Marketing is an indispensable activity for any business that helps connect with customers and satisfy their needs and desires with products and services. The purpose of marketing activities is to help businesses expand their potential customer base, promote products and services, and increase sales. Businesses must have a marketing resource management plan to achieve the best results. In the article below, Optimal Agency will help you understand how to manage marketing resources effectively.
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What are marketing resources?
Are the available assets of a business used by the marketing department to maintain the most effective marketing activities. These resources exist in many forms such as budget, staff, materials, computers, technology, and digital assets. Marketing resources can be divided into 3 main types mobilized assets, marketing assets, and dynamic marketing capabilities. Marketing assets are things that the business owns such as factories, locations, and brand assets. Mobilizable assets are external resources including finance, human resources, etc. Dynamic marketing capabilities are the highest resources developed from the ability to convert marketing assets into effective decisions.
Marketing resource management is important because it helps arrange the marketing resources of the business to ensure that the marketing strategy achieves the best results with the lowest effort and cost. Marketing resource management includes planning, scheduling, and budgeting for marketing programs and activities or adjusting content to suit marketing campaigns, etc.
Why is Marketing resource management important?
Marketing resource management helps businesses achieve marketing goals by allocating, arranging and optimizing appropriate resources to increase competitive position. Here are the reasons why you need to know how to manage marketing resources:
Maximize efficiency
Marketing resource management tools help marketers divide work reasonably into milestones and track the progress of campaigns. At the same time, they support experts in planning, reduce manual efforts and increase the ability to complete projects faster. This helps improve marketing campaign performance with simple workflows thanks to automation features.
Effective resource allocation
With detailed information on capacity and usage, businesses can allocate marketing resources appropriately. Thereby preventing over-allocation or under-utilization of resources for marketing campaigns.
Reduce marketing costs
Through resource management, administrators will have an overview of marketing activities. Accordingly, marketers will easily see where they are spending too much and need to cut costs. Thereby providing solutions to help improve the performance of marketing campaigns and optimize costs effectively.
Save time
By managing marketing resources, businesses can eliminate manual tasks by automating activities. By minimizing manual work, businesses can optimize resources to solve complex tasks. The marketing team will streamline the workflow by allocating work to each person with specific deadlines. This contributes to speeding up the progress of the business’s project and saving time.
Track and monitor campaigns
Tracking marketing activities will become more difficult if you deploy campaigns with different content. Marketing resource management tools will then help you monitor and evaluate the effectiveness of marketing campaigns. Based on the collected data, you can clearly understand the performance of the campaign so that you can make appropriate adjustments.
Easily adapt to changes
The market is constantly changing, requiring marketing activities to also change to adapt. By managing resources, the marketing team of the business can adapt to any changes when implementing marketing campaigns. Marketing resource management platforms have features such as creating templates, scheduling, providing detailed information, … effectively supporting the marketing team to maintain flexibility.
Increasing transparency
Using quality marketing resource management tools will create a transparent working environment by facilitating collaboration and team communication. A good tool not only allows for real-time changes but also provides marketing team members with information about projects and tasks that need to be done.
In addition, we also provide other extremely useful information such as Travel tourism marketing strategy.
How to manage marketing resources
Setting up marketing budget needs
If you want to manage marketing resources effectively, you need to assess the current needs of the business and whether the available resources are capable of performing them. Through the assessment, the business will understand how to use the resources. Thereby, setting up the needs for the marketing budget to better use marketing resources. To determine the budget, you need to clearly understand the marketing goals, KPIs used to monitor and measure results, etc.
Determining human resource needs
After establishing the marketing budget needs, you need to clearly identify the human resource needs to ensure that the project runs smoothly and achieves the best results. When determining the human resource needs, it will help members of the marketing team know what their exact tasks are.
Choosing the right management tool
With the support of 4.0 technology, the process of managing the marketing resources of the business becomes much simpler and easier. However, you need to choose the right tool to ensure that the management process is simple, fast and accurate. To find the best marketing resource management tool, you need to clearly understand the current process as well as the most optimal marketing process.
Create a management framework and protocol for all resources
Resources created by members of the marketing team may be inconsistent, which will incur costs. This leads to the need to establish specific frameworks, protocols or processes to apply to the entire work process. In which team members will have the necessary resources to work effectively and consistently.
Implement a marketing content management system
If you have a clear process with technology to manage access, organize, and measure marketing efforts in the long term. Then, a marketing content management system will help organize marketing activities. Some tools are equipped to suit the needs of distributed marketing. Databases to store advertising content with links, tags, and search functions. Tools to combine database content and personalized marketing templates. Analytics and reporting to evaluate campaign adoption and performance
Plan resource allocation for channels
In marketing activities, businesses will use many channels including online and offline to reach customers, promote products and services. Currently, online channels such as Email, Facebook, Instagram, Youtube, Tiktok, … are popular in implementing marketing campaigns. However, for the most effective marketing activities, businesses need to plan to post content on channels and allocate resources reasonably. If you know how to utilize marketing resources to reach customers, it will bring great conversion efficiency to the business.
To effectively manage marketing resources, businesses need to know how to plan and organize human, intellectual, and financial resources. By applying the ways to manage marketing resources that we have shared above, you can successfully deploy marketing campaigns and achieve the desired results.
Please see more:
- How to build an Affiliate Marketing campaign successfully
- What is data-driven marketing? Steps for implementation
- How to create an Inbound Marketing campaign you should know
Frequently asked questions
When implementing marketing resource management activities, many people benefit from this. Specifically, individual marketing contributors or content creators, marketing leaders, executives, and stakeholders,…
Data analytics plays a vital role in implementing marketing resource management activities. It allows managers to track historical data, identify gaps, and measure campaign performance.
Although CRM and MRM may seem similar in helping you optimize your marketing campaigns, they are very different. CRM is customer relationship management, the process of processing and analyzing customer interactions to improve relationships and facilitate business growth. MRM, on the other hand, prioritizes the management of a business’s marketing resources: budget, people, and marketing assets.
