How much time do you spend looking for your house keys every morning? Perhaps hardly any. There is one set and it always lives in the key drawer. On the other hand, maybe two or more people in your household have a copy. Do they all put their key in the same drawer? Or does one set live in a handbag and the other in a desk drawer? And perhaps one of those sets also has the key to the shed, which means hunting down either that set of keys (or its owner!) every time you need to get the lawnmower out.
It’s amazing how much time you can lose looking for keys. It is one of life’s little frustrations. But, when you translate the lost key metaphor to the business world, a little frustration can become a rather large and costly problem.
Take a typical nationwide retailer, for example. Serving grocery products to tens of millions of customers across different regions, demographics, and taste profiles means tailoring the marketing of a wide range of communications across print and online, as well as managing merchandising, product information, and inventory.
Content surrounding these products and their messaging is changing all the time. Each department has its own need, its own priorities, and therefore a strong tendency to work in its own information silo. But companies whose departments don’t work in lock-step with each other, can quickly find their content strategy spinning out of control. Brand messaging isn’t consistent, errors multiply, and assets duplicate over and over - all of these issues cost extra time and money.
Centralizing this information into a single source of truth is the key to minimizing those errors and improving productivity, boosting personalization and marketing effectiveness. However, the latest research commissioned by censhare has discovered that a large number of organizations still have no form of a centralized content management system, and it’s hindering their operation as a result.
In The State of Universal Content Management 2020 , a research report produced by London Research in collaboration with censhare, 74% of those surveyed agreed that they could add significantly more value to their business if only the volume of content-related marketing admin was reduced. A further 59% admitted that, in their opinion, their business wasted considerable time and money on content related tasks. The research also found that the more established the company, the more likely they were to be struggling to achieve effective content management – actually nearly a fifth (19%) more likely – because the larger a business becomes, the further its content assets are spread and held across departments.
Difficulties in sharing information are among the biggest issues facing large companies (more than $50m turnover), according to the research. With the pressure on to deliver a much more integrated, omnichannel experience to the customer, as well as enabling employees to deliver this experience, these challenges are only going to get tougher.
The benefits of a centralized content management system are not theoretical. The research found that industry leaders were, on average, three times more likely to have advanced content capabilities, with integrated print and digital workflows, assets that were easy to find and use, and an overall approach geared towards efficiency that ultimately reduces content costs.
Indeed, one such large national retailer implemented censhare to gain control and oversight of all of its product information. As a result, it was able to streamline the production of its advertising materials and manage its promotions much more effectively – with 75% efficiency gains and pricing errors eliminated.
But the research illuminates much more, shedding light on a myriad of content management issues which a variety of companies and their marketeers are currently facing, and the reasons behind them. It really is a fascinating read, and its insight could help you to understand the areas which adjustments to your content strategy are most likely to positively impact the bottom line.
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Exclusive research based on a study of over 700 marketing and business professionals, exploring the current state of their integrated content management and the winning strategies of industry leaders.Download Now