Marketing has become really complex really quickly. Demands from both consumers and the C-suite are getting ever more stringent. Consumers expect to receive marketing messages that perfectly suit their specific needs, while the C-suite demands a justification for the marketing money spent.
Marketers are required to flawlessly orchestrate marketing campaigns to keep customers engaged, and they need to prove the (long term) impact of each marketing material to keep their marketing budget. And that’s a challenge. To cope with the exploded complexity of marketing, marketers need to master Marketing Resource Management.
What Is Marketing Resource Management (MRM)
Marketing Resource Management is about planning, creating and optimizing marketing communications across customer touchpoints. It is about creating transparency in marketing execution to improve the efficiency of operations and the effectiveness of materials. So, you’ll be able to align marketing activities with strategic company goals, year-round.
MRM connects people and processes across departments and helps teams to work towards a common goal. Or as leading analyst firm Forrester Research puts it, “Think of MRM as the connective tissue that can align your marketing work streams to achieve your transformative ambitions.”
Today’s marketing revolves around four key marketing resources. Enterprise MRM tools create an integrated environment for marketers to manage and orchestrate all four resources
- Planning: Know when and where marketing budget will be spent
- Performance: Have an accurate view of the impact and performance of hundreds of simultaneous campaigns
- Visibility: Get feedback on performance at any given time
- Calendar: Stay on top of the multitude of projects and capabilities
- Taxonomy: Develop and deploy skills simultaneously across globally dispersed marketing teams and partners
- Projects: Keep all stakeholders informed and on the same page from beginning to end
- Workflows: Move a larger portion of content production in house to lower agency expenditures
- Approvals: Approve and sign off content before publishing, to guarantee superb quality
- Assets: Manage digital assets to locate materials quicker and reduce double spending
- Uniformity: Create a single governable environment to safeguard a consistent and recognizable global brand
- Fulfillment: Generate a dependable stream of new, adapted or reused content
- Channels: Make deploying marketing materials across multiple channels as easy as on one channel
Deploy MRM solutions that fit your specific company
There are plenty of features and capabilities that fall under the umbrella of MRM software. Here’s a list of features that you can expect from a complete MRM suite. But there’s no need to get overwhelmed. Your company probably doesn’t need all of them to start with in order to achieve commercial goals. Get your wish list ready and just pick the ones that fit your current situation best.
Planning and Budget Management
A central platform where you can plan and budget your campaigns for both traditional and digital channels, and specify relevant marketing KPIs. This set of functionality allows you to easily integrate your time and budget planning with tasks and activities in arranged time bars.
Workflows and Approvals
Support project and workflow management, for example, from planning social media campaigns to video productions. With individually definable workflows, all team members experience a transparent overview of all the current projects and project history. Allow marketing departments to get official approvals across all content formats, including texts, videos, images, and layout files.
Dashboards and Insights
Make marketing count and deliver a central, customizable dashboard with a 360-degree view of all KPIs and marketing activities for reporting and analysis. Merge key statistics and numbers from other marketing disciplines while combining these with external data sources when needed.
Digital Asset Management
Conveniently access content, including ads, presentation decks, images, brochures, newsletters, audio and video files, and more. Convert files into the required target format, and then send them directly to your agencies, direct to prospects or to fulfillment partners for further processing. Professionally manage roles, licenses, and workflows.
Product Information Management
Let users enter, manage and distribute product data across all media channels for localized product marketing. Automate the management of content for product details, like size, weight, currency or language.
Streamline the self-service adaptation of marketing materials and simplify the print production process. Centrally supplied templates bring standardization and automation to the asset customization process, which saves time and safeguards brand consistency.
Allow channel partners and staff to order and download marketing materials with ease. Think of an intuitive shopping cart similar to Amazon, except designed specifically for marketers and sales professionals. If the content ordered is part of a direct marketing campaign, a CRM system or interface to direct marketing can be implemented to decrease time-to-market.
Let sales teams share trackable assets with prospects and monitor content interaction with detailed engagement statistics beyond click-throughs. Send personalized messages to leads that are most likely to buy.
Over to you
Whether you are a marketing technologist, operations manager or CMO, you’re interested in outlining the requirements of an organization’s MarTech stack. Select only the functionality your company needs for a seamless and effective marketing operations function.
The market constantly changes, and so will your MRM requirements. Initial benefits are huge, but for a company to stay competitive in the long run, MRM needs to be constantly optimized. As a result, the marketing operations manager is becoming a power player in organizations.
Do you want to know what is driving this shift in the MOM’s position? Read more about the modern marketing operation manager’s roles here.