In a fast-paced world that heavily relies on digital content, it comes as no surprise that the Digital Asset Management market is booming. But what is it exactly?
Digital Management Asset (DAM for friends) is a centralized, often cloud-based solution for efficiently storing, retrieving and sharing digital assets like images, videos and documents. It streamlines flows, enhances search capabilities and promotes brand consistency and productivity.
Not to mention that most DAM systems make it easy to collaborate, with features for commenting, feedback and tagging, without the overwhelming component. And it’s by addressing pain points today that you gain a competitive advantage for the future.
But have you ever wondered about the Return on Investment (ROI) of DAM? Is it worth considering? And, if you’re the decision maker, how do you justify such an investment?
Let’s figure it out together.
All the ways DAM is contributing to ROI
Here are five different ways in which DAM could amplify your ROI:
- More time at your disposal (that you can use to think creatively or strategically, or to speed up important decisions). Gaining operational speed can be the game changer you didn’t know you needed. Think of all the time you save when you don’t have to:
- Search for a file across different servers, systems, desktops, emails and download folders
- Wait for people to confirm that you can use a certain file
- Wait for people to get back because they’re sick or on a beach sipping their favorite cocktail
- Use a million other tools that ask you to reupload the same files
- Manually convert and send video ads to TV broadcasters or social media
- No (more) penalties: You don’t have to worry about breaking usage rights or using unlicensed assets. Some DAMs might even have the functionality to block assets from being used if the conditions aren't met.
- Fewer missed deadlines: How many times have you missed the momentum because the assets weren’t ready or approved? With a DAM’s review and sharing tools in place, you can minimize, avoid or prevent any asset-related bottlenecks.
- More savings in general: You no longer have to pay for or hire external services, assistance or staff. You can do a lot yourself with just a click of a button, and the costs you’re saving can be used to scale your video content.
On this note, while static assets like photos and logos have long been popular file types, it seems that, according to MediaValet’s annual DAM trends report, video file storage is currently on par with logo file storage (both 83%) as one of the most stored file types. This clearly shows how video is the present and the future – with video consumption projected to hit 3.5 billion internet users by the end of 2023 – which means scaling your video ad production should be one of your top priorities if you want to stay on top of the game.
As a consequence, by unlocking all of these benefits, you also have another advantage: a faster TTM (time-to-market) which gives you more possibilities to dominate your industry and market space. Say 👋🏼 to your competitors playing catch-up.
Rocking your ROC (Return on Content)
Empowering your asset management process and making things easy for you and your team, all while maximizing your ROI potential is the ultimate goal.
But there’s more: with ROI comes ROC – and vice versa. Using a DAM system also boosts your Return on Content. Here’s how:
- Reduction in asset requests: Unused assets, content silos and double work belong to the past; simply reuse or repurpose what is ready and approved – it’s so much easier to find content within a DAM. Without it, your team or employees might waste precious time and resources to create assets nobody is going to use, compromising your company’s earnings. And if your DAM automatically converts images, audio, video and documents to the correct format, well, that’s when we say bingo. Even more time at your disposal.
- More control: DAM makes it easy to grant or revoke access to your assets. This can lead to a reduced waste of resources and improved collaboration.
- Brand consistency: Only the correct and approved versions of your assets make an entrance in the DAM. Off-brand assets, you’re not welcome here. With a consistent and recognizable visual identity, you enhance trust, loyalty and recall so your customers don’t leave confused or alienated after engaging with your content.
- Creative automation: Having a DAM with a creative automation solution empowers you to scale content creation efficiently and effectively.
Maximizing returns with your DAM software
Not all DAMs are born equal. And it makes sense when you think about it. If you’re a small business, entering the fray with a DAM primarily designed for big companies may pose a risk. It’s probably too expensive and more overwhelming than it should be. If you decide to go for it, this will quite surely have a negative impact on your ROI.
However, it’s important to consider scalability and ensure the system can accommodate your future growth. You might not need large-scale operations, at least for now. Yet, simplifying while safeguarding future requirements could still be a good solution.
All in all, MediaValet’s annual DAM trends report is clear on this: ROI is commonly achieved within 6 to 12 months of DAM implementation. Sure, choosing the right DAM based on your needs is half of the job but, at the same time, make sure you also set benchmarks for yourself: track data as you go to see how your DAM is actually helping you along the way compared to where you were before you started using it. That’s how you’ll discover your improved workflow, increased efficiency and company adoption rates. Which, if you’re ultimately accountable, also justifies the cost you incurred.
No matter which flavor or size you choose, each DAM will have a specific set of features – it’s up to you to decide which one better aligns with your needs.
Take Cube, for instance. It’s not a Digital Asset Management system in a traditional sense. Yet, not only do we have Digital Asset Management features, but also creative automation, collaboration and video ad delivery solutions in one place. This makes it a good fit for an agency’s or brand’s creative production needs.
When it comes to creative automation with Cube, you achieve cross-channel consistency, A/B testing and optimization as well as accelerate your time-to-market. This enables you to seize more opportunities in less time and capture revenue faster. And if you’re looking for your Digital Asset Management system to help you smoothen the collaborative process, features that help you review and share creative work easily will really be a time-saver.
So, what do you say? Are you ready to embrace the power of DAM and watch your ROI soar?
- From more time at your disposal to a heightened brand consistency, DAM not only rhymes with ROI but with ROC (Return on Content) as well, giving your content new ways to excel and thrive
- DAMs have the potential to accelerate ROI attainment within a timeframe of 6 to 12 months from implementation
- From digital asset management and collaboration to creative automation and video ad delivery, each DAM system has different capabilities and strengths: identify what your situation needs and find the right solution to match that
It's time to level up your production
We really think Cube can transform your creative production. Let us help you explore how.