These days, marketers are faced with a growing number of digital channels they can use to engage with customers at a greater speed of communication than ever before.
Because of this, there are many more moving parts to track over shorter spaces of time when planning and measuring marketing campaigns. To keep pace in today’s digital environment, marketers must use their internal resources wisely.
This is where marketing resource management (MRM) comes in. MRM acts as the “administrative backbone” for day-to-day marketing operations by helping companies track and use their marketing resources more efficiently.
This guide will help you learn more about MRM software systems so you can make the right purchase decision for your business.
Here’s what we’ll cover:
In a nutshell, MRM software helps with the back-end of marketing. It enables more efficient planning, management and execution of marketing programs and campaigns. It also ensures companies maintain a consistent brand image across marketing channels and communication.
An MRM system typically includes capabilities for planning, budgeting and tracking marketing activities, as well as tools for managing digital brand assets, workflows and approval processes.
Microsoft Dynamics’ marketing resource management interface
MRM software typically offers functionality for strategic planning and financial management, asset and project management and some degree of reporting and analysis. The exact functionality offered may vary between vendors.
|Financial planning||Tracks expenses, schedules and resources needed to execute campaigns. Users can link marketing objectives to expected results for each program and campaign.|
|Project management||Organizes the marketing production process and allows users to report their progress and view upcoming activities.|
|Workflow automation||Automates common tasks, such as content approvals and cost and expense tracking, to help organizations work more efficiently.|
|Calendaring||Offers a shared view of marketing activities with associated timeframes.|
|Digital asset management||Stores and provides shared access to marketing assets, such as images, videos, documents, marketing materials and logos.|
|Reporting and analysis||Provides reports on marketing efficiency, campaign performance, resource allocation and more.|
There are many benefits to using an MRM system, including:
Brand asset consistency. MRM systems often provides asset management to ensure all marketing content is brand-compliant and meets usage specifications. It also helps marketing teams avoid inconsistencies in brand image and communication by allowing them to share materials and keep them out of silos.
Illumination of bottlenecks. A common challenge with any organization is identifying and eliminating bottlenecks. MRM software improves efficiency by tracking the resources used and their effectiveness at supporting a given campaign. This helps companies identify and resolve bottlenecks.
Shortened cycles. With functionality for shared planning and visibility, MRM software helps companies spend less time managing communications between different departments and functions. This shortens campaign cycles and launches marketing campaigns more quickly.
Reduced costs. MRM software helps companies see where their marketing team is overspending or under-investing so they can quickly reallocate marketing dollars to the best-performing initiatives. This reduces spending on media, production and materials that have a low return on investment (ROI).
Nuanced view of ROI. MRM software tracks every dollar spent and each resource allocated to marketing campaigns, showing how each contributes to the overall ROI. This helps companies make real-time adjustments and assess how to improve resource allocation in future campaigns.
Businesses will see additional benefits by combining an MRM system with marketing automation software and other marketing tools, such as:
These tools reduce time spent manually managing people, assets and content and help create a holistic, integrated view of marketing operations and campaign health.
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