Enterprise MRM tools can help marketing teams, particularly those that are geographically distributed, manage the design and delivery of marketing campaigns at the national and local level.
An enterprise MRM software solution may incorporate different aspects of marketing process control, including digital asset management (DAM), budgeting and planning tools, and reporting and analytics.
With the appropriate application of these tools, a marketing department can effectively manage the following:
Money
A recent survey of CMOs found that at 38.4% of companies, marketing departments are responsible for leading revenue growth. This means that marketing campaigns must be effective, and provide measurable results to demonstrate outcomes.
An MRM solution provides a company with hard data, which can be used to examine and evaluate the effectiveness of different campaigns and marketing assets. With this knowledge, an organization can channel available funds to where they will have the most significant impact, maximizing the ROI of every dollar spent.
Further, MRM solutions often provide robust reporting and analytics tools, helping to transform data into measurable results and provide actionable insights for improving future spend.
People
As technology advances, and customer expectations change, marketing is increasing in complexity. In response, marketing executives are looking at ways to streamline processes and personnel to drive efficiency and align marketing teams with company goals.
Enterprise MRM solutions can help manage marketing personnel with project management tools and calendars to maintain visibility and keep corporate and local staff informed and on-task with deliverables.
Content
Enterprise MRM solutions help a company to manage content by providing streamlined content creation workflows and approvals, along with comprehensive digital asset management (DAM) solutions, creating a single, organized source of approved marketing assets.
A recent study found that 81.5% of companies attribute 5 hours of work per week saved by providing employees with access to assets in a DAM solution; 63% saving 10 hours, 33% saving 10-50, and 3.7% of companies saving more than 50 hours per week across the workforce.
In addition to the time saved, a DAM solution provides significant benefits in asset efficiency and control. First, assets do not need to be created from scratch, saving time and effort across the marketing function. And possibly more importantly, content is controlled from a centralized source, ensuring that assets are approved and aligned with company objectives.
Brand
Similar to content management functions, enterprise MRM systems help a company to tighten and control brand identity as well. Maintaining a consistent brand has been found to contribute to an average 23% increase in revenues, but brand identity can be difficult to create and maintain.
Enterprise MRM systems use centralized DAM functions and streamlined asset creation and approvals processes to optimize asset controls, ensuring that all marketing materials are on-brand and on-message, helping an organization to maintain brand consistency even throughout a distributed marketing group.
Enterprise MRM software can provide a company with many benefits, aligning the management of money, people, content and brand for marketing efficiency and effectiveness. However, modern marketing managers must balance control with flexibility, making fast, agile decisions in response to changes or new opportunities in the business environment.
Many enterprise MRM software applications available today are far too rigid, lacking the flexibility and agility to meet changing customer demands, particularly in a distributed marketing department with national and local responsibilities.
Marketing tools that have been created specifically to meet the needs of distributed marketing groups can help businesses meet the challenge of balancing flexibility and control of marketing efforts. A single solution, like CampaignDrive, can facilitate efforts to streamline processes, optimize spend, unify teams, and maintain brand identity across an entire marketing function.
CampaignDrive is a marketing resource distribution platform that manages more than $50 billion in brand driven market value for top global brands. Our platform helps improving collaboration between corporate and local marketing teams, ensuring brand compliance company-wide, and streamlining asset and creative workflows.
Sources:
- https://deloitte.wsj.com/cmo/2017/01/24/who-has-the-biggest-marketing-budgets/
- https://www.resourcespace.com/blog/time_saved_with_dam
- https://www.inc.com/tracy-leigh-hazzard/boost-profit-with-constant-brand-consistency.html
