Today’s marketers must manage an ever-increasing number of digital channels and platforms for engaging the modern customer. This is leading many marketers to consider marketing resource management (MRM) to help them work smarter and more efficiently.
A recent report by leading global research and advisory firm Forrester Research, Inc., titled, Vendor Landscape: Marketing Resource Management, Oct. 20, 2017, suggests, “Think of MRM as the connective tissue that can align your marketing workstreams to achieve your transformative ambitions.”
Finding the right MRM solution requires some due diligence. In our work with prospects who are navigating the MRM buyer’s journey, we often encounter a number of recurring questions. So we’ve gathered some of the best resources we know of for evaluating marketing resource management solutions, and we’re sharing them in this blog post as a handy reference covering the who, what, where, why and how of MRM.
WHY consider a marketing resource management solution?
MRM technology is the backbone for day-to-day marketing operations. It enables marketers to:
- Distribute marketing materials
- Empower local partners to customize marketing materials
- Launch multi-channel campaigns in coordination with sales channels
- Manage brand consistency
- Automate approval workflows
- Distribute and manage local budgets or co-op/MDF funds
Among the most compelling reasons for implementing MRM identified by top performing companies* are:
- 95% cited decrease marketing costs
- 86% identified optimize marketing spend across channels
- 82% wanted to manage brand consistency
- 75% cited improve marketing cycle
WHO are the marketing resource management vendors?
The previously mentioned Forrester report, Vendor Landscape: Marketing Resource Management, Oct. 20, 2017, describes how MRM is evolving to address core marketing operations, categorizes solution providers that address the most common MRM use cases and provides recommendations for businesses considering MRM investments.
For a shortlist of potential MRM vendors, download the full Forrester report here.
WHERE can I find marketing resource management software reviews?
G2 Crowd is an excellent resource for examining MRM products based on customer satisfaction. The site provides access to details about the “best Marketing Resource Management Software” as determined by user reviews and scale. It also allows you to compare profiles of nearly 20 MRM vendors using G2 Crowd’s comparison tool.
WHAT should I consider when evaluating MRM vendors?
When evaluating marketing resource management solutions, there are many aspects to consider beyond comparing features and functionality. It is critical to ask questions regarding services, scalability, ease-of-use, and marketing fulfillment.
Whether you’re searching for a marketing resource management solution for the first time or looking to replace a solution that has fallen short, here are some things to consider:
- Implementation timeframe
- Software administration
- User interface and training
- Number of users
- Marketing fulfillment
- Asset and campaign management
- Support options
For details about each of these key areas, download Vya’s MRM evaluation checklist here.
HOW can I calculate the ROI of an MRM system?
We’re often asked how MRM’s benefits translate to tangible impact on a company’s bottom line. Since everyone does business a little differently, it’s more than a matter of plugging numbers into a formula. However, with a little thought and application, you can outline specific advantages relevant to your company that provide a compelling case for investing in an MRM system.
Vya has created an MRM ROI brief that can help you identify, outline and demonstrate the value and impact of MRM, based on these four measures:
- Reduced marketing costs
- Improved marketing efforts
- Protection of the brand
- Improved strategic oversight
To calculate the value of MRM for your organization, download Vya’s MRM ROI brief here.
Today’s marketing teams need to be focused on strategy and the customer experience. They also need to be nimble in order to remain competitive. This is where marketing resource management comes in. If routine marketing activities are holding you back, preventing your marketing team from achieving its “transformative ambitions,” it may be time to consider an MRM solution.
MRM evaluation needs to go beyond comparing features and functionality to encompass things like ease-of-use, delivery model, scalability and ongoing support. The resources shared in this post should offer a good start along the path to choosing the right marketing resource management solution for your organization.
*Gleanster: Gleansight Benchmark Report Marketing Resource Management