Definition:
Marketing Resource Management (MRM) is an extension of customer relationship management (CRM). It deals with managing marketing relationships and is implemented as a way of life in our approach to various marketing channels, then manifested as a supporting computer system.
There are two main goals for Marketing Resource Management
Improving the efficiency (cost reduction) of marketing processes.
Improving marketing investments and resources' effectiveness (improving revenues and increasing profits).
Marketing Resource Management - The Tools
Planning allows the marketer to understand the individual's marketing activities, plans, and timing. In work environments where marketing managers are decentralized, one can identify the need for a comprehensive marketing calendar, which serves, among other things, to coordinate marketing messages aimed at the organization's target audience.
Measurement - Measurement allows the marketer to budget, finance, analyze, and evaluate the use of marketing funds in a more comprehensive, relevant, and accurate manner.
Execution - Enables marketers to manage the details and issues in turning marketing projects and plans into reality.
These tools help marketers analyze their work processes and establish standards and means of control over marketing activities and interactions with service providers, whether internal or external.
By connecting the planning, execution, and measurement of the company's marketing efforts, MRM leads to better expense decision-making while reducing logistical costs and the time required to bring new ideas to market.
To realize the potential inherent in MRM tools, it's essential to understand how the tools can fit into the existing organizational infrastructure. The integration between MRM tools and other marketing tools existing in the organization and the possible implications of this integration should be considered.
Is MRM suitable for every organization?
The answer is no.
This is a holistic solution suitable for companies that run advertising campaigns through multiple channels or companies with opportunities for collaboration between different teams. There are organizations for which this solution is unnecessary, as these organizations can achieve their goals through automated marketing packages that provide solutions to specific problems without integrating into a broader and more general solution.
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