How Much Does Digital Asset Management Tool Cost?

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by Lumavate | Last Updated: Dec 24, 2023

If you're trying to promote your business, you're likely using content marketing to find and engage new customers. However, while creating new content can be relatively easy, what do you do with all those images, video files, and other digital assets? The more content you create, the faster these assets pile up, meaning you need a way to organize them.

Fortunately, digital asset management systems offer a comprehensive solution to allow you to create and scale your marketing campaigns with ease. But how do these systems work and, most importantly, how much do they cost?

How Does a Digital Asset Management System Work?

digital asset management system (DAM) is a centralized server that stores all of your digital assets. These assets are anything you may use for marketing purposes, product listings, and more. Common examples of digital assets include photos, webinars, e-books, PDF documents, video files, infographics, and more.

Most digital asset management tools allow you to share access to the server and tag individual assets with specific keywords. This way, users can search for the items they need quickly and efficiently. One of the best reasons to invest in a DAM is that it can sync with your website and landing pages. This way, when you update the server, your website or landing page updates automatically, saving time and reducing errors.

What is an Example of a Digital Asset Management System?

The most well-known digital asset management companies include Adobe, Canto, Brandfolder, and Bynder. However, while these DAM vendors can help organize your digital files, they're relatively limited. For example, if you want to incorporate assets into product listings or develop user experiences with them, you need to use a third-party system.

Another issue with these companies is that it can take a while to implement the DAM, and the costs are much higher than you might expect. Most people assume Adobe has one of the best DAM systems because it's a well-known brand, but it's also the most expensive and time-consuming. Plus, its DAM doesn't have additional features or integrations.

Instead, the best digital asset management tools offer product information management (PIM) and come with a digital experience platform (DXP). This way, you can get the most traction from each asset, all without installing multiple systems or creating silos within your company. Lumavate is an example of one of the top digital asset management systems because it comes with a PIM and DXP included.

How Much Does Digital Asset Management Tool Cost?

One of the main issues with comparing different DAM vendors is that most of them don't list their pricing upfront. While there's some value in meeting with a salesperson to discuss specifics, it can take a while to collect a list of digital asset management pricing.

On the low end, you may only pay a few hundred bucks a month to manage your digital assets. On the high end, though, it can cost up to $250,000 per year for enterprise-level businesses.

Also, remember that most DAM companies only offer asset management, nothing more. Lumavate is not only transparent about its pricing, but it offers a wide array of tools to help you create more meaningful content for your brand. When it comes to digital asset management system examples, Lumavate is the best option for most SMBs and enterprise-level companies.

Another point to consider is how your assets will scale over time. Right now, you may not have many company-owned assets in your library. However, as your brand grows and evolves, the number of files could increase exponentially. So, it's best to work with a DAM vendor that can grow with you.

How Do I Start Digital Asset Management?

Investing in digital asset management solutions is just the beginning. Next, you need to import all of your assets and ensure that the right people have access to the system. Here's a basic overview of how to get started:

Step One: Collect Your Assets

Ideally, your company will already use a centralized storage location like Google Drive or Dropbox. While these services are useful, they're not a DAM system. They lack crucial searching and tagging functions, and they don't sync with your website or landing pages.

If you don't already use cloud storage, you may have to find digital files on different hard drives or storage devices. Depending on the situation, this may be the hardest and most time-consuming step.

Step Two: Import and Tag Your Assets

Once you have all files collected in one place, you need to import them into the DAM system. Make sure to use a standardized file naming convention so it's easy to tell what each file is without opening it. For example, IMG_9089 doesn't tell you anything, but CompanyLogo_Blue gives you crucial information.

As you import your digital assets, you need to add search tags. These tags will allow all users to find files based on type or classification. For example, you may have a group of assets related to a specific event or product. However, these assets can also be categorized by file type, such as image, video file, and more.

Step Three: Assign Owners

Typically, digital asset management solutions are owned and managed by the marketing department. Each asset or asset group should have a dedicated owner. This person is in charge of updating the assets as necessary and ensuring the files are named and tagged correctly. Annual or semi-annual audits can help spot any potential issues and allow the department to correct them immediately.

Step Four: Train All Applicable Users

Another advantage of using a DAM system is that you can set permissions and user portals. This way, individuals can only access the assets they need, not the entire file library. Once you've mastered the system and know how it works, it's time to train anyone who may need to use the DAM in the future.

Also, keep in mind that some employees may not need DAM access. Instead, the owner of a specific asset group can share individual files for projects as they develop. This way, there's less of a chance of human error or security concerns.

Start Managing Your Digital Assets With Lumavate

Lumavate is an all-in-one digital asset management solution. With product information management, a digital experience platform, text messaging functionality, and more than 40 out-of-the-box integrations, you can supercharge your marketing strategy. Contact us today to find out how Lumavate can help your brand.

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