October 5th, 2017
What can a Data Management Platform do for marketers?
A Data Management Platform: what can it do for you?
You probably hear people talk about data on a daily basis. From top-line figures to spreadsheets with thousands of rows, the amount of data that we have to deal with can be overwhelming and challenging.
Difficulties first arise when data needs to be processed, digested and disseminated. In digital marketing campaigns, it is especially important to be able to analyse the behaviour of all of your customers, and be able to generate useful insights from this analysis.
Misinterpreting your data can give rise to misleading conclusions and produce red-herrings, all of which can result in missed opportunities and poor overall results. To avoid this, you need to make full use of your data; the best way to do this is through a data management platform.
Do you need a data management platform?
- Run various online campaigns across multiple ad networks, exchanges and publishers?
- Want to have an in-depth overview of your digital advertising strategy?
- Want to understand your customers and cleverly target and re-target specific segments of your audience?
- Want to make smarter media buys improving overall ROI?
If so, you should consider using a data management platform.
What can a data management platform do for you?
• Consolidate and centralise all analytics – from multiple sources into one data platform.
Let’s say you’re running your online business and you have your site analytics in one place, a CRM database, and you buy media through a demand side platform (DSP). Each source gives you data that is meaningful by themselves, but that could be even more ‘powerful’ if they were related to one another. With a DMP, a marketer can easily centralise and connect the audience data that comes from multiple systems into a single interface, producing a comprehensive view of their digital advertising activity.
• Retargeting: Trends and Audience segmentation
One of the benefits of having an aggregated view of your data is that you can extract a series of trends related to your customers’ reactions to your campaigns. Once you understand your audience’s online behaviour, you can use this information to create appropriate segments. Each segment will include users with the same or very similar responses to your media campaigns, and can be served relevant content accordingly. In other words, by aggregating such information, a DMP allows you to target, and retarget, exactly who you want and how you want.
• Site optimisation
DMPs are useful for more than just display targeting and retargeting; once customer segments have been defined, this can be used to customise your website to suit your customers’ needs. Your website can be tailored to personalise landing pages, to deliver different content depending on the segment this visitor falls into.
The DMP allows for data integration with the inclusion of third party data to acquire anonymous data to achieve higher precision and thus greater accuracy in targeting campaigns. The DMP allows you to learn more about specific audiences and how you should be targeting those who are more likely to convert.
• Combine offline and online data
A great advantage of a DMP is that, thanks to what we could call a ‘feed-me-all-your-data’ structure, you can input your online data as well as with your offline ones. Matching up online and offline information provides you with a full view of your users’ behaviour allowing you to further increase the accuracy of your segments.
• Make smarter media buys
Once your data (online and offline) is all in one place and your audience is segmented into specific groups, you can rethink/ rearrange your media buys, making them more relevant to your target audience. Doing this will not only allow you to optimise your media assets per audience in a cost-effective way, but it will also increase conversion rates thanks to the relevancy of the targeted messages – all to increase ROI.
• Cross-channel attribution
With a DMP you can track how your channels are performing, where they sit on the purchase funnel and understand how your audiences interact with the channels and which segments respond to which channels.
You can also have visibility on the ROI of each campaign delivered against each segment – this provides you with a 360-degree view on performance, allowing the marketer to quickly adjust media buys and refine ad creative over time, in an informed manner.
In summary, if you have a vast amount of data, from various sources, and you feel challenged in making a good and insightful use of all of them, it’s probably time for you to consider investing in a Data Management Platform – this will serve as a central platform to consolidate your data and, once implemented, it will help you understand your customers, cleverly target/ retarget specific audience segments and make your data really powerful, in a cost-efficient, easy to use manner.
If you’d like to take the next step and get some guidance on DMPs out there, then get in touch with Stream:20 and we can help you choose the DMP that best suits your needs.