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Why Every Marketing Team Needs Marketing Resource Management (MRM) Software

Why Every Marketing Team Needs Marketing Resource Management (MRM) Software

by Peter Fechter

Do you often feel bogged down by inefficient workflows, outdated approval processes, and a lack of visibility into your team’s marketing performance?

If so, you’re not alone.

According to a study by Gartner, nearly 60% of CMOs feel that their marketing departments are not using technology to its full potential. This can lead to decreased productivity, lower ROI, and a lack of brand consistency.

But don’t worry – there’s a solution. Marketing Resource Management (MRM) software can help streamline your marketing processes, improve collaboration among team members, and provide valuable insights into your marketing performance.

In this article, we explore several aspects of MRM software:

  • What is MRM software?
  • What are the key benefits of MRM software?
  • Which companies can benefit from MRM software?
  • What to look for in MRM software?
  • How does MRM software work in a marketing project?

What Is MRM software?

MRM software allows marketing managers and CMOs to plan, budget, manage, and execute marketing campaigns. It gathers all the necessary data and tools in one place, making it easier to manage a marketing department. It’s used by marketing teams to save time and money, streamline communication, and improve marketing outcomes.

Key Benefits of MRM software

If you’re still on the fence about adding MRM to your marketing technology (MarTech) stack, here’s how it can benefit you and your marketing effort:

Improved efficiency and collaboration

MRM software allows marketers to sync marketing tasks and streamline communication. This leads to higher efficiency, helping you meet your marketing objectives faster and with less resistance.

Enhanced brand consistency

As a CMO, you have to ensure your brand is consistent on all marketing channels. With marketers, content writers, copywriters, and designers working on your marketing, it’s essential to have a way to manage your brand identity.

Streamlined workflow and approval processes

A brilliant marketing campaign can fail if it’s not delivered at the right time. Similarly, a terrible marketing campaign can damage your brand if launched too rapidly. MRM software streamlines workflows, making the approval process smoother and easier to control.

Increased visibility into marketing performance and ROI

MRM software gives you control over every aspect of your marketing effort. It allows you to track your marketing spending in real-time and gives you reports on your performance.

More control over planning and budgeting

The success of a marketing campaign comes down to two things: your marketing plan and your budget. Without a clear plan and budget, you don’t know where you’re headed. MRM software lets you plan your campaigns and set your budget across marketing channels.

Which Companies Can Benefit From MRM Software?

MRM software isn’t reserved for large businesses with complicated processes and massive marketing operations. It can benefit companies of all sizes, from small startups to large enterprises.

Have a look at some of the companies that can benefit from MRM software:

Marketing agencies

Can manage multiple client projects. It can help them track their marketing budget, streamline communication, and improve project visibility.

Retailers

Can manage marketing campaigns across various channels, including social media, emails, and advertising. With MRM software, they can optimize their marketing spend and use consistent messaging across all channels.

Manufacturing companies

Can use MRM software to manage their marketing collateral, such as product catalogs and brochures. It ensures that their sales teams have access to the most current and relevant marketing materials, accelerating customer acquisition.

In 2022, 35% of surveyed marketers admitted that they were concerned about risks of governance issues. People care about how their data is being used. So, it’s crucial you know how your AI tools work before adding them to your MarTech stack.

Healthcare providers

Can use MRM software to manage their marketing campaigns and track their ROI. And it ensures that their marketing materials comply with healthcare regulations.

In short, any company needing to manage marketing resources, streamline workflows, and improve collaboration can benefit from MRM software.

What to Look for in MRM Software

Not all MRMs are created equal. That’s why you have to be selective when choosing one for your marketing department. Here are some things to look for:

  1. Workflow Automation: Look for MRM software that offers workflow automation capabilities to tighten processes and improve efficiency. This could include automated approvals, task assignments, and project tracking.
  2. Collaboration and Communication: Go with MRM software that facilitates communication between team members and stakeholders. Look for these features: project management tools, messaging platforms, and shared calendars.
  3. Resource Management: Find MRM software that allows you to manage your marketing resources, including budgets and assets. Features like resource allocation, asset management, and budget tracking are what you should be after.
marketing planning

4. Analytics and Reporting: Choose MRM software with robust analytics and reporting capabilities. It will help you measure the effectiveness of your marketing campaigns and make data-driven decisions.

5. Customization and Integration: Look for MRM software that can be customized to meet your organization’s needs. It’s essential that your MRM can integrate with other tools and systems that you use.

6. User-Friendly Interface: Some MRM software can be difficult to learn. Choose one that’s easy to use with an intuitive interface to minimize training time and accelerate adoption across your organization.

Remember, when choosing MRM software, consider your organization’s needs, budget, and resources to help you find the solution that best meets your requirements.

How MRM Works in a Marketing Project

Let’s say a marketing team is working on a new product launch campaign. The MRM software provides the team with a centralized platform to manage various aspects of the campaign.

Let’s see how it works:

  1. Project Management: This feature allows the team to create a project plan, set timelines, and track progress against milestones.
  2. Budgeting: The MRM software provides tools to manage the campaign’s budget, including tracking expenses and monitoring spending against allocated funds.
  3. Asset Management: With this feature, the team can manage all the marketing assets needed for the campaign, including images, videos, and other digital assets.
  4. Collaboration Tools: MRM software provides various collaboration tools to help the team work more efficiently. For example, the software might include chat functionality, shared calendars, and a project management dashboard showing tasks’ status and progress.

MRM software helps the team manage all these elements in real-time as the campaign progresses. It keeps everyone on the same page and working towards the same goals.

Why You Should Consider MARMIND to Manage
Your Marketing

If you want to plan, manage, track, and execute marketing campaigns using an intuitive platform, MARMIND is the MRM you need. It’s highly customizable and molds itself around your unique marketing processes.

It brings your teams closer and streamlines communication, making you more productive and profitable. With MARMIND on your side, your teams have a constant overview of time, budget, and resources, acting as a compass guiding you toward your marketing goals.

If you’re the pilot of your marketing department, MARMIND is the cockpit that empowers you to steer your marketing to a higher altitude.

Last thoughts

MRM software is designed to make you more profitable and improve every aspect of your marketing effort regardless of the size of your company. If you feel you’re not getting the most from your marketing effort, consider adding MRM software to your MarTech stack.

It’s the easiest way to improve communication and lead your teams with more direction and purpose.