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How to reduce asset wastage

23rd September 2020
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Asset wastage can be a huge problem for advertising agencies. Whether it’s video, audio or graphics, our data shows that nearly half of all created assets never see the light of day. This can be a costly venture for agencies and brands alike, as time and money spent on an asset that never airs is never likely to be recouped.

Wasted minutes can quickly add up to significant losses in business, and advertising is no different. You need every minute to count and everything created to be proving it’s worth, so it’s vital as brands and agencies that you’re doing everything you can to reduce waste.

Discover more about the problems associated with asset wastage and find out how Adstream can help you streamline processes and ensure you lower the levels of waste associated with your business to maximise performance and profits.

Thinking creatively about ways to utilise the assets you’ve already created – or building a set of evergreen, cross-market assets which are designed to be reused – can deliver better results to your clients at a lower cost to you. Investing in quality control measures, including compliance drives, can also push efficiency by reducing the need to take on costly alterations.

Unlike many traditional efficiency drives, these measures can help keep profits in check without negatively impacting KPIs or quality.

1. Reusing assets

Got a last-minute slot you need to fill with an ad? If you already have a range of graphics, soundbites and other assets that can be reused, the cost saving implications can be huge. Smart editing can transform old footage, imagery or copy into something original and entirely fit for purpose.

Creating a library of sounds, a bank of imagery and a well-organised way to search and deploy these can help creatives build campaigns without the need for new assets, saving time and money along the way.

Adstream’s Digital Asset Management system (DAM) can make this process easy by collating what the Ehrenberg-Bass Institute of Marketing Science calls ‘distinctive assets’[1] – slogans, logos and distinctive packaging – as well as the designs, phrases and data points you’ve used in previous campaigns.

The software comes with sophisticated search capabilities which allows you to find assets by colour, the presence of people or taglines to capture a certain mood. Snipping the material your brand already owns and creating something fresh with it can also help to build brand familiarity – it’s a win-win. 

2. Consider compliance 

Take some time to map out the potential stumbling blocks before creative work takes place. This may seem inefficient when you’re passionate about an idea and hungry for action, but the risk of ignoring this step far outweighs the cost.

Advertising rules are extensive and always evolving, so it is important to run a session that checks every aspect of your idea, from concept to script, against the current rules.

Working with a compliance company can allow checks to be done before you create assets, which lowers the risk of falling foul of regulations. Since the cost of starting from scratch can be so significant, this simple way to reduce the risk of wasting assets is incredibly worthwhile.

To keep up with the current rules and risks, check out Federal Trade Commission guidelines in the US, or Advertising Standards Agency resources in the UK.

3. Think glocally

There is power in local advertising, undoubtedly. By tapping into the concerns of a specific place, even the biggest of brands can appear relatable. But complete tailoring can come at a steep cost, so this isn’t always the best strategy.

Instead, it’s often better to standardise the fundamentals of a global campaign to strike a cost-effective balance. Your creatives might design animated graphics which rely on minimal dialogue, so dubbing and subtitles can be added later. Or, they might create a universal template so local customisations – such as keywords, languages and imagery – can be added at the click of a button.

Local ads have skyrocketed since 2016, with the number of searches using phrases such as ‘near me tonight’ growing by more than 900 percent in just two years.[2] This creates opportunity, but it can also create space for inefficiencies to creep in.

Being balanced in your approach means keeping costly elements universal while tailoring the details. 

4. Make it evergreen

The best adverts often become timeless. US-based Discount Tire Company, for example, holds the world record for the longest-running TV commercial.[3] The 10-second clip, which was filmed in 1975, has been aired continuously for more than four decades.[4]

Though a sequel arrived in 2007, it wasn’t long before the original was back on the air. The reason? Flawless evergreen foundations constructed with simplicity. There was no room for seasonal or topical references in the iconic 10-second video, so there was no need to change it.

Where possible, make better use of your assets by resisting the urge to tie them to a specific time of year or to events which have recently been in the news. This makes it easier to reuse creative assets, either as standalone pieces or by morphing them into new content.

At the sense-checking stage, consider if your asset is likely to remain relevant months or years from now. This way, your agency will be set up to keep costs in check well into the future – all while maintaining high standards.

Asset wastage can be a huge problem for brands and agencies, with time and money spent creating them going down the drain.

Reduce asset wastage by reusing them over and over with Adstream’s Digital Asset Management platform (DAM). Our workflow system can help you make your content evergreen, take a global approach and ensure you consider compliance before you pick up your tools. This means fewer assets end up on the cutting room floor, and more budget is utilised effectively.

 

 

[1] https://www.marketingscience.info/wp-content/uploads/2015/08/Measure-Your-Distinctive-Assets.pdf

[2] https://www.hubspot.com/marketing-statistics

[3] https://www.guinnessworldrecords.com/world-records/longest-running-tv-commercial

[4] https://eu.azcentral.com/story/money/business/entrepreneurs/2018/01/05/story-behind-discount-tires-commercial-longest-running-ad-history/1008626001/

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