As marketing teams strive to reach and engage with their target audience effectively, they juggle multiple things simultaneously.
From limited budgets and intense competition to rapidly changing consumer preferences and data privacy concerns, marketing teams must navigate a complex landscape to achieve success.
Facing the competition and demonstrating ROI are the top expected challenges of marketing teams in 2023.
Marketing Resource Management (MRM) can help overcome these challenges and make life easier. It coordinates and manages an organization's various marketing resources and assets to efficiently and effectively achieve marketing objectives.
MRM involves a range of activities
- Planning and Forecasting
- Resource Allocation
- Tracking and measuring the performance of marketing activities
Start optimizing your marketing efforts and boost your team's efficiency with marketing resource management.
Whether you're a marketing professional looking for ways to improve your campaigns or a business owner seeking to optimize your marketing efforts, this post is for you. So, let's dive in and explore the best tips to implement MRM and its benefits.
Key principles of Marketing Resource Management (MRM)
In a constantly evolving digital world, fixating on a standard marketing resource management is not ideal for the long term.
On the other hand, an overly flexible MRM will also lose its essence. These fundamental principles help marketing teams in building customizable marketing resource management.
1. Planning and budgeting
The first and foremost principle is to develop a detailed marketing plan that includes forecasting and budgeting. Proactive planning and budgeting ensure optimal usage of marketing resources to achieve desired objectives.
Any marketing team can start planning and budgeting by focusing on the following.
- Setting clear marketing goals like increasing website traffic by X%.
- Identifying strategies and tactics to achieve the goal. For example, doing a website audit to find ways to increase website traffic.
- Identifying target audience
- Determining the most effective marketing channels
- Understanding the money, resources, and tech required for each marketing activity
2.Allocation and tracking of resources
Every marketing initiative might sound essential, and choosing the right ones to pursue and allocate resources is crucial.
To allocate resources, prioritize by analyzing the performance of each activity in the previous quarters. Then, match it with the existing marketing goals to choose suitable marketing activities.
Allocating and tracking these resources is a huge task that needs a lot of memory. It is more of an admin task than marketing.
- Bundle the resources (money, tech, digital assets, employees) required for marketing activity.
- Make sure you have given access to tech and digital assets accordingly to the employees. For digital assets, you can set this up one time by using digital asset workflows.
- Set up systems to track and measure the performance of each marketing activity at regular timelines.
- Be flexible in reallocating resources based on requirements.
These steps can help you get started with allocating and tracking your resources.
3. Collaboration and communication between stakeholders
Effective collaboration and communication between marketing teams, other departments, and external stakeholders are crucial to achieving common goals and optimizing marketing resources.
- Clearly define roles and responsibilities for all stakeholders to avoid confusion and ensure that everyone is working towards common goals.
- Establish clear communication channels, such as regular meetings or project management tools, to help ensure that all stakeholders are kept informed and can collaborate effectively.
- Share information and resources between stakeholders in a timely and effective manner.
Who needs Marketing Resource Management (MRM)?
Any marketing team (large or small) can benefit from MRM. It can help them streamline and optimize their marketing efforts and effectively utilize marketing resources.
But who should you add as users to the MRM?
Here are a few roles you can consider adding to the MRM.
- Content creators
Content creators are the primary users of the MRM as they are the ones who design, write, and create content that can be used as marketing materials. These can be stored as digital assets (website content, social media posts, email campaigns), which can be reused over time.
Creators (Designers, illustrators, copywriters, and content creators) use MRM to store digital assets effectively.
MRM is highly beneficial to easily collaborate with a single click and clarify things in seconds.
- Digital Marketers
As Digital Marketers are responsible for executing and managing digital marketing campaigns and tracking the performance of these efforts, they can use MRM to ease their workload. They can plan and develop strategies to achieve the set marketing goals.
Digital marketers can monitor efforts using web analytics, social media analytics, and email marketing metrics to track and measure digital marketing efforts' performance and identify improvement areas.
Web developers and Digital Experience managers
Maintaining a robust website and giving the best user experience takes a lot. MRM can help web developers identify and track web issues for faster resolutions. They can easily keep a tab on different requests (installing new codes, adding blogs, etc.) to the website with an MRM system.
Benefits of Marketing Resource Management (MRM)
You should have a brief idea about what you can do with an MRM. It is time to understand the long-term benefits of marketing resource management.
1. Improved efficiency and effectiveness of marketing activities
Due to a lack of coordination and visibility, marketing teams struggle to execute marketing campaigns and initiatives effectively.
You can streamline and optimize marketing efforts, reducing costs and improving the ROI of your marketing campaigns. In addition, it helps augment campaign reach and improves engagement with its target audience, resulting in increased sales and customer loyalty.
2. Increased accountability and transparency
The MRM system helps the teams establish clear accountability for marketing activities, as it provides a clear view of who was responsible for each marketing effort and how resources were being allocated.
It provides a holistic view of the company's marketing resources, enabling marketing teams to track and measure their efforts' performance and identify improvement areas.
3. Better alignment of marketing efforts with business goals
Marketing teams might work in silos and are often unaware of what others are doing, leading to duplication of efforts and a lack of consistency in messaging.
An MRM system centralizes and coordinates the marketing efforts, ensuring that all marketing activities are aligned with business goals.
Tips and best practices for implementing Marketing Resource Management (MRM)
So you are all ready to set up an MRM for your marketing team. But before you start, here are a few tips and best practices to help you succeed with MRM.
1. Identify and prioritize marketing objectives
Start with assessing the overall business goals and create SMART marketing objectives accordingly.
For example, if getting international recognition as a company is a priority business goal, building brand awareness should be a marketing objective.
Prioritize objectives based on factors such as the potential impact of each goal, the resources required to achieve it, and the time frame for achieving it.
2. Develop a detailed plan and budget
Define clear strategies and action plans for achieving each of the prioritized marketing objectives, which involves identifying specific marketing activities and campaigns that will be used to support the achievement of each goal.
A detailed plan and budget helps ensure that marketing efforts are focused on achieving specific, measurable goals and that resources are used effectively to support these efforts.
3. Use technology to track and manage resources
Implementing an MRM involves a lot of data and people working on that data. To manage both effectively, technology is your best bet.
A DAM (Digital Asset Management) system can be an effective tool for marketing resource management (MRM), enabling organizations to effectively manage, track, and distribute digital assets to support marketing efforts.
DAM system helps you
- Centralize and organize digital assets
- Track and measure performance
- Collaborate and share assets
- Enhance security
4. Regularly review and adjust the MRM plan as needed
Regularly review and assess the performance of marketing efforts based on data and insights gathered through tracking and measurement. Identify areas where performance is not meeting expectations.
Monitor and adjust the plan based on data and insights gathered through tracking and measurement. This will ensure that marketing efforts are aligned with business goals and are being executed efficiently and effectively.
Marketing resource management (MRM) is essential to successful marketing efforts. It helps organizations plan, coordinate effectively, and manage their marketing efforts in a way that is aligned with business goals and optimized for efficiency and effectiveness.
By following the principles and best practices outlined in this post, such as setting clear marketing goals, allocating resources effectively, tracking and measuring performance, and collaborating with other stakeholders, organizations can improve the efficiency and effectiveness of their marketing activities.