Digital Asset Management

Why Effective Marketing Asset Management Matters

What is Marketing or Brand Asset Management?

Marketing Asset Management, also referred to as “Brand Asset” or “Brand Resource” Management, is the strategic approach by organizations to organize, store, and distribute their marketing assets – such as logos, fonts, brand guidelines, presentation templates, and so on – efficiently.

Marketing Asset Management Compliance is the effective handling of these assets by management, employees, vendors, and anyone else in or involved with the company.

Why is it So Important?

Managing, providing, and using organized and up-to-date marketing resources is crucial for enhancing your company’s effectiveness and enables those within your company to confidently deliver lawful, consistent, on-brand messages to your audience(s). Additionally, it ensures consistency of campaign content and designs, strengthening and unifying your marketing messages – which is extremely important, as 70% of consumers visit, use, or see three or more marketing channels before making a purchase. This, in turn, improves your reach and helps to convert customers.

If not managed, communicated, and used correctly, things can go quite awry – even as awry as ruining your brand’s reputation or causing legal trouble. With that said, let’s get into the main reasons for ensuring top-notch asset management efforts.

1. Quality & Operational Control

Mitigating Legal Risks: Marketing asset compliance influences how consumers, competitors, and peers perceive your brand – and sometimes parts of your brand can be subject to legal compliance. Management and compliance ensure that your company adheres to industry laws, regulations, and policies concerning your assets. While this is more commonly observed in specific industries, particularly within the financial sector, it’s best to stay on the safe side by checking and abiding by your respective industries’ guidelines.

For example: Your company has no asset management, but one of your sales associates really needs to send a product image to a potential customer. Since they don’t know where to find the asset they need, they find one online that’s actually (accidentally) a competitor’s product that looks almost the same. At the very least, this will likely cause the customer to lose trust in your company. At the very worst – it could cause legal issues down the road.

Protecting Reputation: Noncompliant assets can harm your brand’s reputation, portraying it as careless or deceptive, making compliance vital for protecting your brand image and maintaining a positive reputation.

For example: Without asset management, due to a lack of branding and voice guidelines, an Account Manager creates a poorly branded presentation and sends out communication that doesn’t properly represent your company.

Preventing Downtime: Implementing asset management compliance saves time and money by avoiding the need to remove noncompliant materials from the market, which can be a time-consuming process when it comes to both digital and physical assets.

For example: Without asset management, because of a lack of asset communication surrounding branding and product language, your Social Media Specialist adds a non-asset-compliant photo and caption to your social media platforms. Now, the post has been shared to other profiles and has gained a lot of traction – which will take time, energy, back-peddling, and explaining to take back and recover from later.

2. Marketing Performance

Brand Awareness: Marketing asset management and compliance ensures consistency in colors, graphics, logos, and fonts across your company, which in turn enhances brand recognition and establishes credibility. With “two-thirds of businesses (saying) brand consistency has contributed to revenue growths of at least 10%”, you truly can’t afford to allow asset variability.

For example: Without asset management resources, your Head of Human Resources sends out paperwork with inconsistent fonts, the wrong logo, and odd colors choices. They weren’t aware of guidelines and didn’t have the right assets at hand, so they “did their best”. Now, all of your employees have poorly branded communication in their inboxes that reinforces brand inconsistencies.

Customer Trust & Satisfaction: A recent study found that 81 percent of consumers need to trust a brand before making a purchase, and another study found that 46% of customers will pay more for products that come from brands they believe in. Inaccurate marketing materials can erode customer trust, making them less likely to buy from a brand they perceive as unreliable. Good asset management and compliant materials allow those in your company accurately depict your products or services through documents, platforms, and communication, aligning customer expectations with reality. This accurate representation leads to higher customer satisfaction – and satisfied customers are more likely to return for future purchases.

For example: These days, scamming claims and instances are running rampant. Without asset management resources, the use of an old logo, incorrect product name, inconsistent brand elements, inaccurate or blurry product image– or anything else (that just seems off) – could scare a customer away. These instances of inaccurate and non-systematic marketing assets can lead to customer distrust and disappointment.

Challenges to Meeting Marketing Asset Management Compliance

Lack of Consistent Updates & Standards

One of the biggest challenges to meeting marketing asset management compliance is upkeep. Consistently updating your resources and ensuring current materials are available, organized, and communicated to teams is extremely important – especially when your business is growing. If employees don’t have or aren’t aware of the most up-to-date materials, you can’t blame them for failure to comply.

Agreed upon brand standards must be reinforced consistently, from the top down. Those lower down in the chain of command will likely only comply with standards if their leaders do. It’s important to ensure that everyone – from CEO to part-time employee, takes marketing asset management and compliance seriously and is reminded of it regularly. Set the standard from the start, and make sure it’s well communicated.

Insufficient Organization & Understanding

If you aren’t aware of a lack of consistency and compliance – you can’t fix it. With that said, if your organization is not well organized and fails to communicate or check in on how assets are being managed and utilized, it’s easier for members to make mistakes and misuse assets.

Consequences of Using Noncompliant Marketing Assets

As we touched on above, non-compliance and lack of asset management can lead to a jumbled, untrustworthy, inconsistent, and less recognizable brand image. Continuous customer exposure without compliance often leads to a lack of brand recognition, or worse – distrust. Lastly, some non-compliant materials can even lead to fines, lawsuits and further legal consequences.

How to Enforce Your Brand Standards and Correct Asset Usage

Educate
The key to enforcing your brand standards is to educate management, marketing teams, employees, partners, stakeholders, and so on. Anyone that can and does communicate for or as your company should be aware of how to access assets and how to communicate in a manner that best represents your brand. Not only does managing and communicating your marketing asset management and compliance to your team keep things consistent – it helps employees feel confident in themselves and in your company! Moreover, it ensures that your teams have the knowledge and tools to create and communicate effectively – and within brand standards.

Implement
As we noted earlier, it’s important for all employees – from the top down – to understand, respect and enforce correct asset management and usage. Companies will often put procedures in place (such as check-ins, checklists, or other specific processes) that your company and employees must practice and adhere to. This way, all your internal and external parties understand the importance of maintaining compliance and not deviating from the company’s brand consistency.

Consult
Dealing with the constant ins and outs of asset management compliance can be a hassle, especially on top of daily operations. In this ever-changing landscape, and with the associated risks to brand reputation, consulting with a professional and/or using a custom portal for all your marketing and brand assets is often the best route.

Looking for an asset management tool or resource? Click here to view Strata’s marketing resource management tools, custom portals, and more. Interested in discussing asset management and compliance or talking through a more specific solution for your company? Contact the Strata team.

Steps to Smarter Management of Your Marketing Assets

Revitalizing Your Approach to Marketing Asset Management

We’re marketers, which means we’re driven. Ambitious. And big-time optimists. We resolve to kick off each quarter with the projects that got tabled in the last one. However, operational and process improvement projects such as asset management can often take a back seat to those that appear to have a more direct impact on the bottom line.

With the end of the first quarter quickly approaching, now’s the time to bite the bullet and get one of these projects started before it gets pushed to the wayside again. Let’s focus on ways you can improve marketing asset management.

Organizing Chaos – One of Today’s Big Marketing Challenges

As marketers, we’re here to empower our organization to capitalize on all revenue opportunities out there, while leveraging the most value from our marketing budget. Asset management is a critical component to both of these. If you don’t have a handle on your marketing resources, you’re wasting valuable assets, time, money and more than likely operating in a chaotic environment.

In fact, as an IDC survey on Managed Print and Document Services found, the time spent searching for information averages 8.8 hours per week at a cost of $14,209 per employee per year.

Turning Chaos into Conquest – 9 Ways You Can Revamp Your Marketing Asset Management Practices

By adding some basic checkpoints to your marketing practices around Asset Management, you can optimize your marketing resources, improve agility and get your marketing on its way to operating at its highest potential in 2015.

Below are some steps you can take to improve how brand assets are managed, shared and disseminated in your organization.

  1. Discovery: Pinpoint where all of your assets are being stored and how and where they’re being referenced.
  2. Take Inventory: Identify, record and categorize all assets.
  3. Set Standards: Remember, setting guidelines for how your brand is managed is as important as creating brand standards.
  4. Collaborate: Review and brainstorm with your immediate team to identify any gaps in asset inventory and make recommendations.
  5. Implement: Schedule kick off and subsequent meetings, identify who should attend which meetings, and follow-through so you can make all parties accountable.
  6. Avoid TMI: Avoid providing Too Much Information (TMI) when involving multiple stakeholders. Stick to the key points that affect them directly; remember, they likely won’t consider your project their priority.
  7. Consider Asset Management Software: Have a Marketing Resource Management system or similar solution in place at your organization.
  8. Make it Measurable: Be sure you have a way to prove measurable benefits to your VP and/or CMO.
  9. Follow-up: Interview users a few months after implementation to identify what’s working, what’s not and identify areas of improvement.

Looking to improve asset management at your organization, but not sure where to start?

If you have similar challenges but would like an expert’s feedback on how to get started, let us know. We offer over more than 20 years of experience helping organizations improve operations, efficiency and the integrity of their brand.

You are welcome to email us, complete our online request form or call 610-941-6100.