helping out. At a minimum, there should be one person who can monitor the image and audio while the other directs the person or people in front of the camera. 

Also take stock of what equipment you have access to and what you might need to buy, rent, or source from others. A camera, microphones, backdrop, and tripod are some of the basics to consider. 

Securing an appropriate filming location

Finally, you’ll want to secure a filming location – even if it’s just booking a conference room in the office. When finding a location, consider:

• Do you need permission to film there?
• Will there be any distractions in the background like people walking by?
• What is the noise situation like? 

If any of the answers present problems for your video production, find a solution before you shoot or find a new location.

Video production

After you’ve gone through the pre-production process, you’re ready for production! Photo and video technology have come a long way in the past decade, which means you can create a good quality video with consumer-grade equipment.

There are three big things to think about when recording that can make or break your final product: 

• Lighting: Footage that is too light or too dark can instantly make your video look cheap and unprofessional. Try to shoot in a location with as much soft, natural light as possible. Think gentle illumination from a window— not a harsh spotlight that makes it hard to see. 
• Audio: If your video has on-screen dialogue, getting clear and clean audio is crucial for a great final video. Make sure that the place where you film is free of any background noises like A/C hums, outside traffic, people talking next door, etc. Though they may not seem loud or bothersome in person, they will be noticeable on video.
• Camera angles and B roll: Capturing a variety of visuals and camera angles will make your final product more engaging and eye-catching. Get footage from several angles and take time to get B-roll, which is supplementary footage that can later be intercut with your main shots. 

Perhaps the most important thing to remember on the day of your video production is that you should expect the unexpected. No matter how much planning you do, there’s always the possibility of technical difficulties, scheduling problems, and more. In the world of video production, you always have to be ready to think on your feet and come up with innovative solutions to get the final product you want.

Post-production 

Your video content will all come together in the editing process. At this stage, you’ll focus on picking the best footage, editing it together to tell a story, and adding impactful touches.

We’ll talk more about exactly what you’ll need a little later, but at this phase, editing software will be necessary. This tool will allow you to edit together the best clips seamlessly, fix audio and image issues, and add things like special effects, titles, and music.  

Other options to get your video ideas made

If all of this sounds like a major headache or out of your wheelhouse, you can still take advantage of video content. There are video marketing agencies and production companies around the world that specialize in helping businesses of all shapes and sizes get their content made. 

Hiring a video marketing company doesn’t have to mean losing creative say in the product. There are many companies that take a collaborative approach and integrate the client every step of the way.  Even if you wanted to handle some aspects of it – like planning and shooting the video – you can find teams out there that have the bandwidth to do what you don’t want to.

Though it may be more expensive than taking the DIY route, a dedicated video team will have the expertise and capabilities to bring your vision to life.

Evergreen video ideas 

There is no one-size-fits-all format for evergreen videos. Opportunity is endless, but the key is to create videos that serve a purpose and are useful for your unique audience. Not sure where to even start? Here are seven that you can adapt for your business marketing needs. 

1. Testimonials 

Any company can tell you how great their product is and go on about all the problems that it solves. But having an unbiased customer tell you about how great the product is and how it helped them carries a lot more weight. Study after study shows the important role that testimonials and reviews play in the consumer buying cycle. The facts are simple – people trust online reviews and experiences of other customers more than they trust the brands themselves.

And nothing builds social proof quite like video testimonials. 

Interview satisfied customers, employees, and volunteers, to craft a story about how your company or organization solves problems for the people you serve. These videos can help assure potential customers that your brand is credible, trustworthy, and an expert in the field. 

2. “About us” stories

All too often, a company’s online presence feels impersonal and robotic. Today’s customer wants to feel connected to the brands they buy from and the organizations that they support.

An “about us” story is a great opportunity to make a human connection and put faces to your brand’s name. Customers wanting to know more about your brand may have questions like: 

• Is this a small family-owned business or a large company with worldwide experience? 
• How long have they been in business and what is their history?
• How do they source their products?
• What is their mission?
• Do they operate by a set of core values?

A video that answers these questions can reside on your website and be shared across social media to establish your company’s story and raise brand awareness. The goal is to come across as authentic, trustworthy, and someone your customers should be excited to support. 

3. Short promo clips

Have you ever seen a quick, 30-second clip shared by a brand that immediately made you want to learn more or buy their product? Promo videos are snappy, engaging bits that capture people’s attention and draw them in further. 

Don’t worry about getting in the weeds with this – a promo is meant to serve as a starting point for your customer’s journey. They should come away with a desire to learn more and a general idea about who you are. There’s no need to explain your portfolio of offerings or provide an in-depth of your company history. Keep it short and exciting! 

These short clips can live on landing pages, be shared on social media, be used in email campaigns, or anywhere else you’re hoping to snag someone’s attention. 

4. Educational content

Your products and services aren’t the only things that can provide value to your customers. Educational content can be a tremendous resource for your audiences that provides long-term benefits for your company. 

Whether you produce a how-to series, product tutorials, or industry-relevant learning videos, there are numerous benefits to creating educational content. 

• You can inform your customers on how to use your products in innovative ways that help them, which in turn boosts their overall satisfaction with your company.
• By building a network of resources, you can create a fandom and community around your brand.
• You will effectively drive a steady stream of traffic to your website by providing relevant and useful information, which helps your SEO standing.
• It’s a way to position your brand as an expert in the field.

Like the other video ideas in this article, educational content works well across every platform. On your website, these videos can live under a “Resources” or “Help” tab. They can be shared across social media platforms, integrated into blog posts that expand on the topic, or compiled in a playlist on a video hosting site. 

5. Customer experience videos

You might be wondering how brands with constantly evolving product lines can create videos that showcase who they are. 

The answer? Customer experience videos. Instead of focusing on specific products or services, create content that focuses on the experiences you create for your customers. The key is to think in broad terms. At its core, what does your company do or facilitate? 

For example, if you’re an outdoor apparel brand, you could create a video that focuses on the memories made when you’re outside. Rather than looking at the specific lines of clothing that you offer – which may change season to season – highlight the experiences that your customers have in your clothes.  

In every business, some aspects don’t change. Use video to hone in on these and show audiences what they have to gain  – aside from the products themselves – when they join your brand’s community. 

6. Case studies

Case studies are an excellent tool to help your potential customers assess whether or not you are the right solution to their problem. Like testimonials, they serve as social proof that your company does what it says it can do and brings credibility to your name. 

However, case studies also tell a story. They detail how your customer started with a problem, talk about the steps taken, and ultimately show how your product or service helped them overcome their challenges. 

And what better way to tell a story than with video? Instead of sharing written case studies, opt for video versions that serve as mini-documentaries about a specific time where your product served its purpose.

7. Recorded live streams

You might think that live streams are the most fleeting form of video content. However, recorded live streams can be repurposed and exist on other platforms as evergreen content. There are dozens of ways to use live streams ranging from large conference events to weekly shows with industry thought leaders.

Live streams give people the opportunity to attend live events that otherwise would not have been able to make it; reusing your recorded live streams lets you extend that opportunity even further to include those who couldn’t join the initial stream. 

Video software tools to help create winning content

To get started, you’ll need a few video software tools to help you create these evergreen videos. 

Video editing software

Video editing software allows you to bring your footage together to create a seamless and visually engaging final product. These programs give you the ability to remove portions of your footage, splice clips together, and add images, titles, logos, and more into your video. Many systems also let you control what the image looks like, allowing you to adjust colors, brightness, and more. 

Software choices range from basic systems to professional-grade tools that editors of feature-length films use. Generally speaking, the more an editing software can do, the larger the learning curve will be. Luckily, there are plenty of beginner-friendly tools out there that allow you to make basic edits, create simple effects and titles, and add music.

Video hosting

Your video content won’t do much good if you don’t have a place to put it! Video hosting platforms give videos a place to live. Once your content is made, you will ideally upload it to a hosting service that allows you to embed it on social platforms and integrate it into your website.

The most common name in web hosting is YouTube, but there are dozens of hosting platforms that all come with their unique advantages. 

Live stream software

If you plan on live streaming, you’ll also need to explore your live stream software options. This software will enable you to share your stream with live audiences and record it for later use as evergreen content. Depending on what software you choose, you can do things like add in graphics, photos, other videos, remote feeds, and more. 

Conclusion 

It’s a fast-paced and ever-changing world, but sometimes, not covering the latest news and hottest topics pays off. By focusing on elements of your business or industry that don’t change, you can create quality evergreen videos that spark interest, drive traffic, and inform audiences for years to come.

With a little planning, know-how, and the right tools, any business can produce effective content that can live on any platform. Use the seven video ideas outlined in this guide to jumpstart your evergreen content strategy and make video a marketing tactic that keeps giving.