If there’s one thing that’s certain in this world, it’s change and evolution. Science believes in evolution, but here, we won’t talk about any Darwinian theories. Instead, we’ll have a look at the apparent and obvious change in the brand asset management industry.
The BAM industry has gained significant popularity in recent years. Although the market for digital asset management (DAM) was already expanding prior to the pandemic, it experienced rapid growth during that time. As many people transitioned to remote work, the demand for effective digital asset solutions surged. Teams across various functions—operations, creative, and marketing—required DAM solutions that facilitated organization, synchronization, collaboration, and distribution of their digital files internally and externally across multiple channels.
As a result of this shift, the DAM industry is projected to reach USD 8,159 million, with a remarkable compound annual growth rate (CAGR) of 18% from 2022 to 2030.
In this article, we will explore the future trajectory of the DAM and BAM industry and the impact of evolving technologies on brand asset management.
Are Digital Asset Management and Brand Asset Management the Same?
Before we go any further, let’s clear the basics.
Digital Asset Management (DAM) refers to the process of creating, organizing, and distributing media content. Any digital content that contributes to the recognition of one’s brand is called Branding assets, and the process of managing these assets is called brand asset management.
While these two terms may differ, they are often used interchangeably in various contexts. Importantly, BAM is considered a sub-branch of DAM, meaning that the overall changes and advancements within the DAM industry also impact BAM practices.
What the Future Holds for the Digital Asset Management Industry
The pandemic made the idea of working from home globally accepted, and it’s a trend that Deloitte anticipates will persist in the long term. As a result, the DAM industry experienced a significant surge, with expectations for continued growth in the future. However, it’s important to note that DAM is more than just sharing, organizing, and receiving files. Even WhatsApp allows you to do that.
DAM platforms provide a robust framework that allows users to distribute content across various devices, systems, and repositories seamlessly. By utilizing Application Programming Interfaces (APIs), these platforms can handle and deliver any type and amount of assets quickly and effectively. Here are three basic factors that are shaping the future of the DAM industry:
- The Evolving Market Landscape
The basic idea of branding is to connect with your audience and promote leads. Traditionally, if you had nicer quality poriudtcs/services at a better rate, you’ll foster brand trust and your branding efforts would be fruitful. But now, brand trust is much more than just services and rates.
Recent studies show that 81% of consumers prefer to buy from brands they trust. So, what are the pillars that build this trust? The simple answer is your core values, your mission, and your cause. This should all be reflected in your digital and branding assets seamlessly and act as a subtle CTA to promote leads. In addition to these foundational elements, advancements in technology, particularly in Machine Learning (ML) and Artificial Intelligence (AI), are transforming the Digital Asset Management (DAM) industry.
- More Emphasis on User Experience
Your brand isn’t meant to be everything for everyone. It’s meant to be something special for a specific audience. Even among that audience, personal opinions and behavioral patterns will vary depending on age groups, location, income, etc.
Now, with the advent of DAM tools, you can cater to all these audience groups in an unparalleled fashion. With DAM tools, you can create content to target each group personally and drive results. Moreover, DAM tools allow you to integrate behavioral insights and consumer data with content delivery strategies to deliver the right information at the right time, enhancing the relevance of your messaging.
- Higher Focus on ROI
Who doesn’t want a strong return on investment (ROI)? Ideally, we all dream of starting a business with just a few bucks and scaling it into a million-dollar enterprise. But that’s impractical. So, we are focusing on maximum ROI. Organizations today prioritize initiatives that drive revenue growth, enhance productivity, and create lasting brand value.
One of the primary motivators for adopting Digital Asset Management (DAM) systems is their expanding capacity to deliver improved ROI. As the market evolves, DAM solution providers are shifting their focus from traditional benefits to value-driven features and functionalities that can significantly impact an organization’s bottom line.
Emerging DAM Trends
These three fundamental shifts in the industry have led to the emergence of several trends within the Digital Asset Management (DAM) sector, the most influential of which include:
DAM Platform as Centralized Space
Different designers specialize in various platforms, and not every designer excels on every platform. This principle applies to other digital assets as well, such as articles, files, and video content.
Digital Asset Management (DAM) tools now provide a centralized space for all digital assets. These platforms facilitate third-party integrations, allowing employees and stakeholders from diverse sectors to access everything from one centralized location.
Personalization and Targeted Content Delivery
Most DAM tools offer insights into marketing strategies. Organizations can leverage these insights to target different audience groups with a personalized approach and create an unparalleled customer experience.
Instead of adopting a one-size-fits-all approach, customers prefer personalized treatment. This tailored content increases engagement, drives conversions, and fosters stronger connections with target audiences, ultimately increasing sales and leads.
Enhanced Collaboration Features
In a traditional office setting, you could easily ask your boss, manager, or senior colleagues to review your project and provide insights. However, this can be inefficient in a remote work environment. Fortunately, Digital Asset Management (DAM) tools have made this possible and seamless.
Modern DAM systems are focusing on improving collaboration among teams, enabling real-time editing, commenting, and sharing of digital assets. This fosters teamwork and accelerates the content creation process. At the same time, it ensures that all stakeholders are aligned and can contribute efficiently.
Integration with Marketing Tech Stacks
There is a growing trend of integrating DAM systems with other marketing technologies such as Customer Relationship Management (CRM), Content Management Systems (CMS), and social media platforms.
This interconnectedness streamlines workflows and enhances the ability to manage campaigns, track performance, and analyze data across multiple channels.
Focus on Brand Governance and Compliance
As ethical regulations become increasingly prevalent across various industries, companies are turning to Digital Asset Management (DAM) systems to streamline compliance processes. Whether your organization needs to adhere to the General Data Protection Regulation (GDPR) for international operations, the Health Insurance Portability and Accountability Act (HIPAA) for healthcare, or the Americans with Disabilities Act (ADA) for accessibility, DAMs can ensure that all compliance standards are met throughout the lifecycle of a project.
To achieve this, DAMs offer structured workflows that guarantee all compliance requirements are fulfilled. This includes defining steps for review and approval. Additionally, DAMs ensure that only authorized personnel can view, edit, or share sensitive assets.
In a Nutshell:
At the bottom line, evolution is an undeniable truth in our world. As we transition to a more remote work environment, the need for Digital Asset Management (DAM) platforms is becoming increasingly vital. These platforms streamline operations, foster connections, and ultimately drive sales.
Ethos is an innovative platform that offers all the robust features of an effective Digital Asset Management (DAM) system, allowing you to stay ahead of market trends. With integrated AI capabilities, you can create targeted assets that effectively convey your message and drive leads. Experience the benefits for yourself with a 30-day free trial—no credit card required!
