This is the second part in our “Data Management Platform” series of articles. In this part, we will outline the 10 key benefits to use a Data Management Platform. You can find the first part here . Are you as a marketer starting to wake up and smell the coffee about the connection between ‘Big Data’ and ‘Real-time Advertising’? Have you finally noticed how these terms have come to dominate the lexicon of the marketing press? Well, if you haven’t we’ve got something to say about it. This all got started by the consumers’ increasing levels of digital media consumption across an ever widening plethora of devices and touch points. Aside from the positive impact on the digital advertising industry, the adoption of a DMP above all solves a range of different business challenges and thus its channel-agnostic role continues to expand beyond the remit of just the digital world. Let me show you how in today’s day and age it is crucial to use a Data Management Platform and how you can’t go on without one.
10 Key Benefits to Use a Data Management Platform:
1. 360 degree audience intelligence: By connecting different offline and online touch point data, a DMP creates the capability to identify the same consumer across multiple touch points and devices. This creates a true all round view of the customer journey, collecting data from a diverse variety of sources from first ‘pre-customer’ engagement to last conversation. An absolute must for any brands wishing to adopt a customer-centric approach to marketing.
2. Activate customer data in real-time: In an era of ‘on-demand’ consumerism it is essential to be able to respond to customer’s active moments. A DMP enables a brand to use whatever is known about its customer data in real-time across a variety of channels and touch points.
3. Improve advertising performance and efficiency: Being able to identify your most valuable target audiences is critical to optimizing your advertising performance. It is equally important to make your media buying more efficient, thereby increasing ROI, reducing wasted ad spend and increasing market share. With digital re-targeting achieving in some cases 200% improvements in conversion it’s no wonder that advertisers are keen to use data to drive performance improvement.
4. Lookalike modeling & third party data access: What better way to increase the reach of your prospecting efforts than using the digital profile of your most valuable customers to find prospects in the higher funnel that look similar. A DMP does not only leverage your own customer data to identify the right prospects to target, but also allows you to access third party audience data to help you extend your reach.
5. Multi-channel message synchronicity: The ability to synchronize messaging across all channels, either through a campaign management platform or multi-channel execution engine is entirely dependent on the collection and unification of customer data in order to evaluate the next best message, through the right channel at the right time. A DMP, with its ability to integrate with many systems, makes this happen.
6. Improved personalization and relevancy: Being able to personalize on an individual basis, and based on a unified view of how the user actually interacts with the brand. This enables brands to massively improve the relevance of their content and choose more predictive business rules to decide on the best content to show to the user.
7. Multi-channel privacy controls: Point solutions simply cannot control privacy across multiple touch points. As privacy laws extend across an ever wider set of digital devices, DMP is best placed to keep track of communication distribution based on centralized privacy controls. 8. Media transparency: DMPs not only provide unified campaign reporting but also a global view of your media spend and performance. It can help you identify and minimize ad fraud since display can be optimized around viewability.
9. Data ownership: The ability to control data ownership safeguards leakage to other third party systems that may be indirectly using that data to assist the optimization of your competitors. As stated by the CEO of OPONWEB, “There are inherent conflicts between the goals of the advertiser, agency and demand-side platform respectively when it comes to programmatic media buying. Controlling the technology itself ensures that you correct this imbalance and are able to maximize your desired outcome.” Being the owner of your own data not only ensures control but also ensures the minimization of data leakage.
10. Strengthen analytics capability: At last, the normalization of multi-channel data collected through the use of a Data Management Platform gives brands the most accurate basis possible for sales attribution and marketing performance reporting. Moreover matching unequal data sets to the same customers helps to create meaning and context behind the data helping to drive a more relevant creative process.
In an era when minute-by-minute campaign reporting is possible, no brand can afford not to examine its potential. The right DMP can help you make better decisions, increase your campaign ROI and optimize the buyer journey in the most efficient way possible. Want to learn how to successfully implement and use a DMP in your organization? Check out our DMP guidebook.
Latest posts by Mark Ash (see all)
- How Using Lookalike Audiences Will Optimise Your Marketing Game - March 9, 2016
- Real-Time Marketing: 5 Steps To Success - January 25, 2016
- 10 Reasons Why You Can’t Afford Not to Use a Data Management Platform - January 18, 2016