As a Chief Executive you are constantly thinking about  your Top-line growth, Customer satisfaction and loyalty, Competition, Profitability etc.

The challenge is to focus, align, plan, communicate and execute the marketing strategy on select, vital business drivers to give you a competitive advantage.

You want to get more done faster – with fewer resources, reach the right prospects more effectively, improve conversion rates, revenue, and improve alignment between marketing and sales.

 

 

Marketing Resource Management (MRM) provides the software infrastructure to support Marketing Operations Management. Marketing Operations Management is the alignment of people, process and technology to support marketing activities and improve marketing effectiveness. The growing importance of an effective MRM strategy is reflected by the number of leading organizations which are following this path, with implementations of software provided by some of the leading technology vendors operating in this space. This growth is also reflected in the growing importance of the marketing operations role in organizations. Read more about trends in marketing

 

 

 

Financial sector & compliancy

Companies in the financial sector had to take steps to change their processes so that they complied with national and international legislation. How does this affect their marketing? And does an MRM system ensure that everyone complies with the new, stricter standards?

What’s going on?

 

  1. Each company in the Financial Industry has close to a 1000 FTE somehow involved in marketing and communications (average).  This includes marketing operations, events, sponsoring, internal communications etc. A substantial number of these individuals are actively producing marketing materials.
  2. Due to recent events in the financial industry worldwide new, stricter legislation with regard to the marketing of products and services has been implemented. If a company fails to comply it can risk a penalty or fine and run a considerably reputation risk.
  3. Violation of the rules and guidelines due to errors, mistakes are very easily made. 
  4. Marketing usually has no processes in place to check all the marketing collateral, nor does she have a clear overview of the collateral that is being produced day-by-day. The marketing supply chain is unstructured.

 

A well-designed MRM system cannot violate regulations (a preventative control, not a detective one).  – guidelines, processes, workflow etc.

 

  • Compliance is a process issue.  Technology can help, but only if accompanied by good processes.  Most compliance issues come from errors.  Good process work can infuse the system with quality (which equals better compliance).
  • Good compliance can be seen as good customer experience.
  • Another challenge for big marketers is finding enough bandwidth to review all of the material (once you solve the problem of having them all go through a single point).
  • A good marketing process needs to be designed around certain execution parameters, agreed upon by the accountable intent providers.  Compliance is table stakes – a well-designed marketing engine cannot violate regulations (a preventative control, not a detective one).