While our previous blog outlined the numerous benefits of a Digital Asset Management system, this blog aims to throw light on the cost benefits of DAM. A good DAM system is one that not only allows you to organize and store digital assets but also helps you save valuable company dollars in the process. Let’s talk about the key ways DAM can help you cut costs, improve profitability, and increase marketing ROI.
1. Eliminating Asset Loss
Without DAM tools, the company’s digital assets are often disorganized. As their number grows, it’s easy to lose important media or forget it ever existed. Content marketers can be stuck recreating and restoring lost digital assets simply because they can’t find their previous work.
According to McKinsey & Company, an employee can spend up to 19% of the work time searching for files. This doesn’t just lead to unplanned expenses but also keeps your team from focusing on core tasks, thus delaying the final product release.
With proper DAM, all assets are readily available at all items. None of them can slip through the cracks.
2. Repurposing Content
Quick and easy access to all digital assets helps companies repurpose content. According to Curata’s survey, only 22% of companies have a proper content repurposing system in place. One of the reasons is the lack of high-quality DAM tools.
In 2015, Buffer ran an experiment. They stopped producing new content and published repurposed content only. The strategy resulted in a 4% organic traffic growth.
Besides saving the company money, the repurposing strategy can improve your marketing effort. However, implementing it is almost impossible without DAM.
3. Avoiding Unexpected Legal Costs
When employees use content that they shouldn’t have access to, security issues may arise. Privacy and confidentiality are highly important for branded media files.
With Pyxis CoCreate, it’s possible to arrange permission-based access and avoid data leaks. You can control who views, downloads, and edits sensitive digital assets.
This can prevent companies from incurring unexpected legal costs, eliminating organizational damage in the process. Meanwhile, a proper DAM system keeps data secure from hackers and prevents online theft.
4. Avoiding Campaign Recall
Using old logos and assets can cost a company a substantial amount of money. One outdated image could force your marketing department to recall an entire campaign.
With a proper DAM system in place, all assets are organized to eliminate the possibility of using old elements with expired rights.
5. Streamlining Workflow
An average marketer looks for digital assets about 16 times a day and fails to find them 35% of the time. When a content marketing expert spends four hours a week (10% of work time) trying to manage digital assets, the company loses $25,000 a year (for a team of five with an average annual salary of $50,000 each).
Digital asset management makes it easy for team members to access the necessary digital assets anytime and from anywhere. This allows marketers to work on their current projects without thinking back to time-consuming manual asset searches, or worse, recovery.
Such an approach can streamline the marketing department’s workflow, saving the entire company valuable time and money.
6. Gaining a Competitive Edge
Even though DAM has numerous benefits, many companies have trouble adopting an efficient system. Their marketing departments have to deal with lost assets, rights protection issues, content repurposing barriers, and much more.
By learning how to manage digital assets, it’s possible to gain a significant competitive edge without substantial expenses.
7. Aligning Sales and Marketing Teams
The key to a company’s profitability is a stellar collaboration between sales and marketing teams. Marketers spend long hours creating content to promote products and services. Without access to these assets, sales teams are forced to develop their own materials and strategies, thus widening the gap between the departments and draining the marketing budget.
DAM allows both teams to stay on the same page and take advantage of the same assets to streamline their respective campaigns.
Implementing DAM to Stay on Top of Your Game
By managing your digital assets properly, it’s possible to streamline your workflow, gain a competitive edge, cut costs, and improve your company’s profitability. Without it, you could be losing valuable assets, wasting time and talent, weakening your brand, and much more. With many companies still struggling to adopt an efficient DAM system, it’s an excellent opportunity to outdo the competition. Pyxis CoCreate is a creative automation solution that can streamline your digital asset management efforts and improve the content marketing ROI. For more information, please contact us at any convenient time.