I hope you had a great summer break. I was away for a few weeks myself and have returned to my desk refreshed and ready for more work as Research Director for Research In Action, Lead Analyst at B2B Marketing, as well as several individual client projects.
Earlier this month, I completed my 2022 Vendor Selection Matrix research on Marketing Resource Management and can report that there is clear increased interest in establishing a such a system to help marketing executives to plan, monitor, and control the usage of their most important resources: money, people, content assets, projects, and brand.
Marketing financials and calendars are the most popular processes being automated, closely followed by marketing performance management. Based on our conversations with users and vendors, we estimate that 55-60% of companies have automated, or will be automating, parts of the MRM process in 2022.
When we asked 1500 business professionals about their 2022 MRM projects, well-over one third of companies cited the need for data on marketing performance or return-on-investment as their major reason for MRM investment. Just over one third see it as a method to reduce overall costs and a significant 26% consider improved brand management as a priority.
The need for such a Marketing Resource Management process was proposed some years ago (I could probably claim to be that analyst) but not readily accepted by the user community. Now, the need for MRM is perhaps clearer, but the modern marketing executive wants more than just an asset management system.
They need a more dynamic solution that enables them to forecast, measure, model, analyze and even predict all their business numbers – to be fully empowered with control over their marketing processes and outcomes.
I anticipate the process name itself to mature in the next years. It will be interesting to see what thought leadership campaigns come out of the vendors and how quickly the user community can tune in to the new terminology.
These are the Market Leaders (having both a Strategy and an Execution score of over 4 out of 5) in the Vendor Selection Matrix™ – Marketing Resource Management 2022 as scored by the survey and myself (listed alphabetically):
ALLOCADIA, APRIMO, BRANDMAKER, BRANDSYSTEMS, CONTENTSERV, LYTHO, MARMIND, PERCOLATE, SITECORE, WEDIA, OPTIMIZELY (WELCOME), and WORKFRONT (ADOBE)
These are the vendor brands named spontaneously by the survey respondents. Some of the brands are part of larger vendor organizations (such as Welcome being part of Optimizely and Workfront part of Adobe). Also, BrandMaker acquired Allocadia earlier this year and have now rebranded completely to Uptempo.
Some of the marketers we surveyed saw MRM as just content or even digital asset management and so named and scored their vendors. Both Contentserv and Percolate (Seismic) have stated that they appreciate the great feedback from the survey but no longer promote their solution as an MRM solution and should be applauded for their honesty.
The link above connects you to the public version of the report, with the alphabetical list of market leaders and shorter vendor profiles. Watch out for several versions of report in full detail over the next months as several vendors distribute their licensed reprints.
Always keeping you informed! Peter