“The honeymoon is over for marketers when it comes to getting a free pass on proving ROI for their efforts. It’s no different for the products and services used for digital marketing. Digital asset management (DAM) is right at the pointy end of the CEO and customer sword to prove its worth.”
That’s the opener from a long-ish but very instructive recent post by Elliot Sedegah at Adobe’s Digital Marketing blog.
The problem, according to Sedegah?
“Too often … there’s a disconnect between recognizing and then harnessing the impact of an asset,” he explains. “While most marketers know gathering data on content use is important, many still “trust their gut” for making marketing-spend decisions.”
The argument is backed up by a recent report from International Data Corporation (IDC).
Let’s take one key stat for starters: revenue gain. IDC’s research suggests that 79 percent of organizations analyzed for the report are realizing revenue gains of 10 percent or more from DAM. Another 21 percent are realizing gains of 40 percent or more “through accelerated time to market for creative assets, enabling the ability to deliver more marketing campaigns per period of time, and an accelerated pace to market for new product functionality.”
In addition, the report cites reduced asset creation costs and reduced risk as big incentives to take DAM seriously.
Increased Productivity is another issue. Report stats show 97 percent of organizations have increased productivity by 10 percent or more. And 34 percent have increased it by 40 percent or more “through reduced time spent searching for assets, streamlined review/ approval processes, easier collaboration with external stakeholders, and better visibility into project status.”
Analytics is the force behind more measurable understanding of the return on investment built into DAM.
“Companies making extensive use of analytics and reporting show a significant profit improvement over their competitors that don’t,” contends Sedegah. “As organizations become more data-driven, using these insights to demonstrate ROI is extending to the individual digital asset as it is used across web, mobile, email, and social channels.”
There’s more to take in about DAM and the current state of analytics. It’s well worth the time.
To check it out, click here.