Marketing measures are wide-ranging, and new measures are constantly being created due to advances in digital technology. Marketers must use their limited budget efficiently and effectively to acquire customers.
Marketing resource management (MRM) is effective in this case. This time, we will introduce in detail marketing resource management that improves the precision of marketing.
What is Marketing Resource Management (MRM)?
Marketing resource management refers to a management method that measures the cost effectiveness of marketing measures implemented for the purpose of acquiring customers, allocates resources appropriately based on that, and maximizes the ROI of the entire marketing resource. .
Resources include not only “budget” but also “time,” “people,” and “resources.” By performing resource management, the cost-effectiveness of each measure becomes clear, making it possible to choose between continuing or withdrawing measures and allocating appropriate resources.
Marketing resource management evaluates not only the cost effectiveness of measures, but also the process.
Specifically, we derive patterns of effective measures from the results of measures taken up to that point and utilize them for the next action. We analyze and extract patterns of effective approaches such as timing, exposure media, targets, appeal content, and design.
In order to derive the pattern, we analyze why the measure was effective, clarify the causes and results of the measure, and then utilize it in the next action and re-verify it, by going through the PDCA cycle. We will refine our measures and improve the precision of our marketing.
Benefits of marketing resource management
There are three benefits of engaging in marketing resource management:
① Maximize cost effectiveness
Marketing must build up a pattern of success in acquiring customers while working on all kinds of measures with limited resources.
To this end, we can use marketing resource management to visualize how many resources are being spent on which measures and what kind of effects have been obtained as a result, and by allocating appropriate resources to each measure, we can improve overall marketing cost efficiency. This allows you to maximize the effect.
②Improve the accuracy of measures
Marketing resource management not only evaluates the effectiveness of measures, but also evaluates the process and utilizes it for the next measure. By clarifying the factors that were effective, the next measures to be taken will be more accurate.
③Be able to make objective decisions as a team
When a marketing team with multiple marketers tackles marketing resource management, it is possible to objectively make decisions such as continuing or withdrawing a project, increasing or decreasing resources, etc.
Since decisions are made based on a common understanding, eliminating individual feelings and subjectivity, team members can work with a sense of satisfaction, leading to even better teamwork.
Key points for marketing resource management
Here are some key points for successful marketing resource management.
① Manage them separately in the consideration phase
BtoB marketing is divided into three processes depending on the customer consideration phase. These are lead generation to acquire new prospective customers, lead nurturing to acquire business deals from prospective customers, and lead qualification to extract hot prospects.
By identifying which marketing measures fall under and the purpose, you will be able to implement more accurate marketing management.
② Plan strategies for measures
After allocating resources in the three study phases, we will develop strategies to make each measure successful. We will actively utilize frameworks such as 3C analysis, 4P analysis, SWOT analysis, and STP strategy to formulate strategies for measures.
It is also important to create personas and customer journey maps, and consider each consideration phase up to order acceptance, rather than concluding with just measures. After formulating a strategy, we will allocate resources for each measure. Based on the consideration phase, we will arrange it according to the content of the measure and the customer’s path.
You can download the customer journey map template for free from the page below on this site, so please take advantage of it. The first page is a sample, and the second page is a sample. Since it is in PowerPoint (PPTX) format, you can edit the sample text on your computer, or you can erase the text, print it, and write by hand.
③Set KPIs common to all measures and KPIs for each measure
At this time, set KPIs common to all measures and KPIs for each measure. By setting common KPIs for all measures, it becomes easier to evaluate and compare the effects of each measure. Additionally, by setting KPIs for each measure, you can get hints to clarify the factors that made the measure effective.
As mentioned above, KPIs for each measure are set according to the content of the measure and the customer flow. For an exhibition, the number of items distributed would be the number of novelty items distributed, followed by the number of business cards obtained, the number of demonstrations conducted, the number of materials sent, the number of business negotiations obtained, the number of projects, and the number of orders received.
In the case of web media, it is the number of impressions (number of impressions), number of inflows (number of sessions), number of page views, number of CVs, number of business negotiations, number of deals, and number of orders received. The KPI that is common to exhibitions is the number of business deals acquired.
In addition, it is a good idea to summarize how you carried out the measures, such as timing, exposure media, targets, appeal content, design, etc., so that you can easily look back on them. Even if a measure has no effect, the cause may lie in the content of the measure.
④Turn on the PDCA cycle
Management of marketing resources is not a one-time event, but rather a continuous effort. In order to ensure the success of the initiative itself, we will periodically review the effects and factors of the measures and confirm whether the allocation of resources is appropriate.
In addition, by repeating improvements and verification, we increase the accuracy of marketing measures and maximize cost effectiveness.
summary
- Marketing resource management is a management method that measures the cost effectiveness of marketing measures implemented for the purpose of acquiring customers, allocates resources appropriately based on that, and maximizes the ROI of the entire marketing resource.
- The benefit of engaging in marketing resource management is that it maximizes the cost effectiveness of marketing. It also improves the accuracy of marketing measures and enables teams to make objective decisions.
- Key points for successful marketing resource management are distinguished and managed during the consideration phase, and strategies for measures are formulated. Also, set KPIs common to each measure and KPIs for each measure, and continuously engage in PDCA.