Glossary of Marketing Terms
View GlossariesMarketing Information Management
Marketing information management is defined as the process of assembling, organizing, analyzing, and leveraging data, which helps in informed decision-making. The process includes the collection of relevant data from varied sources, collecting and storing them effectively.
The data is used to obtain information into the behavior of customers, trends, and the factors influencing marketing decisions. This strategy allows the business to learn about the target audience and recognize prospects.
What is marketing information management?
Marketing information management is the process of gathering information, organizing it, and analyzing it. It consists of sales insights, performance metrics of previous campaigns' effectiveness, the expertise provided by in-house teams, and additional analytics from marketing software tools.
Why do companies need to gather and manage marketing information?
Companies need to gather and manage marketing information for various reasons:
- Awareness about potential customers
- Decision- making
- Customer relationship management (CRM)
- Embracing market fluctuations
- Strategic approach
1. Awareness about potential customers: Collecting information about customers helps to get insight into pain points, needs, and behavior. This strategy can help them to pitch the right potential customers and can tailor marketing strategies to engage their target audience.
2. Decision-making: Data-driven insights assist in decision-making ineffective marketing activities. Market entry strategies, selecting campaigns, and target audiences are a few strategies that allow organizations to make informed choices.
3. Customer relationship management (CRM): This is another reason which supports effective customer relationship management programs. This allows the companies to gain information about their preferences, needs, and interactions with the company. Which indeed will enable companies to deliver tailored offerings and customize their marketing interactions.
4. Embracing market fluctuations: Changing market dynamics is an ongoing process, so there is a constant need to monitor and analyze market data and identify consumer behavior and opportunities which helps them to adjust according to the circumstances. Primary strengths, weaknesses, threats, and opportunities can be identified.
5. Strategic approach: Effective marketing strategies can be enhanced by collecting and analyzing market insights, which enables companies to witness primary strengths, weaknesses, threats, and opportunities that can be identified.
Why is marketing information management important?
Marketing information management is considered an important aspect in any company as it allows to gain insights about the potential buyers and their behavior which enables the ability to generate revenue.
A few of the reasons are aligned below:
- Innovation and creativity
- Competitive advantage
- Positioning
- Innovation and creativity: Innovation and creativity is considered the primary tool in marketing strategies; this allows companies to create tailored strategies and develop innovative products and services as they have armed insights about consumer preferences, changing markets, and trends.
- Competitive advantage: Armed with comprehensive and up-to-date market information can allow companies to have a competitive advantage, as it gives the companies an edge over competitors to discover opportunities by finding market gaps and anticipating changes in customer trends.
- Positioning: Understanding outside forces and their customers better is some of the reasons marketing information management allows the company's positioning in the marketplace.
What is a marketing management information system?
Marketing management information systems (MMIS) is a tool or framework which enables the gathering, organizing, storing, and analyzing of information related to marketing data insights, which is also considered as the subset of an extensive management information system(MIS).
Supporting strategic planning and decision-making is considered a vital role of a marketing management information system as it is reliable to get accurate, relevant, and timely data that can be accessed for market trends, monitoring market performance, and rational decisions.
What are some marketing information management examples?
Some of the examples of marketing information management are as follows:
- Competitive assessment
- Social media monitoring
- Sales performance analysis
1. Competitive assessment: Collecting information about the competitors about the pricing, policies, changing trends, and promotions help the company to benchmark their performance.
2. Social media monitoring: Gaining insights on social media by engaging with the audience sentiments, brand perception, and changing trends enables companies to use the data to outline strategies and follow up with the targeted audiences.
3. Sales performance analysis: Sales performance analysis enables companies to gain insights about the products and services performing well, identifying opportunities and working accordingly on the pricing and inventory adjustments.
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