How Marketing Information Management Helps Your Business

Software is eating up the world, and with it, a lot of data.

In our interconnected world, it's easier than ever to access hyperpersonal data about your customers, potential prospects, and target audience. These days, telling someone you're a data-driven marketer seems redundant. All marketers should be beholden to the data at their fingertips. It's no longer about whether consumer data drives conversions; it's the question of how best to use this information.

The competitive advantage of unique marketing data has transformed the marketing operations space. It has become essential to have a system for tracking, maintaining, reporting and managing marketing information. Many companies use marketing resource management (MRM) software as a key part of a marketing operations strategy. It can help organize information, develop plans, collect and share items, and publish campaigns.

What is Marketing Information Management?

Marketing Information Management (MIM) refers to the system by which marketing operations teams collect, organize and evaluate internal data, competitive intelligence and marketing research.

Marketing information management ensures that you have the correct information about your customers. Marketing operations teams understand the importance of clean data that is organized in an easy-to-understand way. In many cases, they use marketing information management to do this.

Need for marketing information management

Marketing data is so valuable that it has created a cottage industry of businesses, and business is booming. In 2012, 88% of marketers said they used data obtained from third parties to improve their understanding of each customer. Navigating the competitive marketing landscape without using data is nearly impossible.

The benefits of knowing these key details about prospects and customers can make or break business. They can also be the difference between another lousy low-level contract renewal and an upsell. This is why it is important to put in place concrete processes for acquiring and processing user data. Many companies choose to use marketing resource management software to achieve this.

With MRM software, your team can: Collect and store data across multiple marketing channels in one place Manage marketing budgets and campaign planning within the same platform Track and report on the success of marketing campaigns and resources Integrate third-party marketing tools to run marketing campaigns Easily share and distribute data and marketing materials across teams

Marketing information management can give you incredible insights. Plus, it can help your marketing team develop a more cohesive strategy and make decision-making easier. By properly managing your marketing resources, less time can be spent gathering information and more time using it.

Some people find it easier to understand marketing information management through real-life scenarios. Here is just one example of marketing information management.

Example: Your company's growth marketing manager plans to launch a targeted email campaign to top marketing executives in your industry with the goal of achieving an open rate of 50%.

They decide to use the information in the marketing information management system to identify the CMOs who interact the most with the company's newsletter and social media posts. Using this information, a list of the most engaged users is created, and the strategy goes from there.

Who Uses Marketing Information Management?

Marketing information management is not limited to your marketing team. Everyone in your organization can use the data collected and curated by your marketing operations team. This information provides an in-depth analysis of your ideal customer and, when used correctly, can help your entire organization move in the same direction.

How teams can use marketing insights Product Teams: Provide users with insights on how to build a better product Sales Teams: Allow BDRs to connect more closely with potential customers Customer Success Teams: Help maintain relationships with current customers Marketing teams: Provide tal...