7 industries that benefit most from a DAM solution
17 May
2023
Written by
Bella Foxwell
Duration
x
min
Offering consumers a seamless omnichannel experience used to be a ‘nice to have’. Now it’s the difference between surviving—or not—in an intensely competitive marketplace. More than one third of US shoppers have made omnichannel features (like purchasing online and picking up in-store) part of their regular shopping routine since the pandemic.
But if industries are to excel at omnichannel, they must deliver consistent, hyper-personalized experiences throughout the buyer journey. To do this, they must meet—at a minimum—the following requirements: cross-functional alignment, idantegrated cross-channel content management and measurement, and flexible digital infrastructure that delivers dynamic content and experiences.
A cutting-edge Saas Digital Asset Management (DAM) solution provides the infrastructure necessary to streamline asset distribution, scale marketing campaigns, and delight consumers with tailored omnichannel experiences.
So now we know the benefits, which industries would be best placed to use DAM to their advantage?
Here are 7 industries that benefit most from a DAM solution:
- DAM for the retail sector
- DAM for consumer packaged goods
- DAM for manufacturing
- DAM for banking and insurance
- DAM for the automotive sector
- DAM for life sciences
- DAM for the energy sector
Keep reading to find out how DAM helps each sector unlock the full potential of their assets.
1. DAM for the retail sector
Post-pandemic, ecommerce expectations for seamless online experiences and rapid delivery are higher than ever. Consumers expect a 360° product view before deciding to purchase. They want hyper-personalized experiences that speak directly to their wants and needs.
This poses a challenge for retail brands. With 1000s of new products launching each year, a huge amount of digital assets are required for various sales channels. Many of these assets come from thousands of different CPGs, which must then be reviewed for quality and brand consistency. Not to mention the various different formats that must be created for each stage of the buying journey, from emails to social media posts to product pages.
Get this wrong—lose track of brand assets or fail to deploy consistent, personalized content fast—and retail brands risk losing out to the competition. Not only because they’ll fail to meet (and exceed) high consumer expectations, but because they’ll waste significant time and resources manually organizing, editing and distributing digital assets.
By automating this time-consuming process, a digital asset management (DAM) solution enables brands to accelerate marketing campaigns at scale, increase productivity among teams, and track which content drives traffic and conversions. This data can then be used to optimize future marketing initiatives.
2. DAM for consumer packaged goods (CPG)
If there’s one lesson CPG brands can take from the disruption of the last few years, it’s that a one-size-fits-all approach to marketing is no longer acceptable. Not to consumers, at least. Two-thirds of consumers expect companies to understand their unique needs, and more than half want all offers to be personalized.
This poses a challenge for CPG brands whose products are distributed by independent sellers all over the world. How can they deliver a memorable customer experience that is consistent across all channels and locations?
The key to achieving this is with a system that centralizes all marketing assets, accelerating content creation and distribution across multiple sales channels. And with one single repository for an entire organization—not only is brand integrity maintained and compliance issues avoided—overall productivity and collaboration increases. This is a win-win for CPG brands who can support marketing teams around the world to find, edit, and deliver personalized content to market faster.
A DAM solution like Wedia offers these benefits and more. For example, it facilitates distributed marketing. It allows brands to understand how their teams, supply partners and franchisee networks use the different content made available to them and keep control of the brand image, while supporting local initiatives.
Unfortunately, many CPG brands are stuck using inefficient tools that fail to rise to the challenge of modern marketing in 2023.
If you’re ready to outpace those brands with increased productivity, stronger brand awareness, and boosted revenue, discover how CPG brands can use DAM to reach more consumers.
3. DAM for manufacturing
One major change brought about by the pandemic was the acceleration of digital transformation across the manufacturing industry. Early adopters moved their sales processes from offline to online and made smart investments in digital technologies, customer experiences, and omnichannel marketing.
Now, as an increasing number of manufacturers ask themselves not 'why' should we pursue digital transformation, but 'how'—one thing is clear. They're going to need a healthy supply of engaging and technically rigorous content ready to distribute across all communication channels.
For example, an animated video explaining the assembly process requires a lengthy workflow involving many stakeholders and lots of expertise. Not to mention the fact that the video must then be optimized for a variety of channels and markets.
A solution like Digital Asset Management (DAM) helps manufacturers streamline the process of producing and sharing marketing content and visuals. DAM replaces multiple siloed tools, offering a single source of truth that enables teams to work confidently with the most recent versions of digital assets.
This improves version control, saves time searching for files, and strengthens relationships with distributors. All of which helps to create an exceptional experience for customers.
4. DAM for banking and insurance
In recent years, traditional banks and insurance companies have faced strong competition from lean FinTechs using advanced technology.
Companies like Monzo and Revolut don’t just offer consumers convenience, but a consistent experience across channels. For example, Monzo offers users the ability to chat to customer support, transfer money, buy day-to-day items, manage subscriptions, split bills with friends, save spare change, and travel abroad (for no extra fee) all within the app.
A hub of interconnected experiences, Monzo has become a go-to tool for more than 5.8 million people, and has eliminated the need for many to make in-person visits to the bank. Indeed, banks in developed countries closed 9% of their branches in 2021 (the largest reduction in five years).
Despite this, physical banking isn’t going anywhere yet. While urban dwellers, those with full-time jobs and younger consumers are more open to financial products from digital-only banks and large tech companies, 35% of boomers and one-third of millennials said they would prefer to visit a branch for financial advice.
So how can banks and insurance firms adequately address the desire for interconnected digital and physical experiences?
One area of opportunity is customer education. Young people want to know how to become more financially savvy and banks are in a unique position to help them. Creating helpful resources, leveraging social media, and experimenting with fresh approaches like influencer marketing are all ways that banks can appeal to their younger customer base.
For example, Bank of America invited influencers to a “Better Money Habits Retreat” in 2019 to share insights on money management. It also has a dedicated website full of tools and resources on topics like homeownership, budgeting, and building credit. Improving financial literacy through hyper-personalized content is how banks and insurance firms will win with customers in 2023.
But to get there, they need a solution that centralizes digital assets and enables agencies and regional offices to localize global communications, while abiding by strict financial regulations.
5. DAM for the automotive sector
Automotive brands must take an innovative approach to sales and marketing if they are to unlock growth in 2023. This means reimagining the traditional (offline) automotive retail sales model and using technology to reshape the way consumers engage with them.
At present, the car buying experience for many is a stressful exercise. Car salespeople do not— on the whole—have a very good reputation, and many people would prefer to do as much research as possible online before having to step into a physical showroom. This trend only strengthened during the pandemic, when increased screen time accelerated the growth of automotive ecommerce. Today, 61% of US car buyers are open to buying online, compared to 32% pre-pandemic.
So how can the automotive sector win over digital-savvy consumers in 2023?
With the right content served at the right time. More than two-thirds (68%) of consumers switch brand during the car-buying journey—a golden opportunity for brands to capture the attention of buyers who are uncertain at the start of their search.
But with sprawling dealership networks and multiple markets to contend with, content management across the automotive industry is complex. Journalists need access to visual content in a variety of formats, dealers must have simple tools to customize a brochure or video sequence, and website visitors want beautiful images and video, as well as the option to customize various elements.
How can a DAM solution solve these challenges?
By providing a single source of content ready to be distributed and localized through car dealers’ point of sales.
Read more about how automotive brands can use DAM to say ahead of the competition.
6. DAM for life sciences
The life sciences industry is one of the most highly regulated in the world. From medical device manufacturers to pharmaceuticals, life sciences organizations must follow a lengthy validation cycle for every piece of marketing content to ensure false claims or recalls aren’t made.
This level of compliance is vital for consumer safety and brand reputation. But managing a large volume of content in a range of languages and across several markets while abiding by strict regulations without a centralized digital system in place is a slow and inefficient process. It puts life sciences organizations at a major competitive disadvantage.
That’s where a Digital Asset Management (DAM) solution like Wedia can help. It drives competitiveness by enabling organizations to deploy campaigns and distribute marketing content faster while guaranteeing brand safety. Customized workflows can be set up to involve experts and legal specialists, and content can be easily linked to master documents that contain validated scientific information.
Not only does a DAM solution accelerate content to market, it reduces production costs by simplifying the search, sharing and adaptation of digital assets.
7. DAM for the energy sector
As gas, coal and electricity bills soar around the world and the demand for renewables increases, the energy sector has a challenge on its hands.
If they are to maintain competitiveness and customer loyalty, oil, gas, and energy companies “must invest in digital…with the goal of becoming centered on customers and more responsive to them.” Becoming centered on customers means veering away from mass marketing and providing personalized content. If energy companies do this, they’ll reduce churn, increase sales by 10% or more, as well as deliver up to eightfold improvements in their return on marketing spending.
But delivering personalized content poses a challenge for utilities. Many companies lack the robust digital infrastructure required to test, learn and scale marketing campaigns across multiple channels quickly.
There’s also the concern that with thousands of employees to train and a huge variety of content to manage, maintaining brand consistency and protecting reputation is an overwhelming, if not impossible, task to achieve.
Not with a solution like Digital Asset Management (DAM). DAM empowers energy companies to centralize content for globally dispersed teams in a single repository; it offers considerable productivity gains thanks to advanced categorization and search functions; and it enables content distribution and analysis on a large scale to continually improve performance.
Find out more about how the energy sector benefits from a DAM solution.
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Wedia’s Digital Asset Management journey began in 2010.
We are part of the Top 10 DAM vendors worldwide, the Top 5 in Europe, and Number 1 in France.
