MRM Software Buyers Guide
Last updated: February 07, 2023
Marketing Resource Management Software
The invention of software has completely revolutionized the way we do business. These days, there is software for almost everything. And for good reason, because software such as marketing resource management software (MRM) gives your business an added advantage.
MRM software has the intelligence to harmonize multiple functionalities in your business. This software can improve your marketing strategies by keeping track of marketing activities, budgeting, workflows and taking care of your digital brand assets.
MRM software can become the backbone of your internal marketing processes. Marketers cannot check all the blind spots consistently when there are so many moving parts to consider during a campaign. There’s also less time to plan and measure success in a fast-moving digital environment.
Picking marketing resource management software for your business is no longer just an option but a necessity to thrive in today’s competitive business world.
The Functions Of Marketing Resource Management Software
When deciding on which MRM software to purchase make sure these key functionalities are included:
- Financial planning: It should be able to track expenses and schedules while anticipating the resources required to successfully run your campaigns. It must link all your marketing objectives to projected results for every campaign or program.
- Project management: It enables users to have a view of upcoming activities as well as update progress on specific tasks. It simplifies the marketing process by organizing key activities that need to take place during the production phase.
- Automated workflow: Repetitive tasks that don't require a lot of attention, such as content approvals, are automated to save you time. This increases the efficiencies in your business as common tasks are automated with no human intervention required.
- Organizing calendars: Keeping your calendars up to date and shared with key personnel becomes a breeze. It offers a shared view for participants showing all marketing activities with related timelines.
- Managing digital assets: Digital assets are the new currency in our exciting digital environment. Items such as videos, documents, logos, and images have become valuable assets that should be managed appropriately. This software safely stores digital assets and provides access to these marketing materials online.
- Reports and analytics: Reporting is made easy when using MRM software. It reports on the efficiencies of your marketing campaigns and how it's performing. It also assists with resource allocation and analyzing the different processes in your marketing campaign.
What to Consider when Selecting MRM Software
There are some market trends you should be aware of before selecting an MRM software package. Let’s look at some of the most relevant market trends to consider.
If you’re working with a limited budget, cloud-based solutions are a viable option to consider. It evades the cost of expensive digital infrastructure required when opting for in-house storage solutions. No IT hardware is needed when selecting cloud-based solutions for your business.
Cloud-based solutions have become the preferred option for marketers due to their data security offerings as well as disaster recovery modules. It comes at affordable prices that suit small to medium businesses. It also offers flexibility in terms of allowing you to adopt technological initiatives such as bring your own phone (BYOP) or bring your own device (BYOD).
Combined Analytics and Reporting
Have you ever had to make a decision with only limited information at your disposal? This can be frustrating, right? Comprehensive analytics solutions produce real-time data and reports put important information at your fingertips.
Analytics tools enable you to observe customer behavior and draw valuable insights during your marketing campaigns. MRM software is responding to the need of marketers that require visual capabilities to generate data reports and enriched presentations.
Mobility is a vital requirement for marketers. Having access to information wherever and whenever has become an immediate need in the marketing field.
Software that offers group chat features while on the go is the new must-have functionality. This allows team managers to review important documents and share crucial feedback from different locations. Speed and convenience have become non-negotiable qualities.
Benefits of Marketing Resource Management Software
Here are some of the most celebrated benefits of utilizing MRM software:
- It ensures your brand assets are consistent and compliant across multiple platforms
- It identifies bottlenecks in the system and eliminates them
- It reduces the time spent communicating between various departments in your company
- It decreases the spending on activities with low return on investment and allocates funds to high performing activities
- You have a well-rounded view of all the money and resources allocated to ensure the highest return on investment
Here are some easy to follow principles to guide you in effectively implementing your MRM systems:
- Ascertain what are the crucial information and processes you need to map out & illuminate the key activities that need to be pursued
- Synchronize all your marketing activities and plans for a single updated view
- Streamline all your marketing activities and workflows by creating modules
- Leverage all the essential skills of your personnel to get varied perspectives for optimal outcomes that build more agile structures
- The goal for any successful MRM implementation is continuous improvement
- Measure your results and evaluate if there are processes that aren't working well
The Costs of Marketing Resource Management Software
There are many MRM software on the market currently, so it might get a bit overwhelming trying to decipher what is best for your business. The costs of the different solutions also vary based on the frequency, features, and total users that will be using the software.
The upside is you can test different solutions before deciding on the final software for your needs as most service providers offer a free trial. The starting prices on packages with monthly usage can range from $9.00 from ActiveCampaign and increase to $2000 monthly from Oracle Marketing Cloud. It all depends on how comprehensive your package must be.
Maximizing your marketing outputs and unifying all key activities during your marketing campaign allows you to run a leaner & more efficient business. Invest in a comprehensive MRM solution today to earn higher returns on investment. Your business deserves a winning solution.