Digital assets are essential in the media and entertainment industry so there is no doubt that they are valuable. But how do you determine if you are using them as efficiently as possible? It’s important to understand the significance of how you use your digital warehouse so that you can discover areas for improvement and increase the productivity of your media company. An asset is a piece of digital content such as an image, logo, video, recording, etc. that is owned and/or used by your company. The most common areas to increase the profitability of assets for media and entertainment include time, money, and satisfaction.
Time is a valuable commodity in the media and entertainment industry. With so much rich media to curate, your digital assets often need to be accessed by team members across all departments. A commissioned study conducted by Forrester Consulting on behalf of MediaBeacon found that only 13% of respondents strongly agreed that they have automated processes for their rich media management. To determine how well you are using your assets, track and document the time your team spends on the items below. If your team spends very little time, then you are using your assets effectively. If you see more time being used than you would like, it could be time to consider a solution like Digital Asset Management (DAM).
If you are familiar with the media and entertainment industry, then you probably know that time is money. In addition to the potential savings on time (that equal money) from above, you can see a return on the DAM investment with dollars saved by decreasing costs and increasing the effectiveness of your dollars spent on campaigns. Examine your costs associated with the items below to help understand if there are areas for improvement or if you are effectively using your assets.
Time and money are easily measurable ways to understand the effectiveness of your digital assets. An equally as significant, but sometimes less measurable outcome of successful assets is related to satisfied consumers, employees, and experiences for potential consumers. The satisfaction of your employees, consumers, and potential customers has big implications on the overall success of the company. Media and entertainment is all about rich content, so you should be delivering it in a way that delights anyone who sees it.
Do you notice any areas for improvement in time, money, or satisfaction that could be solved for your media and entertainment enterprise? If you discovered a few places where your company might not be using assets efficiently, a digital asset management (DAM) solution might be just what you need. The best DAM for media and entertainment will have the capability to offer you a smart repository in addition to sophisticated project management capabilities so that you can experience even more value from the solution.
Contact MediaBeacon to learn more about how you can use DAM to guide your media and entertainment marketing campaigns from concept to consumer, all while saving time, money, and increasing satisfaction for your company and consumers.