It is essential to update your branding assets from time to time as per the trends. But do you know how much you need to invest in each and how to manage the Return On Investments on each of your brand assets? This blog will walk you through a few well-known examples of digital brand assets and how to manage ROI on them. But before we get to that, let’s understand brand ROI?
What is Brand ROI?
A strong brand attracts customers who may be willing to pay more and buy more often at a lower cost per acquisition. Your brand’s purpose usually boosts brand awareness and ROI while also boosting other marketing and brand efforts. A clear and robust brand purpose can yield compelling business results and brand association. Brand awareness brings you and your audience together through the packaging and the essence of your brand, the memorable brand experience, and the stories your customers tell about your product or service.
Whether created through business meetings, website visits, company representatives, logos, taglines, jingles, messaging, customer services, and other brand assets, the brand ROI can significantly help your business. Strong brand ROI can result in frequent word-of-mouth recommendations, increased brand reach and awareness, traffic, sales conversions, improved reputation, and business growth.
What Are Branding Assets?
Brand assets are elements, such as your brand logo, color scheme, packaging, jingle, or fonts, that help people identify your brand. These elements become branding assets only when customers can easily associate them with your brand. If any of these elements lead your audience to a different but similar brand, it is not considered an asset. Here is a brand assets list:
- Company Name
- Color Schemes
How to Manage ROI in Brand Assets?
Here are three ways to effectively manage and increase ROI on your branding assets:
1. Involve Relevant Stakeholders
It is crucial to involve the concerned stakeholders when investing in a brand asset. They help and give you the right advice on how to present it, whether the asset needs any modifications, how much to invest, how it will benefit in the long run. When creating a new brand asset, involve all relevant stakeholders on board with the investment it will take to create one. It depends on the situation you're starting from. Relevant stakeholders usually include but are not limited to the board of directors, employees, management, business partners, and your customers.
2. Track Performance of Your Brand Assets
When it comes to optimizing and increasing your brand ROI, taking decisions based on gut and intuition does no good. You need solid data that you can rely on. If you don’t track the performance of your digital assets, i.e., typography, logo, typeface, ad creatives, color palettes, ad copy, images of products, etc., you wouldn’t know which branding assets and marketing initiatives aren’t effective. Suppose there is an ad creative you’ve been using in your marketing strategies; it is crucial you understand how well it is doing or not working at all in the real world.
3. Use Digital Asset Management Software
Suppose your web design or one of your external design partners needs the new logo format and color palettes for a landing page or ad creatives they are working on. What if they can’t find those assets efficiently? Their valuable time is wasted hunting them down. Hence, you must incorporate effective brand assets management techniques to help your employees quickly find what they need when they need it. This is where DAM (Digital Asset Management) software comes in. By integrating a Digital Asset Management solution into a marketing tech stack, you can quickly increase ROI. It helps easily find digital assets by searching for keywords and other metadata, significantly reducing time spent searching for files. Furthermore, it also enables people to use branding assets and related files correctly and legally.
Now that you know how to manage ROI in brand assets effectively, you can integrate the above-given methods into your brand assets management system. Moreover, given the advantages, it's beneficial to invest in a DAM solution for better optimization and increased brand ROI. If you want to add any more tips for effective ROI management in brand assets, you can share them in the comment section below.