2020 has been, without doubt, the most challenging and transformative year for retailers around the world. Before 2020, retail and consumer sectors were struggling to keep up with changes in consumer behavior, which included online comparison shopping and the influence of social media influence. COVID-19 forced many to fast track their move online, creating a high demand for digital assets such as images and videos.
The power of digital marketing for retail and consumer businesses
Consumer-focused businesses worldwide are spending, on average, 24% of revenue on marketing. Of that 24%, more than a quarter is spent on content creation, yet businesses are doing little to manage the assets created by this investment.
The potential costs of not properly managing your content
In some markets, as many as 1 in 6 small businesses have closed in 2020. Many of them are content creators-designers, photographers, videographers, ad and PR agencies. If you made the mistake of not managing the assets created by these providers or keeping copies of the content you had entrusted to them, you might have already lost those assets. The full impact of the fallout of these losses may not be known for years. If you made a wise investment in a cloud-based, centrally managed Digital Asset Management solution, then you probably avoided the worst of this disaster.
How Digital Asset Management helps you maximize the value of your marketing assets.
If you were to follow the recommended posts for Facebook, Instagram, and Twitter, you need to create 600 posts per month. Even if you intend to create 100 posts across all your social channels each month, you're going to need a lot of visual content.
When you have a Digital Asset Management solution, it helps you see exactly what images and videos you have in seconds, with visual and metadata-based searches. Once you know what assets you have, you can quickly choose and repurpose content to use multiple times across all of your social channels. If you're like the smartest retailers, you will repurpose your content five times or more, increasing the value of these assets and reducing your marketing cost.
How Digital Asset Management helps you increase the frequency and reach of your marketing
Research shows consumers are happy to receive as many as 10 emails per month off-season and daily emails for event-based consumer offers, as long as they are targeted to their needs or interests. Your Digital Asset Management (or 'DAM') allows you to centralize management and control of all of your images, videos, and brand assets, making it much easier to coordinate with content creators and team members to create effective and targeted campaigns. Your DAM allows you to streamline the creation and repurpose hundreds of assets and campaigns easily for peak and off-peak times. It's the secret to increasing engagement with existing and potential customers.
How Digital Asset Management helps with marketing resource allocation
Once you have all of your digital assets in your Digital Asset Management solution, it's easy to evaluate what you have and what you need. Only invest in shoots or content creation when you need them. Repurpose content you have, or store images and videos supplied by brands you represent in your DAM. Maximize the value of the assets you have within your reach and increase the frequency and reach of your marketing and increase revenue across the board.
Understanding your existing digital asset investment and risks
Many retailers and consumers have little understanding of the value of the marketing assets they have accumulated, how they are used (or not used), and those who use them. Even less understand how risky their current digital asset management practices are to their businesses. To help you build a clearer picture and determine if a Digital Asset Management software solution is a wise choice for your business, Lookatme™ has created the world's most advanced Digital Asset Management ROI calculator. Click on the link below to create a comprehensive report that will help you with your decision. It's free and very informative.