Marketing information management is a system in which marketing operations teams gather and organize data. Then evaluates internal data, competitive intelligence, and marketing research.
Marketing operations teams understand the importance of clean and organized data. In many cases, they use marketing information management to do it. Marketing information management also ensures that the company has the most accurate information about customers.
Why a Company Needs Marketing Information Management?
Marketing data is so essential that it’s created its cottage industry of businesses and its growth. Most marketers use data obtained by third parties to enhance their understanding of each customer. They are navigating the competitive selling landscape while not the utilization of information is close to not possible.
Marketing information management can give you incredible insights. It can also help your marketing team build a more strong strategy. It also makes decision-making easy. By efficiently managing your marketing resources, less time can be spent on collecting information.
Commonly companies use resource management software for this purpose. Resource management software can help you in the following tasks.
- You can collect and store data across multiple marketing channels in a single place.
- It also helps in managing marketing budgets and campaign planning within the same platform.
- You can also track and build reports on the success of marketing campaigns and assets.
- Marketing Resource Management software integrates with third-party marketing tools to execute marketing campaigns.
- It also helps in the easy sharing and distribution of marketing data and materials across teams.
Moreover, many famous companies are also using marketing information management. In support of evidence, here is an example of Nike’s marketing information management.
Who Uses Marketing Information Management?
Marketing information management is not only for your marketing team. Everyone within your organization can use the data collected by your marketing operations team.
These insights provide deep analysis of your ideal customer and when used correctly. It can also help to get your entire organization moving forward in the same direction.
Here are some examples to explain how each organization uses marketing information in a company.
- Product teams use marketing information to offer valuable insights on how to make a better product.
- Sales teams use marketing information to allow BDRs to make deeper connections with prospective customers.
- Customer success teams use marketing information to help maintain relationships with current customers.
- Marketing teams use marketing information to provide talking points to connect with leads.
- C-Suite executives use marketing information to give a clear view of where the company is headed and performing.
Components to Make a Marketing Information System
Commonly companies use marketing information systems to track the following things: First Internal data, Second competitor insights, and third market research.
Here is a brief overview of each of them.
1. Internal Data
Internal company data includes any data that is accessible only to those people who work within an organization. It contains internal insights that highlight company capabilities, product success, and more.
Internal data can have the following information:
- Sales Records
- Product Information
- Brand Positioning
- Pricing Strategy
- Company Roadmaps
2. Competitor Insights
Competitor insight contains data collected from third-party sources, such as trade journals, industry associations, or buyer intent data.
Competitors insights may include:
- Projected Market share of your product
- Competitors insights into your industry
- Product comparisons between competitors
- Industry Trends
3. Market Research
Market research includes any method used to understand your company’s target market better.
Your own company often conducts marketing research. It is the most common difference between market research and competitor analysis. While this research can be completed using the help of outside vendors also.
Building a Strategy for Marketing Information Management System
It’s not enough to simply buy some software. A well-organized marketing data strategy is what will help you outshine your competitors. It consists of four easy steps to begin building your marketing information management strategy. And then connect it to all of your existing SaaS tools.
Here are these steps:
– Establish Goals
There are many functions your marketing information system can be used. You are sitting down with your team and establishing clear goals at the beginning. It can help save a lot of time and confusion later down the road.
Here are some questions you should take in your mind while setting the goals.
- What is the primary interest in using your marketing data?
- How can this data help other teams across the organisation?
- Types of reports would you like to create with this data?
- Who will be responsible for managing the data and reporting?
– Choose Which Data to Collect
After understanding the goals, it’s much easier to choose what data will help you reach them. You should take it in your mind, and data is broken down into three categories. Like internal data, competitor insights, and market research. There are many data sources you should be considering during this process.
– Bring Everyone Up to Speed
After choosing your tool, it’s time to bring everyone up to speed. Whether it’s your first time using a marketing information system. Or you’re just switching to a new one. You should ensure that everyone understands the new system in place.
If you use an internal communication tool, it might also benefit because important information will be located there. Also allows anyone with questions to easily search for answers. Then they will not bother your team for information.
– Implement and Track the Process
There are some steps you can’t take until your tool is live and ready to use. This tool often includes data migration and connecting your existing SaaS products to your system. This part of the process is tedious and time-consuming.
You should also take the time to train the users of the system on how it operates. Many companies offer training materials along with your subscription. Take advantage of any training documents, videos, or information provided to you. And also, give your team adequate time to absorb the information.
Most software contracts run annually. So a six-month check-in with your current system is the best choice. Because it permits you to make your mind up if it’s time to shop for a brand new software system, it also helps to barter a more substantial influence on your current software system supplier.
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Marketing Information Management Mistakes
Data is essential for the team handling it. There are pitfalls you should be careful about it. Here are a few of the common mistakes you should make in your mind.
– Possible Data Breaches
No matter however refined your promoting info management system claims to be. Data leaks and cyber-attacks are invariably a risk. Data is adequate for an organization. There’ll invariably be the possibility that somebody thinks your data is value stealing.
Many firms opt to use alternative data security measures, such as third-party authentication, cybersecurity training, and more. Never take a backseat approach to data security, or it could cost you.
– Budget Restriction
Unfortunately, some groups might not have the budget to create an outsized software purchase straightaway. If that’s the case for your business, begin by building a subject for your decision-maker.
You should tell them why promoting data management software is crucial for your business. Also, Meet with alternative leaders and update them; however, this purchase will facilitate them drive results.
– Human Errors
Behind every piece of technology, there is a human running the operating system. The element of human error you always need to consider when dealing with data.
You should also pay close attention to your data. Look for any data points that seem wildly inaccurate or outside your projections. This data can help to indicate that a human error skewed the data.
We have discussed in detail marketing information management. From the above discussion, it is clear that marketing information management is crucial for an organization asIt also helps a lot in the growth of a company. So, take help from this guide and develop strong marketing information management for your company.