Justifying Your Digital Asset Management Investment
If you’ve read Part 1 and Part 2 of this series, the benefits of implementing digital asset management (DAM) and other marketing technologies is probably obvious. Without them, you’re fighting a battle that cannot be won. With them you can become a champion of content marketing — improving engagement, reach, and ultimately growing your business.
However, the price tag of some of these solutions will certainly raise the eyebrows of those in charge of budgeting and purchasing decisions.
Let’s take a look at how you can justify the cost of a DAM solution by presenting a few critical points to decision makers. We’ll also take a look at some of the criteria that help define cost.
1) Digital asset management is cost-effective
Marketing becomes expensive as a company generates voluminous digital assets, and it’s increasingly difficult to manage content effectively without tools specifically designed for the task. Without DAM software, marketing teams can spend an enormous amount of time searching for visual content and less time being productive.
Positioning DAM as a time saver shows that you’re saving actual dollars on the “soft cost” of your human resources. Now, team members can focus on bigger-picture activities like creating and sharing great content, and analyzing it too, all from one content marketing hub — your DAM system!
2) Proper DAM increases the value of visual content
In addition to soft-cost savings, there are also hard-cost savings associated with your assets. When your visual content goes missing (or takes hours to find), there’s more than the soft-cost of team members’ time at stake. There’s also the loss of full use of the asset. In other words, when a digital asset cannot be found, its lifespan is shortened — meaning that the ROI for that particular asset diminishes. Times that by hundreds, thousands, or even hundreds of thousands, and we’re talking about a substantial loss.
But with proper use of a DAM system, your content is well organized, ensuring that you know what assets you have and where each and every one of them is located. Now, you can squeeze every drop of value out of your visual content, and archive it once its lifespan is actually over.
Already, we’re seeing a clear case for savings and value with digital asset management. What decision maker wouldn’t want to save on hard cost AND soft cost, too? All just with DAM? But we haven’t tapped into all of the value of DAM has to offer, so let’s continue …
3) DAM software increases efficiency
At many levels throughout an organization, DAM helps teams do more in less time. DAM handles the time-consuming, routine tasks of an administrative nature, so team members can easily locate assets with just a few clicks. Plus, a correctly implemented DAM removes the need for the human eye to filter through assets to find the right content — because their search will only return files that are specifically suited to the specific application.
So, efficiency is coming from two main factors: (1) automation, and (2) faster, better search results. These two functions can remarkably streamline processes. But there’s a lot more we’re not talking about here, including the ease of sharing visual content on your website, blog and social media channels — all through your DAM content marketing hub. This is where complimentary marketing technologies come into play. Through integrations, they work seamlessly with your DAM to add even more efficiency to your processes.
4) DAM eases concerns over security
Breaches are becoming more common, with detection and response becoming more difficult. DAM software includes tools that deliver peace of mind by restricting access, viewing and archiving — all of which reduces security concerns. This is called user governance, and it allows a DAM admin to have incredible control over ensuring the right digital assets are being viewed by the right people, at the right time — and being used in the right way. If you don’t have permissions to access an asset, you simply can’t.
5) DAM technology extends the brand across siloed teams
The customer experience is not limited to marketing touch points. A DAM system empowers teams — anywhere in the world — to collaborate and share visual content. This creates brand consistency, and improves communication with customers and teams, too.
The DAM ROI calculator
To learn how much DAM can help you save, try out our ROI calculator.
It’s built to assess your organization’s ROI in three key areas:
- Search and share time savings
- Asset fulfillment savings
- Asset creation and repurposing savings
Assessing your needs
Now that we’ve got a strong case regarding the value of DAM, we’re almost ready to present it. But before we do so, there’s one more question we need to address …
How do we assess our needs and determine approximately how much this will cost?
Hands down, the most important step in determining how much you will pay for a DAM system is understanding who will be using the system and how they will use it.
Understanding your digital asset management needs is vital because these needs determine which system is the best fit. A few key considerations are:
- The amount and type of visual content you manage
- The workflows surrounding your rich media use
- Who will be administering the system, and who will use it
A great resource to assist with this is our Request for Demo (RFD) guide, which helps you understand how to construct use-cases specific to your organization’s needs. We can’t overstate the importance of the fact that your needs are key to determining the DAM system you select, and how much you will pay for it.
Additional potential cost factors
Since functionality influences the kind of DAM system you ultimately choose, answering the following questions will prove useful in the selection process:
- How many users will need to access the system? Are they internal or external users?
- How much storage space will you need?
- What level of support are you seeking for training and troubleshooting your system?
- What are your expectations for implementation assistance, like establishing metadata schemas and governance?
- What are your integration needs for applications like sales and project management software?
- Do you need/want to brand your DAM system?
- Which of the DAM solutions you’re considering has the ability to bulk upload assets and apply metadata — initially and ongoing?
- Do any of the solutions provide relevant analytics data on assets use?
- What are the search function capabilities each DAM solution?
- Is the system scalable?
- How secure is the DAM system?
Once you’ve determined the answers to questions like these, share them with your pool of potential DAM vendors and request a proposal from them.
Now you’re ready to justify the cost of your DAM to any and all decision makers in your organization!
Need a helping hand?
Feel free to get in touch with your DAM-centric questions anytime.