A marketing information system is essentially a decision-support data system designed to support business decision making.
Jobber refers to it as a “machine” or “matrix where marketing information is stored, processed, analysed and communicated to executives in accordance with their individual informational requirements.” In essence, it’s a powerful tool for decision support, especially for sales force automation.
Salespeople need to be able to manage internal and external sources of information.
Managing this way can be cumbersome. It’s not easy taking marketing decisions without a solid matrix that lets you make decisions based on facts, rather than feelings or whims. Salespeople have a unique vantage point because they are tasked with bringing both internal and external sources to the table when making a decision. If they can’t manage both types of sources at the same time, they will be ineffective at their job.
That’s where an effective matrix can help.
When planning decisions, a marketing manager should have both an internal and external source to rely on. Each component should be able to analyze and communicate its results in a timely and appropriate manner. The ability to analyze marketing information can be as basic as pulling some numbers from the company’s internal database or as complex as using complex mathematical algorithms to generate estimates of earnings.
The basic function of marketing information management is to collect, process, store and distribute all marketing data to the appropriate decision makers.
It should be able to generate reports for key decision makers and use the information to help in decision making. It can even forecast future trends and generate campaigns based on these findings. In essence, a marketing manager is responsible for generating the overall strategy and then developing a marketing strategy to execute it. The ability of the matrix to do this requires knowledge of social media, digital marketing, search engine optimization, consumer behavior, and so forth.
Not all decisions made are made with the best possible information, however.
In fact, many are made with incomplete or inaccurate data. In reality, not all decisions are made using the most accurate data, but that’s part of the purpose – to implement the right marketing strategies. If marketers only knew the quality of their data, they would make more informed marketing decisions.
This type of marketing information management can provide key insights into a company’s marketing position.
In addition to providing information about current and prospective competitors, it can also provide information about current and future market conditions. This can provide a competitive advantage because it allows marketers to make marketing decisions that work now, but fail to gain a competitive advantage in the future. It can allow marketers to take actions that reduce their risk but still generate a positive return. It can also provide a competitive advantage because it can identify problems or issues in their competition’s marketing strategy. Finally, it can allow marketers to use detailed analysis tools to find new opportunities.
Marketers have an opportunity to use the detailed analysis tools that these systems provide, because they collect marketing information themselves.
When a marketer collects this information, it becomes part of their internal information management system. Because it is part of their internal system, it is often available for analysis when needed. This means that when a marketer makes marketing plans, it is easy to conduct an internal review of its effectiveness.
Finally, marketing research companies can use internal software tools and internal review systems to help them perform an external review of marketing strategies. By using both internal and external sources to make marketing research decisions, marketers have the opportunity to use the right data to make decisions. However, if a company only relies on one or two sources, it can miss an opportunity to get accurate and timely information from all of the sources available.