A hot topic for the new year is ROI. Actually, digital asset management (DAM) ROI is always a hot topic, which is why we decided to kick off the new year with a blog series on the subject!
This three-part series chronicles the information we discussed in our recent DAM ROI webinar, as follows:
- Part 1 — The business case for DAM, which includes information on:
- Building the business case
- Top functional areas driving ROI
- Customer ROI stories
- Part 2 — DAM ROI approaches and models
- Part 3 — DAM admin ROI
To begin, we’d like to ask you a question: do you have a New Year's resolution to make better-informed decisions, or want to be better at applying your time and resources in the right areas?
I think that's true for all of us!
This is the perfect time of year to explore and implement new tools, new processes and new teams to connect with new opportunities. How do you do more? How do you make change happen? How do you justify your investments?
That's exactly what we'll begin to dive into today ...
How can you and your organization demonstrate a positive ROI for a DAM system?
If you’re working to justify DAM, or expanding your DAM system’s reach and capability — this blog series is for you.
It's also for the DAMsters who are looking for compelling business reasons to dedicate more time to managing content, processes and DAM system — or those who want to continue to justify to leadership “all the DAM time” you're putting into managing content!
Building the business case
We start the topic of DAM ROI by syncing up on a common understanding of the business case.
DAM software and work management, when applied correctly and consistently, will help your business by:
- Increasing marketing efficiency and effectiveness
- Connecting you with revenue opportunities faster
- Improving brand consistency
- An added benefit is that all of these help improve your brand equity
Securing, controlling and appropriately using your visual content (digital assets) makes that content a “vehicle” that drives connections with customers and revenue. In other words, with the help of a DAM system, you can streamline work management, which in turn helps you create the vehicles (aka visual content) that connect you with revenue opportunities, faster.
The primary features and functions of digital asset management help you do so much more work, at higher levels of quality and consistency, in reaching and influencing your customers and core audiences.
This is made possible because DAM is your content marketing hub, what we like to call your “central source of truth,” for the creation, management and distribution of your visual content.
As you can see in the graphic above, we’ve broken down our DAM foundations into the top 5 functional areas driving return on content. Let’s examine each a little more closely …
- Governance: user roles and access controls (via permissions) drive appropriate use and adoption. This helps you offer controlled access to make the right content accessible to the right people, at the right time — to use it when they need it. This is a core function of content management aiding and supporting scalable business growth.
- Metadata and taxonomy: these help you organize, find and discover your best, most relevant — and most valuable content — across your organization. Metadata describes content for search and searchability (and in turn re-use), defines for appropriate use and reuse, and protects from misuse, abuse and exposure to liability — from rights management to release and expiration controls.
- Automatic processing: includes on-the-fly file conversions (drives repurposing), which saves a ton of creative time and effort from having to convert and transcode assets to other file formats with photos, videos and creative files.
It also saves on the expense of “added software” for your sales and marketing teams, which can require training. With DAM software, version control and tracking is made easy — regardless of the channel, medium or intended use.
- Create Once and Publish Everywhere: with sharing, linking, embedding assets and collections (to extend the value of your content) across multiple systems, channels and websites. This is the beauty of digital asset management (backed by a global, Amazon-powered Content Delivery Network CDN) in tandem with your web content management, CRM, ecommerce, social media and marketing automation platforms!
- Analytics: our last functional area makes DAM ROI more clear, because with analytics you actually know what your best performing content is across all channels. Having Insights into content engagement, performance, intended use — and understanding what your internal and external audiences want — is priceless.
As you can see, each of these functional areas adds tremendous ROI to your organization, making DAM software your indispensable content marketing hub.
Now, let’s get into what some of our customers are doing with their DAM system …
Strategic Partners, Inc., designs, manufactures and distributes medical apparel, medical footwear and school uniforms.
DAM is a dynamic solution to their customers, giving them empowerment to search and find products.
They interdepartmentally justify the DAM expense to marketing by using an example of “family photos and a house fire.” Family photos can only be seen when you travel to the house where the photos are kept. If the house is burning down, most people would make an attempt to save family photos. But if the photos were digitally stored, secured and shareable on a cloud based solution — that’s a far superior way to share and secure something precious.
Since Strategic Partners implemented their digital asset management software, they’ve been able to fulfill their need to eliminate the banter between customer service and marketing. Now, they’re much more likely to meet their customers’ expectations the first time, and finding higher res images is no longer the laborious, frustrating process it once was.
Door County Visitor Bureau
The Door County Visitor Bureau promotes the development and marketing of Door County, WI.
In January, before they set up their DAM, they were spending around an hour a day finding info and sending images. DAM cut that time in half. Also, when journalists are looking for photos, there’s now a guest login for them to self-serve. Emailing with a guest login takes them 5 minutes, or less. This all adds up to big time savings.
In addition, the Visitor Bureau also has a media contact record, which is used to document when they sent images to a journalist. Since their DAM software was installed, approximately 50% of the journalists were referred to the DAM, or a particular collection.
According to the Visitor Bureau, “the time saved by using the metadata in our DAM to find visual content is amazing.” Before DAM, they had multiple hard drives that were passed around and they had to guess where photos might be.
Trek is a global bike and cycling manufacturer with dozens of subsidiary offices and 80 distributors around the world.
They work directly with all kinds of stakeholders — employees, distributors, partners, retailers, media and designers who are located all over the world.
The asset sharing from the Collective (Widen’s digital asset management software) allows Trek to quickly share files with everyone who needs them.
More than half of their users are outside of the US, yet they are all able to seamlessly access and download the digital assets they need in whatever format they want at the click of a button.
They also use portals to share private files that are only for employees, while Spotlights Collections and Categories are shared with all.
Boston Ballet is a professional classical ballet company.
They proposed a DAM ROI based on the productivity their teams stand to gain from their DAM system in one year.
Boston Ballet is just starting to use DAM, but these are the marketing activities where they felt the DAM could help most.
JL Audio is a manufacturer of consumer audio products. They make marine, home and mobile audio products, and are best known for their subwoofers.
JL Audio has used Insights to support a change in focus with product photography.
They spend a lot of time and money planning, shooting and retouching their catalog and beauty product shots.
With Insights, they could see that their “catalog” shots were far more popular than their “beauty” shots.
This data helped them eliminate wasted time and money going forward.
It helped them decide to cut back on the amount of “beauty” shots they were shooting, and focus that time and money on imagery they use more often.
These are just a handful of DAM ROI success stories.
In part two of this series, we’ll focus our attention on DAM ROI approaches and models. In part three, we’ll focus on DAM admin ROI.
Need more information now?