Data is always being put on the line with critical and vital info-marketers and data. Handlers don’t have it easy when they are dealing with high quantity amounts of information every day.
Marketers and marketing teams don’t have it easy. There is a lot of data available on prospects and customers. That means the data has to be organized, understood, and used in the right way, without an organised system that collates, segments and uses data. Marketers are merely going to drown in data.
The good news is that data can be managed, and quickly too. All of the work involved in collecting data and organising that data can be controlled by something called a Data Management Platform (DMP).
So What Is It?
A Data Management Platform simply allows marketers to gather data from multiple touchpoints (including the third party) and then use that data in an optimised way, helping to produce more ROI for the brand.
A more important fact is that there is a robust analysis element, so not only does the DMP allow for data collection, but also data analysis. It is using that data to come up with decisions that can actively improve marketing outcomes. In other words, a DMP allows a brand to enhance the marketing it has, even with a large amount of data.
Suppose a brand has ‘real world’ premises, like a store, for example. Customer data can be further collected from that touchpoint. Email marketing, website visits, and interactions on social media are all included too.
Then, the DMP creates lookalike audiences. Matching current customer data and marketing preferences with similar prospects allows marketing to become more intelligent as similar potential customers receive the same marketing as those who are already being marketed at.
As more responses come in from new audiences (created by lookalike audiences), that new data used to develop more lookalike audiences. This process is repeated by the DMP over and over. So that leads and prospects are immediately pulled into a very sophisticated marketing system. Essentially, the DMP automates a very complicated area of marketing, creating the right content for audiences, and then scales it up.
In the current climate, where marketers have to know their customers inside-out, a DMP can make a massive difference to the impact of their work.
Why Is It So Powerful?
It doesn’t take a genius to understand how knowing customers better can help your company make better decisions. Still, there are a few other aspects that make a DMP incredibly beneficial.
First up, a suitable DMP will ensure that every dollar spent on advertising will be a targeted dollar. Because the DMP is working to make sure that targets are the best possible ad and marketing experience, it’s optimization for the right reasons. You’re going to be getting more lucrative outcomes just by using a DMP.
It has a low barrier to entry, which means that companies and brands that don’t have a lot of money to spend on. Prospecting and marketing can use one solution that simply optimises what you have, which means that all companies can gain from the DMP benefits.
Another benefit is that a DMP allows optimization across multiple touchpoints. A massive big deal. Because the true nature of data management means the entire marketing process can benefit from it. Finding similar audiences is excellent. Being able to capitalize on this critical information across marketing as the total output is better.
The On-Going Benefits
While a DMP may seem a little simple at first conceptually, the outcomes are sophisticated and practical. You have a platform that takes all of your marketing info. From a wealth of sources, which then finds new ways to market to prospects you haven’t even worked on yet, is just the tip of the iceberg.
Salesforce has its DMP, and it has built up quite a reputation over time. Many companies that use it focus on some key features. Tagging that enhance the overall DMP experience is a crucial feature.
The Supertag feature allows publishers to re-target customers more efficiently. The DMP handles the tags effortlessly, with the result being a considerable time-saving feature.
Known now as ‘Audience Studio,’ the DMP offers navigation of data and an automated approach to data usage. Interestingly, the software utilises the ‘world’s largest device graph’ to effectively map out all touchpoints customers are further involved with.
Another key feature that makes a big difference is the way Audience Studio allows you to measure out marketing. This fits the needs and preferences of audiences perfectly. This DMP helps you to understand customers better, and a big part of that is knowing when to send them your next email.
How And When To Get A DMP Established
It’s fair to say that many marketers get exposed to multiple marketing campaigns themselves. They are then being asked to buy different platforms and solutions all the time. But to further make the right decisions takes an understanding of the real value to your company of a DMP. By that, we mean the actual cost right now.
Your first concern is learning what it is your company does and how it fits into the idea of ‘big data.’ A brand that works correctly in the B2C arena has bags of data to wrestle around. A right DMP could be the one tool that helps take care of all of that. The effectiveness of the outcomes after the data was crunched adds plenty of value. Not only are you handling a ton of data, but you’re gaining ROI too.
It is not the case that a B2B company doesn’t need a DMP, but the reality of having hundreds of data items every day is something that B2C companies are more familiar around.
Another critical concern here is the nature of the company you work in collaboration with to get the best results. Some companies and organizations have massive controls placed upon them for data security. A DMP will handle that very carefully because DMP platforms built around compliance are essential.
You will also gain more out of a DMP when it comes to customer retention. This is because once the data is in the system. It is always reviewed and looked at more. It was building up to the next campaign to keep customers and leads. So if retention is a big deal for you (the perfect example is an online magazine that relies upon people subscribing), then this a DMP makes ideal sense. It’s not about ‘one and done.’ It’s about nurturing and servicing clients over time.
Want to learn even more about DMPs? Have a look ‘here’
One other ideal outcome is when a company gives it’s marketing to an agency. The secure nature of a DMP helps, of course. But the fact that so many agencies used to deal with lots of data means it will fit into their way of working. Much more easily.
A suitable DMP will bring plenty of value to an organisation. They are investing in a good one that meets all of your needs with data, which could make all the difference when marketing campaigns are being steadily rolled out.
Gravitai is extremely experienced in providing knowledge around Data and GDPR. If this is something you would like to discuss further. Please ‘Contact Us’