Our businesses will continuously face challenges, and we always need to be prepared for the long haul.
During economic uncertainties like the situation we are seeing now with Coronavirus (COVID-19), businesses are looking more carefully at their marketing budgets and looking for the most cost-effective way to deliver their products or services. It’s all about allocating the available resources in the best way.
As changes happen at the market, in your marketing team and the channels or software you use, you would want your Marketing Resource Management solution to keep up with these changes.
How do you organize and optimize your resources?
Marketing Resource Management or MRM is the method of organizing, automating, and optimizing the resources that you use in connection with projects and campaigns. MRM covers strategic planning, budgeting, project management, production, tracking, reporting, approvals, compliance checks, and much more.
As an integrated part of most value adding MRM systems, you will find a workflow tool that helps you map and optimize the various workflows across all your departments including the marketing department. You would use these as part of MRM to allocate the resources, time, and tasks of your employees to optimize the overall output of your team.
MRM is also closely related to DAM or Digital Asset Management, which is a system or software to organize assets like video, audio, documents, etc.
To sum up, Marketing Resource Management is the multifaceted process of getting the most out of your marketing department using several tools. This is also the reason why MRM is relevant to all companies regardless of size – because it will help optimize your output and the time it takes to get it done.
As is the case in many aspects of business today, automation and software solutions are an essential part of getting your marketing department running as smoothly and efficiently as possible, which is essential when we need to be ready for the unexpected like the situation right now with Coronavirus.
The best and most value adding Marketing Resource Management software contains a toolbox, which optimizes all steps in your workflow and covers all stakeholders in your value chain and aims at ensuring your ability to get the most out of your marketing efforts under any circumstances.
MRM software could, for instance shorten your time to market by automating and speeding up workflow processes, as well as easing cooperation with freelancers, customers, and suppliers – which is also part of the reason why you would use MRM software.
Since some MRM solutions have a SaaS (software as a service) core, Marketing Resource Management has become accessible to companies of all sizes – and in some versions, this gives the added value of the system being highly adaptable to the rapidly changing business environment. This means that you can integrate tools and add modules as you go, to create the best possible MRM solution for you.
With a massive number of options, choosing is never simple – and where should you start when comparing the choices you have?
The initial decision you need to start with is whether to build the system from scratch – or choose a SaaS solution, where the base is pre programmed but still adaptable. Typically, most companies would go with the SaaS MRM, since it offers considerably lower risks and costs and can be implemented and made operational a lot faster.
- Out of the box features
What exactly does the MRM solutions you consider have to offer out of the box? Are all the necessary features there – or will there be additional costs involved in implementing additional features, which are important to you?
People (employees, suppliers, etc.) are at the core of your marketing efforts – so to improve the output and overall effort – you have to get them on board and use the MRM solution. This is, naturally, much easier if the solution is user-friendly.
Some of the questions that will let you quickly assess the user-friendliness of the solution are:
- Is it easy to understand, find the functions you need, and navigate around the solution?
- What does the interface look like?
- Can you adapt the interface/access to different users?
- Adaptability and scalability
As changes happen at the market, in your marketing team and in the channels or software you use, you would want your MRM solution to keep up with these changes. A natural part of the changing business environment is the need for scaling back or up depending on your number of customers, employees, freelancers, suppliers, and so on – so take a closer look at how easy it is to scale and adapt the MRM solutions.
Additionally, exploring which of your existing tools, software, and systems that the MRM offers integrations to – or can replace – could also tip the scale in favor of one or more of your options.
- Role-based access and shareability
Which options does the MRM software offer in terms of role-based access? If your organization uses freelancers, cooperates with customers or agencies outside of your primary organization, you could benefit from granting them access to your Marketing Resource Management solution – but there will inevitably be certain information that not everyone should be able to access.
Therefore, role-based access could turn out to be a huge advantage that can end up shortening your time to market, because it makes cooperation with external resources much more accessible.
As stated earlier, Marketing Resource Management solutions consist of several types of software focusing on the different pains of the marketing process and production. At Encode, our approach to MRM is based on optimizing all workflows – regardless of it being in connection with budgeting, project management, production, approval, distribution, or evaluation.
Therefore, the Encode solution includes a broad number of key features:
- Project, resource, task and budget management
- Workflow management
- Approval and compliance management
- Real-time tracking and reporting
- User or role-based dashboards
- And much more
The Encode system is furthermore designed to continuously improve your marketing output through automation based on AI (artificial intelligence).
If your company, for instance, is focused on retail, the algorithms will offer suggestions or, if you choose so, decide the mix of products in a campaign - as well as the necessary elasticity in terms of price points.