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Marketing resource management software has been around for a couple of decades, and now, 20 years after it first launched, MRM has not only moved on – it’s a technology whose time has come.
What’s driving this? There has never been a greater need for the governance, consistency and engagement that a well-implemented MRM platform can provide.
Four key trends are creating the market conditions that have made MRM more relevant than it’s ever been:
Let’s look at each of these circumstances in more detail.
Taking the last point first, it’s a little understood fact that the value proposition of MRM is really about EBITDA growth: Organisations want top-line revenue growth, but they want it at lower cost. MRM delivers this, not by removing head count or reducing spend in marketing, but by better directing the many moving parts of the marketing machine to work more effectively.
We see it in our clients’ marketing teams: Streamlined, documented work processes that facilitate efficient collaboration and improve productivity, thereby lowering campaign lead times, increasing speed to market and ultimately boosting capacity, for no additional cost. Assuming your marketing activity is effective, more campaigns out means more revenue in.
MRM is like the conductor in an orchestra: it’s the score, the baton, and the brain.
In real terms, that’s the marketing plan, driven by intelligent briefs, documented workflows and automated processes, informed by results collated from all your channel-based tools, with the most effective activity highlighted for rapid repetition.
Most CMOs have a vision, they create a plan maybe once a year, and they’ve got teams working to it, but it’s an iterative process that they review maybe once a month or once a quarter. MRM captures that marketing plan and makes it a living, breathing experience that is omnipresent. It becomes an executable plan, reinforced with the daily activities of your team.
To return to our musical metaphor, MRM enables marketing teams to make beautiful brand music in which the impact of a well-orchestrated output is far greater than the sum of the component parts.
Nothing new to marketers, the growing fragmentation of audiences means more activity will always be required going forward to reach the same number of people. And when you have a lot more channels to manage, efficiency becomes more important – and so does the need for better brand governance and brand consistency.
Most marketing teams struggle to see and manage the broad customer experience – but a centralised MRM marketing platform puts the CMO in the box seat providing visibility not only over all approved activity, but what’s already in market, what came before and what’s in the pipeline.
In addition, if local execution across all these channels is managed by an external network of agencies, agents, outlets or franchisees, how do you ensure they stay on brand? MRM gives you the tools to manage your process across all your brand representatives and channels.
The specialisation of the marketing workplace came up at a recent event Simple held in the UK where one company was saying they thought they had 280 agencies working for them worldwide – but in fact they had 340.
In that situation, how do you co-ordinate your marketing and understand what’s happening across all the moving parts? In times gone by, there were 4 main media channels and 1 brand manager. Now in addition to brand, there’s a digital team, sometimes there’s an email marketing team, a loyalty team, communications and social – and many of these highly specialist divisions have their own agencies.
If someone only manages one-quarter of the channels, how do they know that what they’re doing fits well with all your other activity? MRM creates that visible, unified plan and provides a central repository that can help you pull it all together and overcome those silos that always seem to occur – not only in marketing but in organisations more broadly.
What we’re trying to do with intelligent MRM is create a stored corporate knowledge – what’s worked in the past, what hasn’t and what are you looking at doing now?
And for larger teams out there, they need to understand the data that comes out of all these siloed systems. MRM provides a path for marketing teams to do that.
Finally, the growing threat that regulation poses to brands looms large. It has always done so. If you look at what peak advertising bodies in the 1920s named as their key concerns, increasing regulation was one of them. Now, almost a century later, that hasn’t changed.
What has changed is the magnitude of the threat.
Industries such as banking and insurance have already had to pay out billions for the clean-up following numerous scandals: Australia’s Royal Commission into misconduct in the banking industry; the £40 billion UK clean-up to compensate customers who were mis-sold insurance; and US bank Wells Fargo’s USD$80 million to reimburse half a million consumers for auto insurance they didn’t need – to name just a few.
In these times, marketers need to ensure not only that what they’re selling, and saying, has been rigorously reviewed, but also who they’re targeting. It’s not only the content that needs to be checked and double-check across numerous organisational functions including risk management, legal and compliance – but also the audiences that are receiving these messages. One of the most common – and costly – mistakes marketing teams make today is simply sending a marketing email to the wrong list.
MRM platforms are in a unique position to address these concerns, so flexible and customisable that every required check and balance your organisation needs can be met – every time.
One final thought to leave you with: you can become a CMO today and only ever have worked in the digital world. CMOs need the ammunition that being well-informed about all the levers that need to be pulled can provide – regardless of their own personal expertise.
MRM provides the data that makes marketing visible and understandable to the boardroom and surfaces the value that marketing creates. It safeguards brand reputation and budgets. It drives productivity and business growth. No wonder its time has come. What’s not to like?