content is king
While many advertisers and procurement professionals work feverishly to reduce costs and maximise their buying power, there is one tangible asset that is regularly overlooked.
In this edition of P3-news we look at the value of your digital assets, what they are and how you can maximise their value for your business.
Check out the new P3 blog at http://www.p3.com.au/blog/
In this P3 e-news...
- the cost of content creation
- question time - ask P3
- the invites are out
- P3TV online benchmarking system
the cost of content creation
One of the most overlooked assets is the digital asset created by the advertiser's agency, design companies and direct marketing companies. It seems that for many advertisers the production process is a consumable one, with new advertising created with each campaign and then once run, usually relegated to at best a "guard book" at the agency.
What are digital assets?
Digital assets comprise photography, illustration, logotypes, design templates and the like. But increasingly this can also include moving digital assets such as film and video footage from commercials and corporate and training videos and music and audio tracks from radio, on-hold music and the like. Basically any creative or production element can be now stored in a digital format on a server or similar storage system.
Why are they assets?
Firstly in each case there is a financial cost or investment inherent in creating these elements. The initial investment is often just seen as a cost of production, and if the elements are discarded then they are simply that - a cost.
Secondly, if these elements are stored in a system that allows version control, systematic access and cataloguing then these become assets that can be reapplied and re-purposed to create new materials with minimal cost, thereby realising the value and providing a return beyond the original investment.
Finally, these assets appropriately managed can add value to your brand and business. Likewise, mismanagement through incorrect version control and the use of old or out-dated assets can negatively affect the value.
What are the obstacles?
The obstacles to realising the value of these digital assets:
1. These assets are created by external suppliers and often reside in their control. Some suppliers are unwilling to provide copies of these to the advertiser, even if they are contracted to do so, because they see that possession of these can provide assurance for the continuation of the relationship.
2. The assets are often encumbered by poor negotiations and agreements regarding talent fees and copyright ownership, which makes the realisation of the value of these assets complex and costly.
3. Few advertisers can justify the time or financial investment to collect the assets and populate a catalogued storage system because they are unable to determine the value of such a system to build a business case.
What are the opportunities?
There are many products on the market and many suppliers who can provide these services to advertisers, relatively cost effectively. By undertaking an audit of your current digital assets and reviewing your future requirements you can determine the potential value such a system would deliver.
To find out more on how to protect and realise the value of your digital assets, contact firstname.lastname@example.org or call Sydney 02 9279 4997 or Melbourne 03 9682 6800.