It’s one thing to sing the praises of MRM software and its multiple features, but how does it impact your bottom line? As previously outlined, today’s comprehensive MRM provides a one-stop shop to manage marketing resources and projects, from briefing all the way through to final production. Let’s take a look at how implementing MRM software can save you money and boost your profits.
The 2016 State of Agile Marketing Report found that the top challenge for 24.4% of marketers was “doing more with fewer people and smaller budgets”. Fast track to 2018 and the frustration lingers. In fact, the pressure for marketers to churn out more content with less hands on deck is even more pressing. The good news: marketers are beginning to see the light.
Marketing Resource Management (MRM) software was cast back into the spotlight recently with a Gartnerreport that resounded new MRM capabilities to meet the growing demands of marketers. And brands are coming to the party. According to SiriusDecisions’ 2017 Global CMO Study, 41 percent of CMOs expect to implement MRM software in the next couple of years.
The Dilemma and The Fix Series - Part 3:
Jenny is a marketing manager who oversees a team of ten people, four of whom make up the creative team. Most days she feels like she’s managing 50 people with so many marketing projects on the go and never knowing who’s doing what. Her project resource spreadsheet desperately needs updating, but for now she’s winging it by delegating tasks verbally. Now her boss needs a progress update for budgeting purposes and she’s got two team members off with the flu. The pressure is 0n. Jenny is on her fourth coffee for the morning and currently googling ‘career counsellors’.
Running a profitable advertising agency relies on a number of critical factors: great leadership, results-driven marketing, a strong client base and talent who deliver on brilliant ideas. The way you manage creative projects and resources is often overlooked in the bigger picture. Still, they remain vital to your bottom line.
“Optimizing the utilization rate (the percentage of time spent on billable work) of your employees, essentially creating more productive and efficient team members, will have a major impact on your profits -- especially if you do mostly project-based work.” Hubspot
Let’s take a look at project management and resource management to understand how important they are to running a proficient and, therefore, profitable ad agency.