Moving Beyond DAM and Why It May Be Crucial to Your Success
As technologies develop, digital assets proliferate, and channels increase, the need for centralized marketing management systems has never been more important. With so much on their plate, it’s no wonder that 70% of CMOs feel they are not prepared to manage the explosion of marketing data and lack true insight into marketing performance.
That’s one key reason why Digital Asset Management (DAM) is so HOT these days.
DAM is one example of a centralized system for marketing that provides a great way to manage the storage, ingestion and decisions surrounding digital assets. DAM, however, does not manage all the deliverables and decisions surrounding marketing’s broader mission. For many marketers, particularly those with distributed marketing networks, DAM represents just the tip of the iceberg in technology-leveraged management tools.
DAM is actually part of Marketing Resource Management (MRM). You can think of MRM as a broader system to manage much of the rest of what you do. Whereas DAM serves as an easy and accessible platform from which to distribute and manage digital assets, a marketing resource management system serves as a platform to easily manage, access, purpose and distribute your marketing content and deliverables.
Adopting DAM can eliminate the time-suck involved in managing and distributing assets and fix a qualitative weak spot to optimizing brand compliance. Businesses face increasing pressure to deliver the right content to the right person at the right time; having a system in place to do this as quickly and efficiently as possible is a must.
Marketing Resource Management: Bridging the gap
In distributed marketing, inefficiencies cut across marketing, sales, purchasing and business management when managed through “traditional” methods of marketing distribution. Marketing resource management seeks to resolve these inefficiencies by delivering functionality in a similar way as DAM to these other areas of the enterprise.
Decreasing marketing costs is the best reason to implement a marketing resource management platform, said 61% of respondents to a 2013 Gleanster survey (pdf). The larger your distributed marketing needs, the bigger the opportunity to recapture wasted time and money that can be better invested in improved performance and more effective distribution of marketing initiatives, leading to better return on investment and increased profitability.
MRM accomplishes this through a technology deployment, generally via the cloud, which connects marketing at its hub to an array of stakeholders and distributed connections such as sales, franchises, offices, branches, distributers, etc. Under best practices, these connections would extend to stakeholders in business management, accounting, purchasing and perhaps others.
Though the core purpose of the MRM application may be to connect marketing more directly and fluidly to its distribution network, in most organizations there are stakeholders who contribute business strategies, approvals, vendors and more in the broader view of creating marketing initiatives and deliverables. In many organizations these stakeholders often exist in silos, and “handoffs” are made across disparate processes and workflows, frequently leading to inefficiencies and delays. MRM implementation presents a great opportunity, through a seamless marketing solution, to change this dynamic and benefit everyone involved.
Go big, win big
Although deploying MRM is certainly more complex than initiating a DAM application, it is a manageable effort that can pay huge dividends across multiple groups within an organization. Those dividends can range from improved organizational management to noticeable savings on internal labor spend.
With an estimated 780 new MRM implementations in the past year (Gartner), it’s clear that many marketers are beginning to notice these benefits as well. In our experience, marketers who successfully deploy MRM solutions never look back. Inevitably, they grow and refine those systems to achieve continuous improvement — the kind of marketing performance improvement that is mandatory to compete and thrive.Back to Blog