Here’s a scenario of DMP. You are a marketing company, running a campaign that seeks to convert new customers. You run ads but aren’t sure if they’re reaching the right people. Now you wish to cut down on costs by cutting ads that you were targeting to people who are not likely to be converted.
How can you fix this?Data Management Platform is your answer.
You have plenty of data on your existing customers and potential leads. To all that data, you can collect it, organize it, analyze it, and turn it into useful insights for better revenues and ROI by data monetization and a lot more.
However we know this isn’t easy, but it is, of course, doable using a DMP platform. You can use it to organize data from interactions with your customers from email to mobile or website visits anywhere from social media and much more.
Moreover, you can use that data to determine which ads should reach your target audience. You can also define your ideal audience using demographic information from DMP platforms.
1)To start with, What is a DMP?
A data management platform is a centralized platform that helps you to collect, organize and activate your data. This data is your first-party, second-party and third-party audience data from an offline/online or a mobile source.
With DMP platforms, you can combine your first-party, second-party and third-party audience data. Added to this, you can accurately target your campaigns to these audiences across third-party ad networks and exchanges and find out which are the campaigns that perform the best for you across all segments and channels.
2) Who can actually benefit from DMP platforms?
If you are a marketer, advertiser or an agency, DMP platforms are exactly what you need to have. They are used by digital advertisers, marketers and publishers to store and manage audience data, often from multiple sources.
It helps you in unifying your audience and performance data across all of those sources and enables you to build effective audience segments targeting your right audience and in analyzing how you can continually optimize campaigns to reach best performance and market returns.
3)DMPs are vital. Why do you need a DMP?
If you think that a Data Management Platform only manages data, then you need to consider these five critical points that’ll convince you why Data Management Platform should be your next move:
To improve your ad buying return:
No matter how lean budgets you have while creating ad campaigns, you always want more options to be available to reach your audience. So, with Data Management Platforms, you create campaigns and select targeted spots for ad purchases.
As a result, you will get maximum response rates, higher conversions, more recognition to your brand and thus, higher ROI.
To simplify and plan your data:
Instead of keeping all the data scattered, you can assemble all that data in one place. With a Data Management Platform, you can add tags to emails, websites, apps, ads and utilize the new insights into usable and profitable data.
By doing so, you won’t miss any possibilities on monetizing your audience data. Also, you get better clarity of the marketing strategy that you should take ahead.
To effectively budget your marketing expenditure:
You will be able to figure out how much you spend on your marketing activities through various marketing channels,work within the budget and also predict ideas on how much you might spend in future marketing activities.
To correctly manage multiple campaigns across devices:
A Data Management Platform gathers and circulates the necessary data you get from each campaign and tracks various messages and signals too. It delivers data by making it easy to understand and minimizes mistakes.
In identifying new potential audience segments:
DMP platforms perform segmentation tracking in such effortless ways that the marketers have always been striving for. DMP marketing can identify new ways of looking at an audience to provide a picture of what they look like and how to create messages that resonate with them.
4) How do Data Management Platforms work? Let’s show you the mechanism
We are trying to show you how Data Management Platform works in the simplest possible way. Find out here.
First-party data is exclusive and helpful, but has a limited reach, so you can’t depend on it only or you’ll be missing out to some extent.
You get your second-party data directly from the second party involved. It gives you some benefits, but does not provide you with public data.
You can obtain the third-party data by buying it or affiliate agreements. Using the 1st, 2nd and 3rd party data, you can perform programmatic advertising to run campaigns or earn money.
Also, you can use third-party data directly and perform programmatic advertising and run campaigns or earn money.
5) A lot asked and said, but what benefits can a Data Management Platform help you achieve on ground?
Data Management Platforms can give you several benefits in your business:
- Firstly you can use the data that you already have and track your customer’s journey and interactions with this existing data. So you can better understand which data assets are working for you and which are not.
- With DMP marketing, you can tap into the existing useful data and make your messages more customized, appropriate and timely targeted to your audience. This way you can engage in an effective way with your audiences and optimize your marketing processes continuously.
- A right DMP can turn your information into meaningful data. You can find out what your customers desire with the interactions involved within the DMP and so you can deliver relevant products and services to them.
- With look-alike audiences, you can match the behaviour and journey of your best-existing customers and attract more business. So DMP advertising is a great way to reach new people who are most likely to be interested in your business as they are similar to your best existing customers.
- DMP advertising can reduce wastage of marketing budgets for you. DMP advertising evaluates your ad campaigns and ad placing and show your contents only where it is most necessary and effective.
What else can DMPs do for you? Here’s more..
- Also, you can save time with DMP marketing by not bothering where your customers were present the last time you spoke to them.
- DMP platforms make it easy to combine the data from your offline and online sources in a single platform and get a clear single-view picture of the customer.
- Firstly, marketers can use DMP marketing to collect customer data. Secondly, it helps to reach chosen groups in a programmatic campaign. It’s relevant here because it is a beneficial technology in a programmatic environment. Are you an expert in programmatic advertising? Read this to know!
- Above all, DMP Online Advertising technology aids the digital advertising industry and helps manage the collected data to make better and effective campaigns.
6) Do You need a DMP?
Let’s know this here by answering a few questions. To start with:
- Have you been managing online ad campaigns across different ad networks, exchanges, and publishers?
- Do you need to keep a check whether you have control over your data assets, maximize segmentation, prevent leakage and monitor partners’ usage?
- Are you classifying your audience data for better campaigning and security of data?
- Have you been running retargeting currently?
- Are you willing to increase your scalability, niche targeting and messaging capabilities?
- Do you wish to make better target campaigns to improve response rates, conversion, and brand recognition?
- Are you willing to buy third-party audience data, media placements, or bid on ad exchanges regularly?
- Do you want to keep control of your advertising costs and improve your overall ROI?
If you voted YES to more than three of these seven questions, then YES, you need a DMP.
7) Data Management Platforms are useful. You’re convinced enough. But how do you get started?
Nothing to stress. Follow these simple steps:
- Firstly, connect your offline and online data and make a pipeline between all of your data sources and your Data Management Platform.
- Secondly, based on your data, organize your users into these categories and classify them into (a) Interest are the users who are just interested in your product or service, (b) Intent are the users is intended to buy and (c)Initiation is the group of users about to initiate a purchase.
This gives you an idea of your users with a definite data classification and their behaviour patterns.
- Thirdly, take a step to organize your data for business and advertising as this helps to make better decisions regarding sending your advertising messages to your users.
- Finally, Data Management Platforms help in classifying your raw data from various touchpoints and making it ready for more revenues and data security.
Have a look at these 5 Platforms that offer helpful DMP features:
1) Audience Play is a free DIY platform to monetize your audience data and provides DMP features as well. It enables you to extend & enrich your audience and even connect with various audience exchanges. You can target your audience from anywhere and thus create great opportunities for you.
2) Lotame is an unstacked data solutions platform that goes well with marketers, advertisers, and helps to combine data and increases the engagement of users. It helps publishers, marketers, and agencies find new customers, increase engagement, and grow revenue through audience data.
3) Salesforce uses Artificial Intelligence (AI) to find new prospect customers, engages with existing customers and manages multi channel campaigns. It is a online advertising tool with a data management platform that helps to boost sales and revenues.
4) Oracle BlueKai helps in building user profiles and combines first party and third party data from sources such as social, media, mail, ads etc. Also it is great for analyzing cookie-based customer data.
5) Adobe Audience Manager is a data management platform that helps to build unique audience profiles so that you can identify your most valuable audience segments and in a better way.
Conclusion: Finally, are DMPs the right move for you?
DMP Marketing and DMP online advertising help you to achieve world-class audience targeting and campaigning. You can thus derive successful and effective marketing results and optimized marketing by having a DMP.
DMPs let you know and understand your customer better and make your target audience more specific and focused. It enables you to deliver to the relevant and compelling marketing messages via any marketing touchpoint – including display, search, email, TV, radio, and mobile. It provides you with more personalized services as it helps you to create a single customer view.
So, would you like to find out how Audienceplay can help you?
We’d love to talk about how our technology can make your campaigns work bigger and better.
Contact us, and we’ll be happy to give you a free demo.
The next big thing in digital advertising is DSP. Know how it is different from DMP here.