What Are the Benefits of DAM Marketing?

There are many moving parts in a business. Coordinating efforts, aligning interests, ensuring product quality, and maintaining the excellence you have always provided for your customers and workforce is no easy feat.

To add more to the pot, keeping track of all the various assets has become a massive challenge for many organizations. Consider the volume of assets that your team creates to support all the various digital channels of communication.

Managing digital assets with a digital asset management (DAM) solution enables teams to streamline content organization, enhance collaboration, and ensure brand consistency across channels. In this post, we will explore the best DAM systems on the market and answer critical questions about purpose, productivity, price, and performance.

What Is Digital Asset Management?

Digital asset management is a holistic philosophy, methodology, and overall system that focuses on creating, curating, distributing, and controlling the quality of information and excellence on branded products and assets. This definition also spills over to tangible products and assets, as they are often associated with a digital icon, image, video, or creative asset representing the unit for proper storage and retrieval.

Digital asset management goes beyond simply storing creative assets within a company. For many organizations, it is not enough anymore to create a localized spreadsheet or file on a staff member's hard drive or shared folder. This leads to data fragmentation or worse; teams may end up working in silos - which means there isn't consistency with accurate versions or information.

Digital assets include video files, audio, images, user manuals, product sheets, design specifications, or renderings of the product.

What Is a DAM System?

Now that we've covered digital asset management in detail, it's time to look at some of the tools that make this process more straightforward. A DAM system refers to the overall procedure and strategy of how you approach the management of your digital assets. Digital asset management software is provided by third-party DAM vendors, sometimes through a dedicated platform.

A fundamental definition of a DAM system is that it forms the backbone of the technological prowess that allows you and your team to share, centralize, curate, and control the flow of information around your creative assets.

Digital Asset Management System Examples

DAM systems are broad and plentiful, but only a few can provide your organization with the necessary help and tools. For example, Lumavate is a trailblazer in this category as it builds upon core functions that a company needs from its DAM software. A standout feature of Lumavate's DAM capabilities is linking digital assets stored directly to specific product records.

This transition is effortless and takes just a few clicks - but the powerful integration can smooth out operational efficiency and guarantees that your staff is using the correct versions at all times, regardless of department.

Lumavate is a robust platform that phases out the need to search elsewhere for Product Information Management (PIM), Product Experience Management (PXM), and DAM. This Digital Experience Platform (DXP) empowers marketers to craft captivating and tailored digital experiences and marketing campaigns without the need to reach out for many technical resources.

What Are the Benefits of DAM Marketing?

The DAM system is usually under the responsibility and ownership of the marketing team, usually under the leadership of a Digital Asset Manager. The digital asset manager liaises with all responsible and affected parties to ensure the subject matter is relevant, on-brand, compliant, and on schedule. Digital asset management companies encourage creating a marketing strategy around digital asset management that has many benefits, including:

Centralized Location for Managing Digital Assets

Instead of storing everything on a shared file, a DAM makes it easier to coordinate marketing campaigns. The creative asset process can begin once you have all the sign-offs necessary for product specifications, compliance approval, and other essential communications.

Providing a single source of truth lets the marketing team communicate the benefits of the product or solution clearly and concisely - without feeling that they are stepping on toes.

Easy to Search and Retrieve

The ability to "tag" something has become extremely important for search intent and categorization. Tagging capabilities are essential for retrieving something and storing it in the first place. For example, a product can be searched not by its name but by color, weight, and shape for those manufacturing, designing, or approving the product.

Sales and marketing teams may not know the specifications but can search by what is relevant to them - distinguishable features, associated projects, or the campaign they are part of.

Updates and Synchronizes Automatically

A typical process in any organization is using a tool in a way that is relevant to the team that is using it. This means there may be teams that don't require the latest version of a product, as only the name and file are relevant to the process. However, many teams require the product's latest version, and other departments need the tangible and digital assets to be unified.

Synchronizing digital assets to the digital experiences they are part of reduces the need for rework, human error, and fragmentation. This gives the marketing team complete control and access over what they are presenting to new and existing accounts without the fear of missing out on crucial information from unwanted data silos.

Share the "Right Stuff" Through Brand Portals

Collaboration extends beyond your internal team. DAMs are equipped with the functionality to create brand portals, which enables you to share curated selections of digital assets with external users, such as team members, agencies, vendors, stakeholders, or channel partners. Marketing efforts are further aided by the ability to share benefits through these portals while encouraging much-needed engagement and feedback.

How Much Does a DAM System Cost?

A DAM system is a powerful tool when used appropriately and can provide a full range of solutions depending on the circumstances and use case for the DAM system itself. Investing in the proper solution involves many considerations, including integration requirements, volume, quality, management, and pricing.

Digital asset management pricing can range from $1,000 on the low end to $250,000 annually, based on factors including deployment, functionality, and the vendor itself.

DAM vendors prefer to keep pricing negotiations away from the public and move towards a discovery call to understand the company's needs better. Lumavate believes in publicly sharing pricing information so that you can make an informed decision. Lumavate is widely considered 75 percent more cost-effective than any other solution, considering its capabilities and functions compared to its pricing schedule.

Lumavate: Upgrading Your Brand's Potential

In a competitive landscape, it can be challenging to differentiate yourself from the rest. Creating an excellent product is difficult when many other quality products are on the market. Furthermore, even if your product is unique, customers will not look for your solution if they have never heard of it.

Managing your digital assets, product information, and experiences is possible through a dedicated DXP like Lumavate.

With its standout features, easy integration, cost-effective pricing, and functionality, Lumavate ensures that your marketing endeavors are always on point, pushing them to new heights—Demo Lumavate's comprehensive platform today to take your first step towards a powerful and feature-rich solution.