Are you looking for ways to improve the performance of your business? Do you have a project portfolio management plan? Are you wondering how you can use it to improve your marketing? Then read to find how to use project portfolio management to improve marketing.
First thing first, you need to understand the meaning of project portfolio management to begin with.
Project portfolio management is basically the centralized management of an organization’s projects. Regardless of the nature, type, or size, all the projects of an organization (be it related or unrelated) come under this umbrella. This helps provide oversight and manage any competing resources.
All the decisions related to the intake of new projects also come under this branch of management. A project portfolio manager would identify potential projects, authorize them, assign project managers to them, and include them into the overall portfolio. Moreover, the high-level controls and monitoring in PPM help ensure that the ongoing projects are directly related to the overall goals and strategies of the business.
Hence, effective project portfolio management is important for any business. It helps make sure that the business projects are managed effectively and efficiently. And most importantly, it helps make sure that the projects are in sync with the overall growth and success of the company.
Now, the question is how project portfolio management can help in digital marketing? For that, keep reading to find out.
How to Improve Marketing with Project Portfolio Management
# Sync marketing with business objectives
One of the key objectives of PPM is to make sure that all the undertaken projects are in sync with the overall objectives of the company. Hence, if the marketing department was to take charge of the marketing projects independently, it is possible that it may go astray from the overall objectives of the firm. Therefore, the marketing projects may not be able to contribute to the good of the company. In fact, in some cases, it might even end up harming the business.
Hence, with PPM you can make sure that the marketing projects are in tune with the overall objectives of a business.
# Strike the right balance between centralization and decentralization
Every business requires a balanced degree of centralization and decentralization within it. With effective project portfolio management, you can ensure just that.
In the case of marketing, a central authority will be there to make sure that the projects of the marketing department sit well in the bigger picture of the company’s good. At the same time, PPM would also delegate the right sum of authority and responsibility to the marketing department so that it can efficiently complete its tasks.
Hence, PPM can help strike the right balance between centralization and decentralization.
# Centralize the storage of data PPM software tools
There are certain production data that the marketing team may require. Then, there may be certain marketing data that the sales team may require.
In the absence of PPM, these different departments will have to procure all this data on a personal level. Moreover, there are chances of disparity regarding the same data between different departments. They may have their own versions of the same information. This can naturally lead to imbalance and conflicts.
Therefore, it is important to centralize the storage of data with PPM software. This helps ensure consistency among different departments. Moreover, it makes the correct information readily available. Hence, with the right project management software, you can also improve your marketing.
# Prevent clashes
Having a central system for project management can help prevent clashes within a business.
For example, in absence of PPM, it may be hard to make sure that production projects are in sync with the marketing projects. Now, these departments may end up coming into each-others’ way. Hence, there could be clashes.
It is the duty of the project portfolio manager to make sure that these clashes don’t take place. Hence, being able to see the bigger picture, he/she can organize the projects of different departments in such a way.
# Enable smooth functioning
Effective project portfolio management helps make sure that all the departments of business function smoothly both separately as well as with each other. Moreover, since it prevents clashes, which also paves way for hassle-free functioning.
Hence, with effective PPM, you can ensure that all the projects within your business are executed in a way to ensure the smooth functioning of all departments. This would naturally benefit the marketing department as well.
# Check overlapping
There are certain common grounds between the different departments of a business. For example, both sales and digital marketing would be concerned with buyer conversion. And in this regard, they could be having overlapping projects.
This overlapping will lead to wasted time, money, efforts, and other resources. Therefore, it is the responsibility of the project portfolio manager to make sure that no such overlapping takes place.
With this, you will be able to prevent wastage of business resources and use them better in other marketing functions.
Project portfolio management is important for the success of a business. It helps make sure that all the projects of the business are organized and executed in a way so as to derive maximum benefit to the firm. Hence, PPM can help manage your marketing projects in a way that works smoothly within the overall mechanism of the business while bringing home the best results high ROI. Therefore, effective management of the project portfolio of an online business will eventually improve its digital marketing.
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