In our technologically advanced world, data plays a crucial role in marketing operations. It is easy to access hyperpersonal data about customers, potential leads and target audiences now. All marketers need to be data-driven to stay competitive. It is no longer about whether consumer data drives conversions; it is about how to use it effectively. Marketing resource management software (MRM) is essential for tracking, maintaining, managing and reporting on marketing information effectively. Marketing information management (MIM) enables marketing operations teams to collect, organize and evaluate internal data, competitive intelligence, and marketing research. MIM ensures that marketers have accurate information essential for targeting customers effectively.
Marketing data is valuable and has spurred many businesses specializing in the collection of data. Eighty-eight percent of marketers use third-party data to enhance their understanding of each customer. It is impossible to navigate the competitive marketing landscape effectively without data. Marketing resource management software makes it easier to collect, store and track data across multiple marketing channels in a single place. It manages budgets and campaign plans, builds reports on marketing campaigns and assets and integrates with third-party marketing tools.
Marketing information management provides deep analysis and helps teams build cohesive marketing strategies. It also enables better decision-making and saves time for collecting information, allowing more time to use it effectively. Marketing information management includes internal data, competitive insights, and market research. Internal data highlights company capabilities, product success, brand positioning, pricing strategy, company roadmaps, etc. Competitor insight data collected from third-party sources helps brands understand how their products rank against competitors. Marketing research focuses on how to create better products and experiences based solely on their customers’ experience.
Companies can track data points like company size, resources, website traffic, SEO, email campaigns, social media, sales information, customer review information, customer support data, public relations, brand mentions, and advertising efforts. Reports are a crucial component of marketing information management, allowing companies to understand and interpret data more concisely. Overall, effective marketing information management helps teams build a unified message that the entire organization can get behind, thereby leading to effective decision-making, improved customer relationships and increased revenue.
