In the digital landscape, data is climbing the steps to the throne. With so much data available, all the paths of growth now rely on how data is being used. Data gathering and reporting enhance the knowledge about data subjects, like behaviour pattern and traffic sources, delivering practical results based on the available data are still lagging behind a long way. The sole reason for this lag is the absence of reactive capability of these data systems.
This has given rise to the invention and use of the Data Management Platform (DMP). An ideal DMP will collect first, second and third party data from various marketing channels. A centralized tool that is capable of collecting, segmenting and configuring data which can be used to enhance business activities.
When a platform is performing all these activities exceptionally well, where does it fit in the larger landscape? And it is mandatory to reach the pinnacle of success?
The following are some of the best considerations that point in the right direction.
The new era has data-driven marketing at its core and there is no doubt in it. In every marketer plan for perfect reach in the market data place an unparalleled role that is impossible to ignore. The ability to combine all data from various sources provides an edge over other competitors in the market. To put it bluntly, it is a form of data warehouse, a DMP holds audience and campaign data from different sources that work toward one goal – merging that data across a variety of sources into actionable insights. This allows you to narrow down audience who are to be targeted and who are more likely to get converted. This audience can be targeted with precision by delivering personalized ads and delivering the creative message in a more engaging way. This will increase audience engagement and also will leave an everlasting impression.
Beyond a data warehouse
When you look on the surface DMPs may just seem like a simple data warehouse but they are much deeper than that. They are proper structures with some serious data classifications. Every single bit of information that is provided by a DMP is analysed and then moved to the net level. This gives the structure a serious level of credibility when it comes to data in the digital landscape. Analyzing data about different audience segments, ad buys, information about certain publishers, as well as tracking cookie IDs and integrating information relating to ad campaigns are also part of the package. A single platform that provides all the required functionalities for staying ahead of the data current, centralized audience analytics and reporting on a campaign and audience level, as well as integrating with media buying platforms such as ad networks, ad exchanges and DSPs.
DMP with DSP for more efficient operation
Apart from purchasing data, DMPs has an influential role in DSP cycle. There is an excellent mode of communication between DMPs and DSPs, DMPs are responsible for sending valuable audience data to DSP and in return, they get ad performance form DSPs. Once the information about audience response is handed over to DMPs, a detailed analysis will be performed and the result of the analysis will exactly let know audiences are providing them with the best results. This information will be passed on to DSP so that it can modify campaign bidding and target for optimization. In a nutshell, the technology allows for more rational spending of your budget whilst providing an even better and nuanced understanding of your target audiences.
Better targeted ads on multiple channels
Campaigns can be regularly optimized based on analysis and subsequent creation of a relevant audience. With the aid of relevant information, it is possible to create highly specified ads that can result in higher conversion rates and amplify ROI. this can be done across the entire marketing space, with DMP porting audience from one channel to another is not a tedious task. By creating a single customer view, tracking of customers across multiple devices and channels is possible. The clearly defined segments allow marketing via email campaign, ads over a variety of networks, and so on. The entire process is housed under one roof without the need to redefine and connect data over and over again. You end up with a more coherent customer experience across channels.
A prominent tool that pushes boundaries to simplify an increasingly complex digital marketing environment and allows you to develop a that revolves around data.