The first question is, what exactly is a Data Management Platform (DMP)?
The Data Management Platform enables marketers to utilize data from various sources to manage their customer journey better, effectively, and efficiently and automatically improve their advertising and marketing campaigns’ performance.
A DMP allows you to collect and analyze data on your customers, including geographic, behavioral, and profile data from every single touchpoint within one place. It gives you a complete view of all your data sources derived from your first-party data and third parties. It is vital because it allows you to activate this data and utilize it to reach your customers with the most precise accuracy possible in a range of marketing channels.
The correct DMP will allow your results to perform in real-time. It will enable you to improve your advertising creative and media buy immediately. The ability to get the 360-degree perspective of your client and how well your campaign is doing is vital for reaching out to a target audience in real-time.
How exactly is a Data Management Platform work?
A DMP collects all your data from every contact you make with your client. It could be a contact point like your mobile application, your website, social media, advertising campaigns, and more. In addition to offline – to store details, inquiries to call centers. The DMP also gathers other data from third parties. It DMP is then able to create audiences and use data to guide the audience into purchasing or executing points.
Then is, the DMP optimizes your results through lookalike audience analysis. A lookalike audience is used to find potential customers who share the same traits as your most successful customers. All your information in one location will allow the DMP to analyze and track your top-performing customers and then create lookalike audiences like it. It is an excellent method to reach out to potential customers and know beforehand that they stand a perfect chance of turning them into profitable customers for your business.
The DMP takes the data from the response and then repeats the process against its gathered data. The process is a continuous loop that is constantly growing and improving to improve your marketing campaigns in real-time and discover new customers for your business.
To summarize, a DMP:
Gathers data from a variety of sources, both online and offline, and even from third-party
Inspires people to buy through the process
Improves the result Collect response data
It’s a loop that leads to infinite improvement and efficiency in marketing. By using audience lookalikes and DMP, DMP can assist you in identifying new groups of people who are likely to purchase and align your marketing efforts with the most appropriate audiences.
When it comes to tackling the needs of the “on-demand consumer, understanding your customer base is vital to allow brands to react to their audience. And offer relevant and personalized advertising in real-time. So let me show you the advantages of what a Data Management Platform can provide you with, and then decide if you think a DMP should be high on your list of 2016 priorities to be successful this year.
Why Do I Need a Data Management Platform?
In an earlier survey conducted by Infogroup, 62% of marketers said. They’re currently investing in data-driven marketing tools, and 26percent are planning to begin investing in the next two years. Marketers are beginning to see the value and are becoming aware of the advantages of a data-driven strategy for marketing that results in more dynamic live customer interactions and, consequently, provides a more satisfying customer experience. However, with all the data available, marketers still find it challenging to make sense of the data. In reality, seven out of marketing professionals have gaps in the capabilities and efficiency of their technology in making sense of the consumer.
A Data Management Platform is a possibility for data-driven marketers. However, with all the tools we can access, it is challenging to integrate all of the data, analyze it in real-time, and act on it to improve our marketing campaigns. One of the significant issues facing marketers today is creating an all-encompassing overview of their customers. We collect data from various sources, including social media, emails, and media campaigns. We also have our website and offline channels like our customer service center. However, when you add the dots, it becomes problematic.
What do you think if you could duplicate the appearance of a Kaleidoscope to provide a unique view of your customer throughout the entire buying journey?
Well, you can. The best solution is to install a Data Management Platform that will let you break. Through the silos and integrate all your data into one location.
What are the primary advantages of DMP?
Integrating the DMP into your marketing strategy will allow you to become a more intelligent, efficient, and data-driven marketer.
In addition, they are the primary advantages that DMPs provide. DMP can offer and consider:
A robust data collection system can collect different offline and online sources.
Structure and classification of data The ability to organize your data according to the characteristics of the user. To allow the future of segmentation and engagement. And flexible events and assigning value.
Integration with platforms for buying media (networks exchanges, networks, DSP)
Integration with 3rd and 2nd parties data providers
Centralized analytics and reporting provide information at the level of a campaign and an audience.