Marketing Asset Management
Is your business creating huge amounts of marketing materials? Have your digital marketing efforts increased the number of marketing assets you have exponentially? If the answer to either of these questions is yes, it’s time we talked about Marketing Asset Management and how it can ensure you’re getting the most bang for the buck with your marketing materials.
What are Marketing Assets?
In the simplest of terms, marketing assets are anything you or your marketing department creates in support of your company’s marketing efforts.
These assets can be both customer-facing materials, or internal assets designed for your sales team, your branding efforts, or a wide variety of other initiatives. In short, it’s essentially anything you use to promote your products, services, or company.
Here are some examples:
• Blog articles
• Email templates
• White papers
• Case studies
• Product descriptions
• Logos/branding materials
And the list goes on and on.
Odds are, if you’re marketing your business, you have many of these things. But what happens when you create the assets and then can’t find them when you need them later? What happens when there are multiple versions of a digital asset and your team is still using the outdated ones? This is where marketing asset management comes into play.
What is Marketing Asset Management?
Basically, marketing asset management is a subsection of a digital asset management program (want to learn more about digital asset management? We’ve got you covered).
SEE ALSO: Understanding Digital Asset Management
The goal here is to niche down in your focus from managing all of the company’s assets (which will include a variety of departments and employees), to just handling the marketing department’s materials specifically.
Why would you want to do this? Let’s dive in.
Marketing assets — whether digital, physical, or a combination of both – take time and money to create. And yet according to this report, roughly 70 percent of created assets are never used.
That’s untold hours and dollars tossed into the void. Even worse, of the 30 percent or so that do get used, many are used once and then lost. Either they’re stored somewhere where other employees can’t find them, or they’re outdated, or they’re not properly labeled, and so on.
A marketing asset management program can quickly pay for itself by eliminating these issues. Every asset created is filed in a centralized location where all relevant stakeholders have access. Everything is labeled with a uniform taxonomy using metadata, so everyone knows what it is, when it was created, and if it’s still usable. And they know this without having to do a deep research dive. Additionally, the assets are easily updateable, so there’s no excuse for using outdated materials.
If you’re tired of paying for assets that are never used, or rebuying assets you already own that no one can find, marketing asset management provides a simple solution to your problem.
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Why is Marketing Asset Management Important?
Beyond the effect on the bottom line, not having a marketing asset management system in place can make what should be simple processes more cumbersome.
As an example, say you’ve published an e-book on a topic related to your industry. As time passes, that asset becomes outdated and is ready for an updated version. What happens when no one can find the original file?
This isn’t an issue when a marketing asset management system is in place.
In the original example, someone must recreate that original document from scratch – taking them away from focusing on their more pressing day to day duties.
Taking it a step further, how do you know who was using the original version of this e-book? If you don’t know, how can you be sure they get the updated version and have access to the newest information?
This sort of disorganization not only influences revenue and expenses, it can hurt your branding. No one wants to be known for pushing outdated information.
Now, imagine this same sort of scenario with all of your various marketing assets. Seem like a nightmare? Unfortunately, it is for many companies. Far too often, marketing teams wait until things are completely out of control before turning to marketing asset management – don’t let that be you.
How Marketing Asset Management Can Make Your Life Easier
The one overarching goal of a marketing asset management program is making things simpler and more streamlined when it comes to wrangling your marketing materials.
With that said, there are several different ways marketing asset management can help you achieve this objective.
By simply making it faster and easier to find assets you can gain these benefits:
• Reduce time wasted searching for assets you’ve already created
• Eliminate the need to “reinvent the wheel” with each new asset
• Increase productivity and financial growth
• Eliminate the need to help others find missing assets
• Share marketing assets with team members around the globe
• Stop re-purchasing assets because you can’t locate them.
• Share your marketing assets across a wide range of platforms and devices
• Analyze stats to see what marketing assets are being used most often
• Easily find assets that can be repurposed or need updating
• Guarantee all marketing assets are in line with current branding goals
Naturally, there are even more benefits to a good marketing management system, some of which will be exclusive to your company – but the big takeaway here is that investing in asset management can save money, streamline operations, and guarantee all your marketing materials are up-to-date and easily accessible to everyone who needs them.
How Does Marketing Asset Management Work?
While there are some differences between Digital Asset Management and Marketing Asset Management, both work in largely the same way as far as set-up and systems go.
Both digital asset management and marketing asset management use software (either cloud-based or physically located on your premises) to create a centralized hub for storing your various materials.
Both will ensure that assets are easily accessible and searchable by creating a taxonomy not unlike a library’s Dewey decimal system to ensure everything is organized in a way where users can see all the relevant metadata and details about a an asset without having to guess what it might be.
All marketing stakeholders will have access to this centralized storage hub – meaning they can receive training and both store and download the assets they need regardless of whether they’re in the main office or working from home halfway around the globe.
If you’re really ambitious, you might have a marketing asset manager who oversees all of this – guaranteeing everyone is trained on the proper taxonomy and metadata practices, but in many places this isn’t necessary. Once the systems are in place and everyone’s been trained, a good marketing asset management system largely runs on its own. Because of this, a dedicated manager is a luxury, not a necessity (unless you have a giant company with a huge marketing department – these places may need an employee dedicated to running the system).
As far as setting up this sort of system goes, it’s largely the same as setting up digital asset management. Here are some steps to get you started.
1. Make a Plan: It’s tempting to just want to jump in and purchase a software solution to get your assets under control, but it’s always good to start with a plan first. Define your marketing asset management goals. Who will be in charge of this project? What will your taxonomy look like? Who will have access to these materials? What will be stored? Planning now can prevent future headaches – so take the time and define your objectives before diving in headfirst.
2. Audit your Assets: It’s good to have a full accounting of all your various marketing assets beforehand so you can move all your marketing materials to the new system. The system doesn’t work if you wind up with assets that are still languishing in limbo.
3. Set Your Objectives: With the plan and audit in place, it’s time to start defining objectives. Where are you struggling with in terms of marketing asset management? What are the issues your teams are facing? Come up with solutions here so you can measure your progress once your new systems are in place.
4. Test, Troubleshoot, and Adjust: Once your marketing asset management system rollout happens, it’s time to start evaluating how things are working. Test the system – is it delivering the results you want? If not, troubleshoot. If you’re using an SaaS solution, get with your rep at the software company and hash out issues – they probably have insights that you might not. Once you’ve found the issues, adjust your approach. Tackling marketing asset management with a mindset of “striving for continuous improvement” will help you get reach your goals even faster.
Can I use my Digital Asset Management System for Marketing?
If you already have a digital asset management system in place, you may be wondering if you can just use that for your marketing asset management needs. And the short answer is yes.
Many digital asset management systems are already filled with marketing materials given that modern marketing creates so many different assets to satisfy the demands of physical and digital marketing programs as well as content marketing and beyond.
A traditional digital asset management solution will absolutely fulfill your marketing asset management needs.
That said, not every company needs a full-on digital asset management program. Others may want to find a solution built solely for their marketing department.
If you find yourself in either of those situations, a dedicated marketing asset management program might be the better path. You might not need all the bells and whistles of the digital asset management software, or you might want something more specialized specifically for your marketing team.
The good news is, regardless of what path you take, there are plenty of great options available. Any good asset management software company will create a solution that caters to your specific needs. If they don’t, there are plenty of other companies that will – so do your homework, shop around, and talk to different solution providers before deciding.
In today’s business environment, marketing is more important than ever. With companies reaching potential customers through traditional channels like print and television, new media like YouTube and blogs, and digital marketing channels, marketing teams are creating more assets and materials than ever before.
And with a globalized workforce able to do their jobs from literally anywhere there’s a good wi-fi connection, it’s both easier than ever to stay connected, but more challenging to keep all of these assets organized, accessible, and up to date.
Companies waste large amounts of money every year creating marketing materials that are never used or are used once and then forgotten. It’s not because the materials weren’t worthwhile and helpful, but because they’re stored in ways where no one can find them.
Marketing asset management will help you eliminate this problem by creating a centralized hub for all your marketing materials. Employees will be able to find and store assets in an accessible, clearly organized location – eliminating the need to repurchase or recreate assets. It will also help you determine what materials are working most effectively, what materials need updating, and help you keep your branding focused and on point.
Ready to learn more? Accent Technologies is here to help you navigate the process of implementing a marketing asset management system that helps you create order from the chaos of your marketing materials so you can get back to doing what matters: growing your business.