Digital asset management (DAM) is a system that helps you organize, store, access, and distribute your digital content. But how do you know if your content is performing well and delivering a return on investment (ROI)? In this article, we'll explore some of the best metrics to track content performance and ROI in DAM, and how to use them to optimize your content strategy.
Usage metrics tell you how often and how much your content is being used, both internally and externally. They can include downloads, views, shares, embeds, conversions, and revenue. By tracking these metrics, you can see which content is most popular, which channels are most effective, and which content generates the most value for your business. You can also identify any gaps or opportunities in your content portfolio, and adjust your production and distribution accordingly.
Usage metrics are pivotal in understanding and realising the real-world application and value of your digital assets to your company. By focusing on essential KPIs such as: - asset utilization - metadata accuracy - user adoption - asset downloads - workflow / approval efficiency - user satisfaction - cost savings businesses can gain a comprehensive view of their content performance and ROI. THey also help in identifying new opportunities for growth and efficiency in your digital asset management system over time.
Most platforms will harness metrics on all content. It may need switching on at admin level but it'll be there. Using these to your advantage will help understand what kind of content is performing better than others, especially when looking at a large user group who has access to your DAM - such as the media
Engagement metrics tell you how your content is resonating with your audience, and how they interact with it. They can include likes, comments, ratings, feedback, dwell time, bounce rate, and retention rate. By tracking these metrics, you can measure the quality and relevance of your content, and how it influences your audience's behavior and perception. You can also test different variations of your content, and see what works best for different segments and personas.
If you have information or metadata detailing how much the organization spent to develop/produce these assets, you can also get more precise metrics on the value of each asset and an understanding of which assets to create more or less of in the future.
Efficiency metrics tell you how well your content is managed and optimized, and how it impacts your operational costs and resources. They can include creation time, approval time, update time, storage space, duplication rate, and error rate. By tracking these metrics, you can evaluate the productivity and performance of your content team, and the effectiveness of your DAM system. You can also identify any bottlenecks or issues in your content workflow, and implement best practices and standards to improve your content quality and consistency.
One of the greatest sources of efficiency offered by DAM is reducing the time it takes to find the right asset. Organizations I have worked with have said that setting up DAM successfully has saved them about 25% of staff time which was previously used combing through folders and network drives to find the right asset to reuse or modify.
Finding, sharing and reviewing assets takes up the largest majority of time. This is all changed with a DAM. Being able to measure those metrics will help you understand how successful your DAM is and what sort of percentage adoption you've had.
Impact metrics tell you how your content contributes to your strategic goals and outcomes, and how it aligns with your key performance indicators (KPIs). They can include brand awareness, lead generation, customer satisfaction, loyalty, retention, advocacy, and revenue growth. By tracking these metrics, you can demonstrate the value and ROI of your content, and how it supports your business objectives and vision. You can also align your content strategy with your organizational priorities, and communicate your results and insights to your stakeholders.
Benchmarking metrics tell you how your content compares to your competitors, peers, or industry standards, and how it positions you in the market. They can include market share, ranking, reputation, sentiment, differentiation, and innovation. By tracking these metrics, you can assess your strengths and weaknesses, and identify any gaps or opportunities in your content landscape. You can also learn from best practices and trends, and adapt your content to changing customer needs and expectations.
To track metrics, you need to use analytics tools that can collect, analyze, and visualize your data. These include your DAM system, which has built-in analytics features to track usage, engagement, and efficiency metrics. You can also use Google Analytics to track web traffic, conversions, behavior, and performance metrics. Social media analytics tools are available through each platform to track content reach, engagement, and sentiment. Third-party tools like Hootsuite or Buffer can manage and monitor multiple social media accounts. Content marketing platforms like HubSpot, CoSchedule, or Contently are also useful for planning, creating, distributing, and measuring content across different channels and stages.