The Maturation of MRM: Marketing Resource Management Is Growing Up-And Adding Muscle to ROI-As Companies Seek to Codify Strategies and Track Marketing Budgets

By Sebor, Jessica | CRM Magazine, August 2006 | Go to article overview

The Maturation of MRM: Marketing Resource Management Is Growing Up-And Adding Muscle to ROI-As Companies Seek to Codify Strategies and Track Marketing Budgets


Sebor, Jessica, CRM Magazine


"HALF the money I spend on advertising is wasted--trouble is, I don't know which half." John Wanamaker, father of the American department store (and creator of the first copyrighted store advertisement), made this quip more than a century ago. His observation, however, continues to resonate with CMOs and marketing managers. A great deal of time and money is spent researching which marketing practices work most effectively.

At its base marketing is a suggestion, a method of appeal and proposition that plays to our rationality and delves into our subconscious. With the number of channels that advertisers can now select and deploy, gaining clear insight into best marketing practices has become even more challenging. Questions arise: Was it the emails or the billboard that prompted the sale? Was it the low-end graphics or dull slogan that failed to garner the targeted interest?

[ILLUSTRATION OMITTED]

Marketing resource management (MRM), sometimes known as marketing operations management, was created in part to help companies get a better gander into how marketing dollars are spent and to what extent they are returned. MRM solutions have enabled companies to see more clearly into their marketing processes and to better hone their practices. A decade ago most marketing was not automated, but as the economy began to climb the call for high-level marketing grew louder. Marketers began to make use of campaign management and database software to process customer analysis, but there was little capability for marketing to execute repeatable business processes, to easily find out what was working, and to continue to do so.

Now MRM product offerings compensate for this inability, and companies are able to plan and budget, track campaigns and projects, and manage performance through an accessible, collaborative framework. MIRM streamlines the marketing value chain by automating the tracking of costs and projected budgets, connecting all numbers and information through a common platform. Companies are better able to coordinate their resources, and with the constant increase of channel availability, managing all the coordinates that marketers must deliver can be daunting. MRM provides the capability to bring together these channels--be they email, traditional mail, telephone, social networks, text messaging, television, print, or online ad marketing.

But again, strategic questions crop up as MRM software continues to expand in use and popularity: Will the market expand too quickly for processes to fill? Will MRM be either swallowed or stagnate in the larger sea of management software?

A GOOD COVER STORY

The recent growth of MRM can be understood by taking a closer look at the market in which it is used. "In the last couple of years there's been a return to growth within the economy and the market at large," says Kimberly Collins, a research director at Gartner. "This has placed a huge emphasis on sales and marketing." The greater attention focused on marketing has called for more sophisticated performance and a better response to pressures coming both from within and outside the company.

Elevated marketing expenditure levels created a desire for better financial accountability, a need mapped out by the Sarbanes-Oxley Act (SOX) in 2002, which imposed regulations on corporate activity. Gareth Herschel, a research director at Gartner, defines SOX as a "good cover story for a widespread desire to be accountable in any case." The act's provisions, which include the certifying of financial reports by CEOs and CFOs, the publication of annual audit reports, and severe criminal penalties for misstating financial reports, demand that companies be able to closely monitor all numbers in all business segments. In the absence of automation, the process of accessing these numbers can be nearly impossible. Collins explains that if you ask corporations operating from manual processes about their marketing spending, "they have to pull together 60 spreadsheets to answer that question. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

The Maturation of MRM: Marketing Resource Management Is Growing Up-And Adding Muscle to ROI-As Companies Seek to Codify Strategies and Track Marketing Budgets
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.