This week I will be moderating a panel on marketing effectiveness at the Henry Stewart Conference (formerly the DAM/MOM Symposium). For those of you unfamiliar with this conference and this topic DAM stands for Digital Asset Management and MOM stands for Marketing Operations Management (http://www.damusers.com). If you haven’t made plans to attend I hope you will consider it - especially if you have a mid-sized to large marketing organization with a large cache of digital and other marketing assets.
DAM/MOM and Marketing Effectiveness and ROI
When we think about Marketing Effectiveness and Marketing ROI, we typically think of increasing the effectiveness of our marketing spend on outside marketing activities. But we can also think of marketing effectiveness in terms of how effectively we manage the business of marketing. We have determined four key leverage points for improved marketing ROI: Strategy, Creative, Execution and Infrastructure. The DAM and MOM spaces are key elements of the infrastructure dimension. The interesting thing about infrastructure savings is that they have both hard and soft components.
Hard and Soft Components of DAM/MOM Marketing Effectiveness and ROI
Hard components are actual savings in shipping, personnel and reworks. Soft savings come in the form of improved workflow, savings in time and improved ability to act and react in the marketplace. Hard savings are in the range of a few percent of the marketing budget. In most cases this can be immediately re-invested in outbound programs delivering a multiplier effect in terms of new revenue and profit. Further opportunities come from some brands that can make their digital assets available for sale and licensing. Some of the pictures, logos and advertising assets are often highly sought after by other marketers and consumers. Providing these at some nominal price can deliver even further ROI to investments in these systems and software.
I hope you get a chance to participate in the upcoming Henry Stewart Conference in New York. It should be eye-opening and provide all of us with ways to increase our marketing effectiveness.
Please let me know if you have any comments on this critical marketing operations topic. I would love to hear from you.
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