Successful B2B eCommerce brands have a common theme: they build a collection of positive brand perceptions over time. With digital assets such as videos, music, photos, documents, and other media files, B2B enterprises can communicate, market, and position their brand efficiently.
For B2B companies, where 62% of buyers make purchases based solely on digital content, managing and deploying digital assets from a central source is essential to creating a memorable customer experience and increasing B2B buyer conversions. Because digital assets are so important to a product’s success, it is alarming that many enterprises are not using DAM in 2021.
While 55% of marketers and enterprises said that managing and organizing digital assets is among their biggest challenges, only 34% of over 3,400 marketers and creators use Digital Asset Management. Alternatively, many enterprises retrieve their digital assets from several locations. As a result, 50% of marketing teams have scattered storage. On average, more than 7000 important files are unorganized, and over 10,000 documents are lost on team systems.
DAM exists to combat these issues and propel your products forward for optimum sales potential. This article highlights ten reasons your B2B organization should be investing in a Digital Asset Management system.
What is Digital Asset Management?
Digital assets are electronic files stored on a digital storage drive on mobile phones, desktops, or even in the cloud. They exist to support the sale of eCommerce products. Without digital assets, converting prospects into customers is almost impossible. Common examples of digital assets include:
- Text files
- Logos
- Images
- Program and utility files
- Presentations
- Audio files
- Graphics
- 360 photos
- Videos
The B2B eCommerce environment generates an astounding amount of information for researching, creation, and sharing of content. Before the 1990s, these enterprises stored these files in cabinets that take up precious office space. And finding certain documents takes a significant amount of time. A Digital Asset Management system collects new and approved assets on a single platform, organizes files with metadata for easy sharing and distribution, and enhances collaboration among various organization units.
Now that we’re halfway through 2021, it’s becoming more and more clear that B2B eCommerce companies require a DAM in order to grow at scale. Let’s take a look at a few of the many benefits of using a DAM to accelerate B2B eCommerce growth.
1. Take B2B eCommerce products to market faster with DAM.
Earning a high return on investment in the eCommerce world comes down to two things: how fast you can take products to market and how accurate your product data is. One of the most common (and most preventable) bottlenecks to publishing products is the inability to locate correlating digital assets.
In a report published by Brandfolder and Demand Metric, 40% of B2B marketers find it challenging to locate digital assets for their campaigns because of the lack of a single source of truth. This has resulted in 51% wasting most time reproducing assets they couldn’t find. On average, it takes employees 18 minutes to find a document. That’s about 50% of employees time per project searching for information, according to Gartner. And if you’re like the 52% of B2B marketers, where one employee handles content marketing effort, you would experience a bottleneck in content creation, slowing your marketing and competitive actions.
B2B enterprises can save time and cost by integrating DAM into their workflow, thereby spending 28% less time searching for assets each week. With advanced content search features, DAM provides creatives with the ability to search and aggregate data specific to a campaign quickly.
Indexing and metadata tags for fast find-ability.
As a B2B eCommerce platform, find-ability is a huge part of increasing conversion rates. Customers don’t have time to endlessly search for the product they’re looking for. Similarly, your internal teams don’t have time to waste when looking for digital assets to add to product pages or marketing campaigns.
To monitor, engage, and manage audiences across several different platforms, a DAM system is imperative to improving buyer experiences. In addition, using a cohesive metadata tagging template across all products improves fundability and saves countless hours for internal teams.
You may generate an unlimited number of tags in a digital asset management system and use them as additional metadata to help improve searches and filters and reduce the time-consuming process of file sorting when engaging in marketing a campaign conversation. Without a DAM, your team will have to manually add keywords and metadata tags to each of the platform’s digital assets one at a time, slowing down your entire product to market process.
Digital asset management for a smooth process.
According to Hubspot’s visual content marketing statistics, people remember 65% of the information when an image is included. Otherwise, only 10% of the data is retained. This is why 51% of B2B marketers prioritize visual imagery in their marketing strategy, and Infographic content is on the rise among 50% to 58% of them.
Coupled with the rise of visual interactive media marketing, recognize visualized content is on the rise among B2B enterprises. Finding simple images that would evoke an emotional response in the customer is not the problem. In order for B2B products to sell, marketers must prove the product has a clear function. Customers need to have a visual sense of the quality of the product, as they do not have the option of picking up a product and holding it. However, the ability to manage a wide array of visual content may be a huge issue.
Sorting through images to find duplicates and similar photos is a time-consuming and unpleasant process that no one enjoys. In addition, image similarity capabilities make it simple to locate similar or duplicated photos in your asset library, reducing the amount of time you and your team spend searching through them.
A DAM takes care of this for you, quickly scanning through your photos for similarities and duplicates. This feature allows you to keep the content in your asset management system in good shape and do a better job in less time.
2. Ensure brand consistency using DAM.
Brand consistency is the essential ingredient for success in the eCommerce business. It reinforces business identity, boosts company visibility, centralizes and influences customer perception positively. Especially now that omni-channel selling is necessary for growth, brand consistency is more important than ever.
The rule of thumb is that customers trust a brand they can recognize, and brand consistency is the process of indulging them. According to the 2021 Edelman Trust Barometer Study, 70% of respondents said brand trust is more important today than in the past.
Consistent delivery across all B2B eCommerce channels.
As such, B2B eCommerce brands must consistently deliver messages that align with their core values, customer experience, marketing goals, and overall brand promises. But, with the avalanche of data assets available today, you run the risk of losing track of recent brand updates. Because employees may often have to go through stacks of files and datasets, they are likely to repost outdated marketing materials.
In addition, products must have the exact same spec information on every channel they appear. This helps your customer service team provide the best service possible, and ensures customer satisfaction on any channel your products appear.
Equip all teams with the power of information.
DAM provides a system that allows various departments/units to access the latest and approved versions of files. This brings everyone up to speed and ensures that the company’s brand is professional and in sync across all channels. In addition, having a system that allows you to review past product variations and other resources makes it easier to maintain a standard and identify areas that need improvement.
For example, let’s say all of your products are represented accurately in a centralized database. This allows your teams to focus on their projects at a deeper level. Centralization is a key component to B2B eCommerce success.
3. Lock down assets with DAM’s enhanced security functions.
DAM systems can be cloud-based, which allow for seamless interactions and access to information from remote locations. However, B2B eCommerce enterprises worry about the security of the systems, mainly because a lot of confidential data is shared. Also, due to the large cost of assets that can easily become lost or damaged if the wrong person gains access to them, which we’ll address later on.
DAM is designed with an internal security system that allows you to store assets in a location. At the same time, customized permissions make assets available to anyone worldwide. Other cloud-based storage systems where you have to share one folder with thousands of employees make you vulnerable to external attacks. DAM offers better security.
Two-factor authentication.
Usually, using two-factor authentication is fast replacing the regular use of passwords only. It adds a second verification process to secure your account after you input your password and can be used on the web, desktop, or mobile platforms.
Receiving an OTP on your phone using your fingerprint verification eliminates third-party access into the DAM system. Even if an attacker gains access to your password, combining these two methods means they still can’t access your account.
Share with anyone, but not everyone.
According to a Veronis research of 130 firms, 88 percent of corporations do not effectively block access to their folders, allowing anyone to read and download such files, resulting in data breaches, loss, and hacking.
In addition, 78 percent of respondents said they would cease connecting with a brand online if it had experienced a data breach. As a result, the use of DAMs are becoming increasingly important to avoid such circumstances.
User roles allow all teams who are meant to have access to certain assets, access them with ease. You get to decide who can view, edit, download or publish certain assets. Controlled access to an organization’s library of approved digital assets is one of the many functions of a Digital Asset Management system. Specifically for remote working teams, being able to control access to certain aspects can improve the workflow process immensely.
4. DAM is essential for remote collaboration success.
If your employees can’t access the resources they need from anywhere they are, they will not function optimally. According to MarketsAndMarkets, the online collaboration industry will reach a $48.1 billion valuation by 2024.
Many companies understand the significance of collaboration. For example, 75% of employers consider teamwork and cooperation as crucial, while 86% believe the lack of it is one of the reasons for failure in the workplace.
In 2021, B2B eCommerce enterprises must key into a digital collaboration to boost their productivity. A study by McKinsey reported that online collaboration tools could facilitate up to a 30% increase in productivity. This also saves companies time and accelerates the completion of projects.
Organization is a key to B2B eCommerce team success.
DAM software makes collaboration a breeze by helping organizations manage their digital assets. DAM organizes all files, from text and audio files to images and videos, making it easier to search. As more and more B2B enterprises accumulate data, it has become necessary to streamline data assets to allow employees to collaborate and make business decisions faster. Adopting a single source of truth: reliable and central data source allows all employees to be on the same page and enhance collaboration.
Remote work isn’t going anywhere
Since the COVID-19 pandemic, working from home has become the order of the day, with 55% of businesses globally offering opportunities to work remotely. According to an Upwork Future Workforce Report, 73% of teams will have remote workers by 2028. This means that more companies will adopt systems that allow employees to work seamlessly from anywhere in the world.
DAM can help B2B eCommerce businesses transition fully to remote working by leveraging its centralised system. One of the significant challenges with remote work is access to data. Many employees experience frustration when they can’t access the information or files they need from home. Cloud-based services like DAM make it easy to access all information and facilitates better communication and collaboration among employees. As a result, teams take products to market faster with more accuracy.
5. Access assets exactly when you need them with DAM.
If your files are not well-organized, you will lose valuable time by going through piles of resources. The traditional approach of employees having to wait for team leads before proceeding to the next stage of a project can be time-consuming. With DAM, team leads can make changes and approvals on the go without delaying the project. This saves an incredible amount of time as employees can complete tasks at a more incredible speed.
Easier access, faster content creation.
DAM also simplifies the content recreation process. For example, a graphics designer can easily find existing templates, make necessary modifications, and present them for use again. This saves time and the cost of producing new designs.
In fact, employees not having to spend time searching for assets, projects can run smoothly and faster, increasing efficiency. It also allows them to focus more on revenue-generating activities. Specifically for product marketing, team members can access enhanced digital assets to represent products in a matter of seconds. And when it comes to downloading assets, DAM uses templated export features so you have the exact specifications you need for a certain product or platform, every single time.
Speed can make a powerful statement in B2B eCommerce.
When all teams are equipped with the tools they need to be prepared at all times, everyone wins. Creating an element of buyer confidence is crucial to closing deals in today’s competitive B2B eCommerce market. First impressions with enhanced digital assets and clean catalog templates set the stage for an ideal customer experience throughout the buyer’s lifecycle.
6. Transform user experience, enhance customer retention and brand association.
Every business decision must have the customer in mind. To increase customer retention, you must constantly keep your customers happy. According to Hubspot, customer retention is cheaper than customer acquisition. A mere 5% increase in customer retention can lead to a 25% increase in profit. This is largely because existing customers are likelier to spend more time with your brand.
You may be thinking, how can we keep customers happy? More recently, creating memorable experiences is a huge factor to enticing customers to come back to your brand. A 2019 study revealed that 80% of B2B buyers’ decisions were dependent on customer experience. Yet, many enterprises are still at crossroads on what it means to improve the customer experience.
Where to start with B2B eCommerce customer experience.
For many, the focus is on ensuring customer service personnel are more responsive and solution-oriented in resolving customer complaints. While this is a good move, improving a brand’s customer experience is much deeper than that. The point is, you need a comprehensive plan that incorporates everyone into the vision of transforming the customer experience.
The key to a great customer experience is to deliver on your brand promise consistently. Customers hate surprises – especially the unpleasant ones. They expect that you provide the same message whenever and wherever they engage you. Whether they speak to the product experience manager or the lead salesman, they want to hear the same message across the board. That’s what resonates with them.
Boosted experiences for buyer retention.
Investing in DAM is an excellent way to create a long-lasting customer experience that makes your brand deliver on its promise and retain customers. Let’s examine how DAM can help you boost customer experience and increase customer retention:
- Design a customer experience plan with DAM: Having a customer experience plan weaved around DAM is a game-changer. It allows you to create a stellar strategy that will strengthen customer loyalty and encourage clients to recommend your products. Then, leveraging collaboration between marketers, creatives, and other company members, you can create content to match the ferocious pace of demands.
- Identify assets that resonate with customers: The tons of data assets available can make it difficult for B2B enterprises to target the right prospect. A DAM strategy helps you create a framework for organizing and analyzing data, making it easy to identify customer pain points and creating solutions specifically for them.
7. Simplify content distribution with DAM’s multi-channel integration.
Customer behavior has continued to change over the years, with over 50% of B2B eCommerce purchases happening directly online. This figure is not surprising, bearing in mind that 89% of B2B buyers are on the internet. However, many B2B enterprises find it hard to improve due to the fierce competition in the market. In addition, as traditional marketing becomes less effective, B2B eCommerce marketers must find ways to distribute content effectively.
With DAM, you can easily share and distribute your marketing, product and brand digital assets across different platforms with partners, vendors, field teams, sales as the case may be. By enabling companies to share branded assets with external parties such as freelancers and social media influencers, B2Bs can keep up with brand consistency.
B2B eCommerce buyers shop on more than one platform.
Most importantly, your B2B eCommerce organization can efficiently sell products consistently across all distribution channels. DAM automates the organization process so your team can effectively promote products everywhere they appear to customers. For example, all products listed on Grainger, Ferguson, Fastenal, Zoro, MSC and Amazon need to match each other to avoid confusion for the buyer.
For instance, buyers tend to check multiple platforms before making a purchase. If a buyer sees your lightbulbs on Grainger and also on Ferguson, but the specs don’t match up, they’re unlikely to purchase your product because they don’t know which listing to trust. On top of that, they’re more likely to avoid your brand in the future as a result of the lost trust.
8. Brand portal built-into DAM is critical for B2B eCommerce organizations.
Taking the time to provide digital assets to outside partners in the exact specifications they want, can take hours. Often times, retailers and marketers go back and forth via email countless times before getting on the same page about the correct digital assets for a specific project.
What if there was a way to make the process better?
A handful of DAMs have started implementing built-in brand portals for enhanced sharing between teams and outside partners. Brand portals allow anyone with permission to go into the portal and take what they need. Eliminating the enormous time waste of asset requests can improve workflow processes immensely.
What does a brand portal include?
A brand portal includes all pre-approved brand assets available for use. Anything from brand logos to product videos can be stored in a brand portal. Users with permission can access assets and download for their own use. Marketing managers can customize who has access to what. For example, a new product yet to launch can be available for sales purposes, but invisible to outside partners or retailers.
Ensure consistent branding in B2B eCommerce.
With only approved assets available for the taking, brand consistency is much easier to achieve. So often, when assets are stored in folders and shared amongst team members, original and edited assets can be confused with one another. For instance, when one marketing team member needs a photo with dimensions specifically for Shopify, they may crop an asset and save it as a version. In most cases, this must be done quickly and versions aren’t always saved under consistent naming. This is where things can get complicated. Which version is the original version? Have the images been distorted beyond dimensions?
With the brand portal, original copies remain fully accessible. Versioned assets are no longer necessary, because of brand portal’s customizable export features. Team members are able to set standardized export templates one time to use for asset export at any time. The days of spending countless hours resizing in photoshop are over when you have a robust brand portal.
Improve marketing ROI.
When assets are accessible, they are far more likely to be used. When the right assets are accessible, they are far more likely to be used for the right purpose. The average mid-size B2B eCommerce company spends an average of 35-70% of their marketing budget on digital assets. For that amount of money, companies should be working to ensure there’s a sufficient return on investment (ROI) at the end of the day.
Thankfully, brand portal’s primary function is to position digital assets at the crossroads of quality and access. This increases assets likelihood of assisting in the sale process, exponentially. When assets are used for their primary purpose at scale across all channels, marketing ROI increases in value and optimize sales performance.
9. B2B eCommerce enterprises can optimize sales performance with DAM.
Marketers have been increasingly accountable for the business impact of their activities as marketing budgets have shrunk. As a result, a greater ROI focus has influenced everything from plans to tactics to measurement to technology and processes. In addition, sales teams are required to have the most up-to-date product information for their sales pitches on a daily basis.
With DAM’s automation capability and user based access, marketers have the ability to set the sales team up for success, strengthening their influence on company ROI.
Deploying DAM integration in workflow can be the difference between a sales team that exceeds its business goals and those struggling to achieve essential sales efforts.
Build impressive product catalogs in minutes.
For instance, sales reps are frequently expected to make a presentation and provide spec sheets for a sales pitch while on the go. Therefore, it’s critical to have quick access to the company’s digital assets whenever they’re needed. That is where a DAM comes in handy since sales teams obtain quicker access to brochures, use cases, brand books, and reports.
Let’s say a sales person is preparing a last-minute catalog for a meeting that starts in ten minutes. The sales person wants to have the most up-to-date product information on hand to avoid confusion. They also want to have an impressive, customized, branded catalog with products that are relevant to the interested buyer. With DAM, the sales person is able to log in, select relevant up-to-date products, and export to a branded catalog template in a matter of minutes.
Boost marketing capability.
DAM also aids the marketing team in ensuring that assets for items that have been removed from the market are not accessible by sales teams or partners. Instead of babysitting digital assets, marketers can approve appropriate assets for sales use. This simple step in DAM can free up hours of work for both marketing and sales teams.
10. Never lose valuable B2B eCommerce marketing assets in DAM.
Digital assets take a large amount of time, resources and money to create. When your current asset management system consists of endless folders on your drive, losing assets can be a regular costly occurrence.
Unfortunately, sharing images or digital assets becomes much more complicated when only few team members have access to a folder. Worse yet, many times team members can access folders and accidentally delete or move digital assets without anyone else’s knowledge. In these cases, assets can become permanently lost.
More than just asset storage.
A quality DAM is far more than just asset storage. Digital asset management is exactly that: management. Specifically for marketing managers, an automated DAM provides the necessary tools to optimize content with ease. After content is optimized, marketers have the power to allow team members access to utilize assets as they see fit.
As such, the ability to tag assets with metadata ensures assets are never lost within the system. With metadata tagging, assets connect with correlating data in PIM. Thus, when searching for a product in the system, all relevant content is available for use.
Gone are the days of searching for valuable assets for hours, only to come up empty handed. No more booking a re-shoot of the latest products in your catalog or badgering teammates with the infamous “where is that asset again?” or “can we review our naming strategy again?”
With DAM, all assets are accessible at all times.
Conclusion
In 2021, B2B enterprises that want to have the competitive edge in the market must use DAM to their advantage. Increased brand consistency, optimized repository and secure access to assets all contribute to speedy process and increased marketing ROI.
B2B eCommerce companies must utilize a DAM in 2021 and beyond in order to grow at scale and edge out the competition. Catsy PIM and DAM are purpose built for B2B product optimization. Equipped with robust support for all B2B products and categorizations, Catsy features ERP integration and omni-channel sync for efficiency at all ends of the B2B marketing process.
To learn more about what Catsy can do for your B2B eCommerce company, schedule a live demo or visit the website at www.catsy.com.
