A big part of the efficiency for any marketing department stems from how they manage assets. Brochure templates, logos, business cards, swag, pamphlets–in a perfect world, all these designs are stored in one centralized location. But not all companies live in this perfect world–or even know that it exists. These companies are losing money every day in wasted time, employee burnout, and even overspending on printed materials. In fact, one study by Gartner found that many organizations could save 10-30% on printing simply by better managing their processes. Here are recommendations on how saving money with marketing asset management and re-investing that budget into projects makes a bigger impact.
SOFT COSTS IMPACTED BY MARKETING PROCESSES
Cost 1: Wasted Time
You brought your marketing team aboard to broadcast your company to people that need your goods or services. Instead, these experts might be spending too much time doing things like tracking internal orders, making sure deliveries are sent to the right place, and confirming inventories of marketing materials are stocked. Meanwhile, important projects are left on the back-burner, or phoned in at the end of the deadline. This waste of time is a hard-to-calculate soft cost, but it’s also part of the way that marketing teams are estimated to waste 30% of their budget. Your talented team of marketers is getting paid to develop new and exciting ideas to help get the word out about your company. They aren’t there to sit at a computer and figure out if your brochures got to their intended location.
Cost 2: Employee Turnover
Asset management software can also help eliminate turnover. Each turnover costs a company $10,000 in additional training, outside the other expenses of the hiring search, salary, and benefits. According to ZipRecruiter, the top 5 reasons for employee turnover include reasons like lack of professional development, lack of communication, disconnect from higher-ups, and employees getting blamed for things beyond their control.
All these effects in a marketing department can be direct results of inefficient business processes. One study showed that 90% of respondents only spend 25 minutes or less a day on creative business ideas. The rest of their days are eaten up by other tasks, calls, or meetings. Right now, you could be paying marketing experts to do busy work that they resent, or you could use a management asset tool and keep employees happy and on track.
BRAND MANAGEMENT AND CHANGE ORDERS
Companies who present their brands in a consistent manner are 3 to 4 times more likely to be recognized by consumers, which can be linked to a 23% increase in revenue. But brand consistency can be difficult to control for a business with many locations or a small team working with many stakeholders. On one hand, there must be a control to keep individuals from making unilateral branding decisions. Someone might decide to change a font or a logo because they think it looks better, even if it goes against the company’s style guide. Conversely, people also need some level of customization available to them. Someone might need to change an address or phone number to fit their location’s specific brand quickly, yet find that the template is locked, and changes are hard to make.
Asset management software with a built-in content editor can allow both ends of this need to be met. Different departments can have complete control of their printed materials by approving specific editing power for specific users. You can grant approval to change addresses on a brochure to some and the ability to change logos to others. They can make these edits without having to get new approval or start from scratch in a template. You can also restrict editing abilities on like colors, fonts, and logos. Editing options can be locked so that no one prints material that’s wildly off-brand or out of compliance. Best of all, consistency will increase consumer recognition and lead to more revenue. For this reason, this type of marketing asset management pays for itself over time.
Approval Power and Cost Control
A marketing team juggles many different time-sensitive projects at once. Many times, rush projects get held up in the approval process. In fact 37% of marketers find that waiting for approval delays their projects for up to 3-4 days. Nearly 20% say that the delay costs them a week!
Some marketing asset management systems come with approval workflows built in. The software can send an automatic message to the individual who needs to give the go-ahead. These tools can also provide the ability for costs to be assigned to different cost centers, helping achieve transparency in spending and control individual budgets. The approval process is automated so as soon as a request is made, an email is sent to the person who needs to approve it and can then do so with a few clicks. While investment in these systems can be a hard cost that some departments don’t want to take on, the soft cost savings in frustration, delays, inconsistent branding and wasted time and brings great return.
Many people say that print is dead. However, a recent survey showed that 4 out of 5 small business owners say that printed materials led to higher profits. However, this is only the case if your printed material is of high quality. Another study shows that 85% of consumers think the quality of the printed materials equates to the quality of services. So, if your printed material is sub-par, people will assume your services or products are sub-par, too. This soft cost can also be corrected by an asset management software that connects all needed materials to one print provider whose work you trust.
Of course, quality goes beyond the physical product to the security of your information. Compliance, documentation, and reporting are three different security risks. It only makes sense to have one reliable partner monitoring all three of these risks. If HIPAA is a concern for your company, for example, you need one company that knows the law and takes active steps to maintain both security and compliance.
Many businesses don’t realize how much poor processes cost them until they deploy a solution to correct the issue. Choosing an out of the box solution for this task is its own challenge. Those tools require teams to adapt the way they work to the functionality of the software. We believe it should go the other way around, and the software should change to fit your needs. Fineline Printing Group works with you to customize our proprietary asset management portal Finelink, to your business processes. Let us help you solve your business challenges with solutions that will last and grow, so you can start achieving success with a firm footing.