It’s no secret that a marketing resource management (MRM) system has a powerful impact on business. The right software can help boost sales, protect your brand, optimize marketing campaigns and streamline workflow. We’re often asked how these benefits can be translated to tangible impact to 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 reason to upper management to make the investment in an MRM system.
Here are just a few ways you can demonstrate the value and impact of MRM.
- Engagement - An MRM system can help you get more mileage out of marketing materials and messages, and reach more customers in local markets.
When local sales channels have easy access to relevant and powerful materials, they will be more likely to use them. A large, regional bank we worked with boasts an 80 percent adoption rate of a customized MRM system we created for local managers and mortgage officers. That’s an increase compared to previous efforts, and it means that more local markets are reaching local customers with customized, compelling and branded pieces.
Consider: How many agents, partners, dealers or franchises do you work with? How many are currently sharing your message? How do you think an MRM system would help increase that number? Keep in mind with an MRM system you can track who is using what materials when.
- Time Savings – Efficiency and increased productivity are two hallmark benefits of an MRM system. Automation enables the approval process to go much more quickly and smoothly – whether it’s a team of employees reviewing materials ready to hit the market or brand employees reviewing and approving co-op requests.
A manufacturer we worked with had two full-time customer service employees who spent most of their time reviewing and approving co-op fund requests. With an MRM system, they were able to more efficiently manage requests, getting funds quickly to the partners who need them, and focusing their time on other strategic business initiatives.
Consider: How long does it currently take to get marketing materials or local marketing dollars approved? Is your company missing out important selling opportunities during that time? How much time does your team spend managing these approval processes? What other strategic business initiatives would they be able to focus their efforts on if the approval process was automated and streamlined? Calculate the time spent on the approval process and compare it to work the marketing team could have been doing – like creating targeted campaigns or researching innovative ways to reach new audiences.
- Cost Savings – An MRM system, despite upfront investment, can deliver significant cost savings to a company in the long run. At Vya, we offer considerable savings to our clients through our unique ability to group print runs together. One national manufacturer realized a 60 percent cost savings by grouping print runs and direct mail drops.
Consider – What are your current annual print and postage costs? How much would your company save by using an MRM system and one company to consolidate and group printing and postage, such as with direct mail campaigns and other printed materials? Year over year, those print and postage costs add up. And that’s just one way a marketing resource management system can save your company money.
- Compliance – Many of the clients we work with are concerned about compliance in local markets. It’s all too common that, when left to their own devices, local agents, branches, dealers or franchises create their own marketing materials that may violate RESPA8, Nationwide Mortgage Licensing System & Registry requirements, designations, titles, interest rates, and other regulations that could put your company at risk. An MRM system can help stop compliance issues, and make it easy for local contacts in markets to quickly customize compelling materials that will resonate with local markets. The streamlined workflow also ensures audit times are significantly reduced.
When we work with banking clients to develop their MRM systems, one of their major concerns is compliance. The systems we develop create a win-win: the corporate offices are happy to avoid compliance issues and local branches are happy to have easy access to materials that their customers would care about.
Consider – are your local contacts using branded, approved messaging and materials? Is your company at risk for compliance or regulatory issues? What is the financial risk if local contacts continue to create and distribute unapproved, unbranded materials to local audiences?
- Improved Visibility & Strategic Management – One important benefit of an MRM system is the ability to see what’s working and what isn’t. It also allows you to optimize spend across channels and markets.
When we worked with a national insurance company, they wanted to offer an easy solution for local agents to implement customized marketing materials in their markets. The system gave them access to the materials they needed for co-branded campaigns, and it also provided critical insight to the marketing department to help shape future marketing strategies, like joint marketing initiatives. MRM has helped the insurance company increase awareness, reach more customers and capture market share.
Consider – How often are you evaluating marketing campaigns and materials? How do you measure your marketing activity? Do you know what’s working and what’s not working? Are you recognizing cost-saving opportunities across the board with optimized marketing spend?
These are just a few ways a marketing resource management system can have an impact on your business. The benefit to your business depends on factors unique to your goals and objectives, and features of the MRM system you are considering. You should also ask yourself:
- How easy is the system to use?
- How will I, and my team, be supported during implementation and execution?
- What support is available for material customization and personalization?
- Are there fulfillment capabilities?
- What other tangible benefits will this system and vendor deliver?
Purchasing an MRM system is a big decision. It’s important to do the research to make sure that you are getting the system that will work best for you and your company. It’s even more important that you have the tools and information to share with your executive leadership teams why and how an MRM system will help boost sales, protect brands, optimize marketing campaigns and streamline workflow.