07 Jun MRM – Marketing Resource Management – more relevant than ever!
MRM – Marketing Resource Management – more relevant than ever!
Whether you’re running big campaigns or just want a better way to stay on top of your marketing efforts, is now the time to consider MRM, or has the time already come and gone?
Marketing executives are looking into Marketing Resource Management (MRM) solutions to keep up with escalating demands on people, time, and budgets, all in an effort to bring order to what can be a chaotic endeavor.
What is MRM?
So, what is MRM? It’s software that helps users manage marketing processes, so companies can be more agile in planning, management, and execution on marketing programs and campaigns, all while maintaining a consistent brand image across marketing and communication channels. An MRM system usually provides planning, budgeting, and tracking capabilities, as well as tools for managing digital brand assets, workflows, and approval processes.
MarketsandMarkets forecasts the Marketing Resource Management (MRM) market to grow from $4.46 Billion in 2015 to $9.01 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 15.1%.
North America is expected to be the largest market in terms of market size, while Europe and Asia-Pacific are expected to experience an increase in market traction during the forecasted period.
MRM is largely adopted by large scale enterprises, considering higher budgets dedicated to marketing activities as compared to small and medium enterprises (SMEs). However, in recent years SMEs have shown keen interest toward MRM solutions to gain maximum returns from their marketing practices.
Growth in marketing activities is driven by the highly competitive environments that the companies today operate in, encouraging brands to promote and market their products in an efficient way to compete better.
Marketing departments often encounter challenges in managing their tangible and intangible resources on a large scale in an efficient way. The increase in the number of marketing channels, has created a need to manage complex marketing activities in an optimal way.
Businesses today have masses of different tools and technologies at their disposal to market their products and services. While this gives you the ability to reach audiences all around the world, it also poses plenty of new challenges. Managing these channels can cause serious headaches.
This is where Marketing Resource Management comes in and takes all the different resources, platforms, tools, and assets that your business or department uses, and brings it all together creating a more streamlined process.