What is Marketing Resource Management?

Marketing Resource Management

The History and Evolution of MRM Systems

The term marketing resource management (MRM) began gaining popularity after the dotcom bubble in the late 1990s. It refers to a class of software that streamlines processes and cut costs for marketing departments from all industries. Since its arrival, the largest brands in the world began adopting MRM solutions for content sharing and creation, print on demand (POD), inventory management, project management and other processes in their marketing departments.

Today, marketing resource management is essential for effective marketing efforts due to the number and type of channels (smartphones, tablets, phablets, etc.) consumers utilize to get their information about a product or service. MRM simplifies these complexities, accelerates processes and ultimately increases business’ bottom lines.

Evolution of MRM Systems

The earliest MRM systems were focused on business efficiencies and cost savings. The industry saw increased competition by 2008, with more providers offering email integration, budgeting and asset management. Software as a Service (SaaS) and social media capabilities were added in the latest stage, and MRM adoption rates grew six-fold from 2005-2012.

Some of the early features of marketing resource management became obsolete as free services began saturating the market, particularly Google Calendar, Dropbox and various free flowchart apps. These back office functions don’t necessarily make your company money, but their administrative purposes proved to be vital to a company’s marketing process.

The goals of a good marketing resource management system at the turn of the millennium were efficiency, simplification, connectivity and speed in business’ marketing operations. The idea was not to completely scrap what you already have in place, but to make it all work in a more organized, productive fashion. MRM has continued to evolve as the world becomes more connected, dispersed and demographics’ needs expand for different companies.

The purpose of MRM is to ultimately strengthen an organization’s marketing proficiency. Every company can benefit from the centralization of marketing assets and streamlined processes that are conveniently administered via the cloud. Effective MRM solutions shepherd projects from conception to execution, and alleviate labor-intensive processes so your staff can save the company time while focusing on what they do best.

How Your Company Can Benefit from MRM

New technology has driven demand for MRM higher than at any other time in its short history. In fact, it’s predicted that the MRM market will double from a $4.6 billion enterprise to over $9 billion by 2020. Companies that wish to incorporate evolving technologies like automation in marketing asset management, content creation and distribution, and reporting into their project management workflows will rely on MRM to keep them up-to-date on these offerings and help with execution. MRM providers act as a valuable resource within marketing departments and offer scalable, customizable software to meet each clients’ particular needs.

The 2014 “High Cost of Low Performance” report by the Project Management Institute found that only 56% of company initiatives across the board meet their original objectives. Lack of strategy implementation and support from executives were cited as two of the primary causes of the high failure rates. MRM solves these and other problems that impede on market campaign success.

Then there are evolving industry-specific challenges. For instance, tougher regulations have forced big-box corporations to adjust their approaches in small communities. A 2014 Harvard study noted an increase in smaller Walmart Neighborhood Markets and Tesco Express stores to circumvent regulations meant to protect small businesses. This reality forces businesses to customize marketing campaigns and ramp up customer loyalty efforts at a local level in order to compete. Through the use of a personalized MRM portal, small and enterprise level companies can keep their target demographics engaged while distinguishing themselves from the competition.

Getting Started with Marketing Resource Management

Many companies have all the ideas in place and the brand assets created to launch marketing campaigns that increase profits and better disseminate their brands. What’s typically missing are well-defined processes and the vehicles to get the most out of your efforts. Personalized, scalable MRM solutions provide companies with all the necessary tools and efficient processes on a cloud-based portal that adjusts seamlessly as your needs evolve.

Contact Strata to see how a customized MRM system, specifically designed for your business, can help you improve processes and reach a greater level of success.

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