12 Amazing Facts About Marketing Resource Management
Many marketing departments of large firms face serious challenges every year. Some of these challenges are how much to spend on a project, how to schedule a project, how to execute a project with limited funds. These challenges are very demanding but can be effectively tackled with using marketing resource management.
Marketing resource management has been around for longer than most people are aware of. They however became popular late in the 90s. They contain tools that help in the breakdown of and speedup of complex marketing processes. These processes have been adopted by some of the world’s most successful firms. These established firms use marketing resource management to effectively manage projects and other processes that involve marketing. Although it is also used by marketing departments of companies, it was mainly invented for marketing companies.
What is Marketing Resource Management?
Marketing Resource management is a technique used in the management of marketing resources set aside for a project. Such marketing resources include budgets, forecasts and digital assets. It is a technologically driven process. Also, it makes use of different softwares to reduce the cost of the marketing departments of different organizations.
Marketing resource management aims at strengthening an organization’s marketing capacity. With marketing resource management, companies can see their projects come into actualization without having to go through so much labor. This will help your staff save time, resources and energy.
This article contains 12 amazing facts about marketing resource management you never knew existed. Check them out:
1. Been Around Since the 90s
Marketing resources management is not largely known by people who are not in the marketing department. However, it has been around since the 1990s. Marketing resources management became popular after the dotcom bubble in the 90s. Since its invention in the 90s, it has gone on to become one of the most widely used tools by marketing departments in large organizations.
2. It is a Part of EMM
EMM is the acronym for Enterprise Mobility Management. It is used in businesses to manage mobile devices and other wireless networks. EMM meets the need of workers with smart phones and tablets. It is a branch of Marketing Technologies and has other marketing softwares as subsets of it. One of these marketing software subsets is Marketing Resource Management.
3. It is Key to Marketing Effectiveness
Marketing resource management possesses the needed software to work with marketing operations management (MOM). Marketing operations management puts together technology, processes and human resources to boost marketing activities and effectiveness.
A combination of marketing research management and marketing operation management is the key to marketing effectiveness.
4. Used by Leading Organization
Since its inceptions in the mid-90s, marketing research management has enjoyed use by major organizations in the world.
5. It is Technologically Driven
Marketing resource management makes use of a technology driven automated process to skip repetition and unnecessary activities. This eliminated activities are usually responsible for the waste of time when carrying out marketing functions.
As a matter of fact, MRM is relied upon by companies that wish to involve automation in their marketing and project management processes rely highly on marketing resource management.
6. It Will Save You Money
Marketing departments always face the challenge of budget slash. This challenge becomes even more pronounced when marketing departments are given more demanding tasks by CEOs.
This challenge can be surmounted with the use of marketing resource management tools.
7. Increased Profit
Many marketing departments of various companies run more effectively with reduced budgets through the use of marketing resource management. This leads to optimum productivity with little production costs.
8. Better Project Management
One of the functions of marketing resource management is project management. MRM contains tools that help effective project management by the elimination of unwanted processes.
Also, MRM solves the problems of lack of strategy implementation and lack of support from firm executives.
9. Simplifies Marketing Management
The ability of marketing resource management to align people, processes and technology in marketing management helps simplify the process. Marketing resource management contains the needed tools to improve marketing management.
10. Helps Optimize Marketing Resources
Over the years, marketing departments have gone through continuously slashed budgets. They however have been able to survive because of the use of marketing bred purse management tools. With the use of these tools, a lot of work can be dozen with little resources. Marketing resource management comes with tools that are useful in the areas of financial management and strategic planning. With the use of these tools, marketing resources can be properly managed.
11. Distinguishes You from the Competition
Accountability and transparency is guaranteed with the use of marketing resource management tools. Most importantly Marketing resource management allows for more efficiency in overall business activities. These distinguish a business from the competition.
12. It Has Evolved
When marketing resource management was invented in the 90s, its aim was business efficiency and cost savings. Over time it included speed, efficiency, connectivity and simplification in its focus. At the moment, marketing resource management has included social media as part of its focus.
Marketing resource management has basically evolved to meet several other different business needs. Over the years, marketing resource management has evolved to meet the needs of different companies. The demand for marketing resources management has also increased as a result of new technology. It is now depended upon by large firms to successfully execute their projects. Marketing resource management is definitely a vital aspect of marketing which shouldn’t be ignored by any serious business owner.