Marketing Resource Management (MRM) is a software technology which manages the brand of a product / company and effectively fulfills all requirements of its marketing processes. It creates a unified system of all the marketing processes of a marketing campaign. This software system helps companies to define their marketing strategies easily.
Marketing Resource management is evolving in a big way in the digital world. Digital assets of a company play a substantial role in marketing progression of a company. MRM stores digital assets in a central platform and organizes them for quick access and use. MRM helps marketers to manage these digital assets to create marketing materials for campaigns for effective channelization and better coordination of their processes.
MRM help marketers through its various functions to create an exclusive brand for the company. As a tool it provides a real view of the whole marketing approach of the campaign to the marketer.
Some of the features which a good MRM provide are budgeting functions, project management, tracking facilities, timelines and calendars etc. MRM also provides asset consolidation by way of safe storage of all digital assets of the company with easy access and use at the time of requirement. Some MRM’s also provide a ROI calculation and user interaction for better analysis and management of its strategies.
Many a time multiple agencies get involved in the marketing processes of a company. MRM efficiently manages the involvement of both the external and internal stakeholders by defining their roles. It also manages a swift and apt communication channel for them thus cutting, loss of time in taking decisions.
Using MRM, companies can easily convey their brand identity and guidelines to all the agencies involved in the marketing activity of its products. This will avoid separate communication to multiple agencies and reduce the amount of duplicate communication to a great extent.
In today’s demanding marketing environment, MRM helps the marketing team to have speed and efficiency and better control over their marketing processes. Marketers can take quick charge of campaigns and focus their energies into its success by using CRM. This is a vital requirement in this age of competitive and digital marketing world which is at a nascent and evolving stage.
Since MRM works with complete marketing apparatus of a company, marketers can view the overall picture of their campaigns in detail and look at the results to see how their campaigns are panning out. Using these information marketers can re-adjust or reform their processes by making necessary changes. MRM also makes it easier for the marketer to implement these changes at the functional level quickly.
There are still a lot of new developments and fine tuning taking place in CRM field. Rapid developments in technology in the fields of data collection, assimilation and analysis are some reasons for these developments.
MRM has now come out of the domains of Fortune 500 companies and spread its use to large and medium size companies. The developments happening in the domain of digital marketing is one of the primary reason for this change.