Marketing resource management (MRM) is gaining popularity in different industry verticals to foster their marketing activities and thus increasing business revenues. The growth in marketing activities is driven by the highly competitive environments that the companies today operate in, encouraging brands to promote and market their products in an efficient way to compete better.
Marketing departments often encounter challenges in managing their tangible and intangible resources on a large scale in an efficient way. MRM helps marketing organizations or marketing departments in an organization to plan marketing activities, asset management and gain visibility of their marketing performance.
The increase in the number of marketing channels, has created a need to manage complex marketing activities to promote the brand and products in an optimal way. MRM software offers real time updates about the marketing activities and also secures real time access to organizational data with digital accounts. The organizations can adopt on-premise or cloud deployment of MRM solutions depending on their needs and infrastructure. MRM is largely adopted by large scale enterprises, considering higher budgets dedicated to marketing activities as compared to small and medium enterprises (SMEs). However, in recent years SMEs have shown keen interest toward MRM solutions in order to gain maximum returns from their marketing practices.
MRM market has witnessed significant growth in recent years, which is attributed to the need for analyzing market trends and accordingly plan and devise marketing strategies. The advancements in technology and up-gradation of MRM software tools have further added to the increase in adoption of MRM by different organizations. The intense competition within different industry verticals, has led to cost-cutting in marketing budgets. This has in turn forced the organizations to consider MRM solutions, to improve spending on marketing activities and improve return on investment (ROI).
Adoption of cloud-based MRM services is another major factor that is driving the MRM market, as cloud-based services have helped in further reducing the overall cost of marketing. Cloud-based third party MRM services also enable the organizations to focus on their core activities. MRM implementation in SMEs is still not widespread due to the lack of IT support or concerns regarding high initial investment. Low cost or pay-per-use cloud-based services are expected to provide the necessary impetus to the adoption of MRM in SMEs.
Vendors of MRM offer different solutions depending upon application. The applications include financial management, project management, creative production management, reporting and analysis, market asset management, and brand and advertising management. Further, MRM finds application in different industry sectors such as banking, financial services and insurance (BFSI), retail, media and entertainment, IT and telecom, manufacturing, and healthcare.
Some of the key players in operating in MRM market include Adobe Systems, Inc., Oracle Corporation, SAS Institute, Inc., Teradata Corporation, Microsoft Corporation, IBM Corporation, Bynder, SAP SE, BrandMaker GmbH, Saepio, Workfront, Inc., and North Plains Systems Corporation.
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