What would you say if someone told you your company was wasting 60 percent of its total budget set aside for content creation?
That was the consensus from a 2016 study by SiriusDecision, which reported that large companies wasted more than half their content creation budgets due to under use or failure to use the content they paid good money to create.
Too much content
So what gives? Part of the problem is the proliferation of content. The sheer amount of digital content created each year is breathtaking, from user generated content to paid content – and the amount doubles every two years. More than two-thirds (66%) of marketers will create more content than they did last year, according to the Content Marketing Institute 2015 Benchmark Report. By 2020, the size of the digital content pool will increase to a whopping 44 trillion gigabytes, says an EMC digital universe study by IDC. If marketers are wasting 60 percent of this, that’s enough to make any accountant weep.
How bad is it? It’s a self-perpetuating spiral of waste. Marketers need real-time, rapidly available content, and because it’s easier than ever to produce, they’re happy to keep creating more content in-house to push out to ever more available and hungry channels. But while marketing and brand departments focus on the customer journey and experience, individual teams looking to own the message, frequency, and distribution of content can result in silos of inefficiency, make the entire process ineffective.
This efficiency paradox happens when marketers see production costs going down. Because of the low cost, they crank out more content, which leads to more waste – both with the new content and the old, existing content that’s less likely to be used.
Smart brands have a streamlined process for creating content so they’re not polluting their own marketing efforts by wasting valuable resources. They understand it’s foolish to create new content without first auditing what assets they already have, and what can be repurposed for specific campaigns.
Not enough visibility
Of course, this is only easy when you can easily see and assess all your existing assets. But this gets tricky once your organisation reaches a critical mass of digital content. At that point, you end up with multiple types of files for numerous projects, all spread across various departments, including marketing, creative, communications, etc. It can quickly become a logistical nightmare to view and assess all that content.
And if you can’t easily view content, it’s hard to know when to develop new things and when to reuse what’s already there. Viewing old campaigns and assets gives you a comprehensive view of what’s been done before. It’s an important part of fostering creativity and idea generation, not to mention it prevents your creative teams from reinventing the wheel every time they face a new campaign.
Digital Asset Management - Waste no more
Fortunately, there’s a way to manage digital content more efficiently and effectively, so your resources no longer seem so big and out of control. The process needs to be automated to manage such a diverse and voluminous pool of content. Without such a tool, companies can quickly get left behind in the game of digital content execution.
An effective Digital Asset Management (DAM) system is the only way to accomplish all this. A DAM system streamlines the digital content creation process and organises assets so they’re easy to access. It creates valuable opportunities to reimagine, repurpose, and reuse content, producing greater efficiency, more creativity, faster response times, and better business results.
DAM systems also make it easy to manipulate and convert files, as well as publish, embed, and share them. Simply put, they empower organisations to deliver content marketing at scale, without having to accept the content creation waste ratio that’s crippling the industry.
The sheer amount of digital content is only going to grow more. Look at it as a debilitating problem or a liberating opportunity. With an effective DAM platform, the choice seems easy enough.
Author: Kobir Ahmed, Business Development Director, Adstream Global