Why Is Digital Asset Management Important?

The digital landscape is continually evolving. As the world turns more towards digital, more businesses rely on the creation of digital assets to sell their products. 

Businesses are challenged to not only create compelling digital assets but also efficiently manage and distribute them. 

This is where the power of Digital Asset Management (DAM) steps in. Let’s take a look at what DAM tools are and why digital asset management is important. 

What Is the Purpose of Digital Assets?

The purpose of digital assets is to help instruct customers how to use your products, capture their attention, and drive them to complete your desired action as a marketer. 

Digital assets serve as additional support that bridges the gap between your brand and your audience. For example, customers following directions with text and illustrations do 323 percent better than people following directions without illustrations. 

Digital assets are crucial to help customers understand your products more clearly. This content is used in a variety of channels such as social media, landing pages from ad campaigns, to a company’s website, to even troubleshooting digital product experiences that help customers solve product problems on their own.

Examples of Digital Assets

• Images

• Videos

• Audio

• Documents

• Text

• Logos 

What Does Digital Asset Management Do?

A DAM provides a centralized repository where all digital assets are stored. This eliminates the challenge of disparate files and creates a single source of truth, ensuring that everyone accesses the most up-to-date versions of your digital assets. 

Why Is Digital Asset Management Important?

The benefits of DAM tools are endless. Let’s take a deep dive into how DAM tools can help both marketing teams and the business as a whole. 

• Brand Recognition - Reduce the risk of unapproved or inconsistent assets like old versions of logos, or unapproved images and other documents being circulated to customers. Having one place where employees can find approved assets helps drive brand recognition for your business if everyone is using consistent assets in their projects, campaigns, or sales outreach.  

• Collaboration - DAM solutions help internal teams work more easily together by providing the ability to easily share a brand’s assets within a centralized system that can be accessed by everyone.  

• Personalization - Marketing teams can tailor content to specific audiences by pulling in the curated content from a DAM into the digital experience to be used by the customer.  For example, if marketing teams are creating personalized product onboarding experiences, they can easily create and upload specific images and troubleshooting videos that customers would need to successfully set up their products.

Why Do Companies Need Digital Asset Management?

Every interaction with customers matters. Having unapproved or old versions of digital assets can be detrimental to your brand. 

Efficiently managing a multitude of digital assets, from product images and videos to even audio, is essential for maintaining a consistent brand identity and delivering exceptional customer experiences. 

With a DAM system, manufacturers can ensure their teams are as productive as they can be, enable collaboration, and ensure approved assets are being circulated. 

List of Digital Asset Management Companies

• Lumavate

• Canto

• Brandfolder

• Bynder

You’ll notice that Google Drive, SharePoint, and Dropbox are not on this list of Digital Asset Management software.

While these cloud-based storage solutions are great in helping companies organize internal documents, they don’t make great digital asset management tools. They’re not purpose-built to manage a manufacturer’s digital assets, nor do they enable collaboration or integration into other systems like PIM solutions of DXPs. 

There is one solution that stands out among the rest - Lumavate.

Lumavate understands that in order to create an exceptional customer experience, manufacturers need to have a detailed product experience strategy. 

That’s why we’re not just a DAM solution, we’re a Product Experience Management (PXM) platform that also includes a Product Information Management (PIM) solution and Digital Experience Platform (DXP) functionality. 

Digital assets are just one piece of the puzzle to ensuring customers have a positive experience with your products. There’s also ensuring they have accurate product information and they need to engage with content at the specific point in the customer journey they’re in. 

Having a strategic product experience strategy goes beyond digital asset management. It ensures everything related to your products creates a holistic customer experience that elicits brand loyalty from your customer base. 

Organize Your Digital Assets with Lumavate

Ready to organize your digital assets? Schedule a demo with Lumavate and see how easy it is to centralize your digital assets and product data so you can start creating engaging digital product experiences for your customers.