Marketing Resource Management

A marketing resource includes any asset usable for marketing efforts. These may include physical materials, blog posts, website copy, and branded or digital assets. Most companies have many different marketing resources to use across multiple channels. A company’s marketing resources are any assets that feature its unique branding, voice, visuals, or imagery. 

MRM software is one of the best marketing resources designed to help marketing teams streamline their efforts to create intelligent marketing campaigns. 

Marketing Resource Management tools simplify processes such as:

• Budgeting
• Planning
• Creating new brand assets
• project management
• digital analytics
• content workflows
• Content management, including multi-channel marketing campaigns
• Campaign progress and impact monitoring
• Collaboration
• Brand management

You can use MRM software solutions in a way that suits you, tailored to best meet your company’s marketing objectives.

When searching for a solution for your business, it is essential to understand what MRM tools to look for because not all MRM software solutions are identical. An effective MRM solution offers a variety of features and capabilities, including:

• Strategic Planning
• Calendar Function
• Financial management 
• Budgeting tools
• Creative Production
• Timesheets and Billing
• Project management
• Digital Asset Management
• Analytics
• Secure cloud-based storage
• Integrated marketing software
• Portal Access, an all-in-one centralized platform
• Templates for brand management of your marketing assets

The best MRM tools help improve your return on marketing investment by generating comprehensive reports to understand better what marketing strategies are working and which ones need reevaluation. MRM solutions can also help reduce overall costs in many areas of operation. For example, the distribution of tasks between multiple offices and regions is effective using an MRM solution. Streamlining pre-set campaigns and task templates brings your marketing team cohesively, resulting in money saved due to increased efficiency. Using data analytics to compare production costs with the campaign results will allow you to see how best to use your marketing budget in the future.

An integral part of the marketing workflow involves approvals. Many marketing teams consider the approval process the main reason workflow slows or stops. An MRM tool helps streamline approval processes. Teams can save entire days by speeding up the approval process by using centralized locations to access assets and manage approval rounds and corrections. MRM tools can also have functions that help prioritize tasks using traffic rules and stages. These time-saving features can make a huge difference when rolling out critical marketing campaigns.

After understanding what MRM tools offer marketing teams, the next step is evaluating different MRM software solutions. First, cloud-based marketing resource management software is the best option. There are still on-premise software solutions available. However, cloud-based software will feature the collaborative functionality companies need today.

As you search for the best marketing resource management software solution for your company, establish a set of criteria to help you narrow down your choices. Criteria for evaluating MRM software may include:

• User Interface: Is it clean and simple? Is it user-friendly? Is it intuitive? Does it have consistency?
• Usability: Is it easy to learn? Does the software company provide adequate tech support and ongoing education?
• Integrations: Will the software easily connect with other tools? Does it have any pre-built integrations?
• Features and Functionality:
• Look for flexible storage capacity.
• Does the software offer advanced search & filter?
• Will the software allow creative approvals & review?
• Cost vs. Value analysis: Is the pricing appropriate for the capabilities, features, and use case? Does the software company offer clear, transparent, flexible pricing?

Software companies are developing new marketing resource software all the time. Marketing managers have many choices that may seem similar at first glance. First, it is necessary to have a structured decision-making process. The criteria mentioned above are an excellent starting point for developing criteria to evaluate MRM software. Defining requirements in the following four primary areas of MRM functionality will help you narrow down the choices further. Define requirements in the areas of planning and budgeting, project management, asset management, and communications. Other factors to consider are build vs. buy. For example, if a software solution meets your needs, buying one can be less time-consuming, less stressful, and more cost-effective in the long run. Especially with fast-evolving technology, purchasing a software solution makes it easier to adapt to a changing environment.

Multi-channel, fast-paced marketing campaigns result in the creation of excessive amounts of digital assets daily. One of the critical functions of marketing resource management software is to help marketing teams manage digital assets. In addition to various other helpful functions, using MRM in marketing will increase productivity and decrease employee stress. In addition, implementing MRM marketing software will provide your team with centralized digital asset management. Other features of MRM software include a marketing-first approach and the capability to support deep integrations.  

Marketing resource management means managing all your company’s resources that can be used for marketing. Marketing resource management software is a cloud-based software solution that helps with MRM. A marketing team will use your MRM system for integrated digital asset management. A huge time saver for a marketing team because the MRM system can store individual pieces of content used in content creation in one centralized location. Typically individual content pieces like blog posts, graphics, logos, images, or other brand-specific items are stored on personal hard drives or in-house servers. 

With MRM software, they are stored in a cloud-based platform in a central location where the entire team can access what they need when they need it. In addition to a centralized location to access your digital assets. When your team uses an asset in a marketing campaign, MRM software can track and measure engagement for that specific asset across multi-channel platforms. Efficient with the potential to increase your return on marketing investment. Fast data analysis lets you see what is working and what isn’t, allowing you to make well-informed decisions and expedite changes.

Because MRM software is a marketing-first software solution, it is a marketing-specific tool that ties everything together to ease the stress and strain on your marketing team. MRM for marketing allows your team to plan content in editorial content calendars. Plan a campaign using the content and initiate the campaign with execution tools. Customizable tasks and workflows help everyone stay accountable and meet deadlines. Data analysis helps marketing managers and teams decide what changes need to be made and see the fruits of their labor when a campaign provides big results.

Marketing mix modeling MMM is a statistical way of breaking down aggregate data to differentiate between contributions from marketing methods and promotional activities and other uncontrollable factors that drive success. Using the data breakdown helps determine the effectiveness of marketing campaigns. Where marketing used to be considered a form of art and partly luck, data collection and analysis have shifted our thinking about marketing to a more scientific approach. This shift in mindset and method has been fast and furious, often overwhelming marketing teams. New technologies, complicated algorithms, and statistical applications are non-stop and challenging to keep up with, partly because they are so vast and somewhat because they are constantly changing.

The four p’s of the marketing mix are product, price, place, and promotion and they make up the market modeling mix. Marketing mix modeling attempts to determine how much success each factor generated and then forecast future success through intelligent changes and optimizing the marketing mix. Using this method for data analysis sounds very complex. However, marketing modeling mix software can help you apply the process relatively simply and quickly.

Implementing a cloud-based MMM software solution helps you understand the data you receive. Time is a valuable resource in today’s fast-paced marketing environment. Proof analytics offers an MMM software option offering features that provide rapid, actionable insights into your marketing mix.