A marketing information system is basically a management information system specifically designed to support effective marketing decision making. In essence, jobber defines it as “a system in which marketing information is systematically collected, stored, analyzed and shared to management professionals according to their specific informational requirements.” This information is used to make informed decisions regarding marketing strategies, product development and distribution, advertising programs and product pricing, sales promotion, consumer surveys and much more. It also enables organizations to improve internal operations by providing timely and accurate information to key people within an organization. The ability to provide this timely, accurate and comprehensive information is crucial to the success of any business.
Organizations have started realizing the benefits of a comprehensive marketing environment. In fact, in today’s economy, all businesses are looking for ways to improve their overall efficiency and decrease costs. The creation of a marketing intelligence system not only increases efficiency, but also creates a positive perception about your company due to the collection and analysis of pertinent marketing research. It is created to enable business leaders to make informed marketing decisions and implement strategic marketing activities that would result in improved business profitability.
One of the major benefits of creating a marketing information system is the improvement of decision making power and efficiency in the decision-making process. When properly implemented, marketing intelligence can help make critical marketing decisions faster and easier, leading to increased profitability. This would eventually lead to increased employee productivity and job satisfaction levels. The increased profitability results from improved customer service, customer retention and involvement, better brand loyalty and customer retention, increased product sales and improved financial performance.
Another benefit of implementing marketing intelligence system is the creation of a strong and flexible sales force. When properly implemented, a marketing information system enhances the existing sales force by providing it with new ways to generate more sales leads. The enhanced sales force is able to generate more sales because it is better equipped to deal with current market trends and behavioral patterns. The sales force, in turn, is able to generate more sales because it is able to efficiently deal with new market trends and behavioral patterns.
Marketing decisions related to the development of internal processes and/or external products are made much more efficient when using a marketing information system. For example, an internal sales process may use information such as demand analysis, market trend research, etc., to determine which internal product specifications should be adapted to meet the changing market needs. However, external sales sources may use different techniques to determine the appropriate specifications, depending on their own individual needs. By using an internal marketing information system, employees in the organization are able to make informed decisions, even if these decisions are not necessarily the same as those made by external sources. This allows for a synergistic approach to solutions, leading to cost savings and, ultimately, to organizational growth and profitability.
Many business owners recognize the potential benefits of marketing information systems. However, many business owners are not aware that many of these marketing information systems are actually developed by business process outsourcing firms, or BPO companies. By working with these companies, business owners can avoid paying the high costs associated with purchasing their own marketing data management systems. Instead, business owners can pay a significantly lower monthly fee for use by marketing decision makers who have the knowledge and expertise to effectively use the marketing information systems for their own business needs. This allows these business decision makers to make informed marketing decisions in a timely manner, thereby achieving increased profitability and increased market share.