value of data Data Managemnent Platform

Value of data: Data Management Platform

Digital marketers are fully aware of the benefits of the data management platform. Majority of the marketers are using it make a great impact in the market. Data management platform enables the marketers to unify and use data to target the right audience in the market at the right time. The hype around DMP is increasing every day and the technology is present on the list of every marketer to acquire. The digital ecosystem is finding its way around the platform to target busy and savvy customers. Marketers are progressing towards providing a personalized experience for every individual customer with the help of all the data obtained. It doesn’t matter if the data is obtained from social media platforms or web browsers, but the sole purpose is to deliver creatives that are engaging in every segment of the audience group.

Data management platforms are helping marketers to create a complete profile that can be used for the purpose of reaching the right audience at the right time. Unify all the obtained data to build a proprietary audience segment to activate data and report communications across digital channels. The platform is designed to create a unified view on customer data by leveraging data from a first, second and third party. But still, there are some marketers out there who are struggling to drive value to the data and reach the expected results. There are some key features that can make a big difference and allow DMP to fulfil their hype.

Usable data

Marketing departments in some organisations are clutching on to an immense amount of data, just in case, they might need it for their future campaigns. Whenever data is collected be sure that the data is usable, meaning, the data must be effective for the campaigning plans to target the right audience. Data obtained must be structured correctly and when the time came for organisations they must be able to use it without any additional processing.  This can help the organisation in a lot of ways and thus a vital part in reaching the right audience group.

The best way to avoid any delay in the use of data is to develop proper data taxonomy, which provides clear definition not only on the data sources but also on the categories and use cases.  Organisations can obtain a lot of benefit from centralized control and standardization of existing first-party data as a major benefit. DMP can be used as a centralized point for the data but it must be made clear on what type of data is to be included and the structure of the organised data must be planned efficiently.

If the organisation fails to use a proper taxonomy from the start then it causes the organisation to lose focus on the audience and make efficient segmentations a next to impossible thing to happen. A proper and rigid taxonomy projects, clean, usable and easy to understand data to the forefront and can act as a great catalyst to broader data governance initiatives. There is no use in collecting all the data and trying to figure out what to do with it.  Define data that is required and act accordingly. Data without a defined purpose can end out in the garbage.

The right Technology

When it comes to technology there is always an option to improve and push it forward. Vendors out in the market can make a claim for their fastest way and but there should be no possible error in choosing the right platform for the organisation depending upon the needs and it is crucial to think beyond the needs.

The initial focus of the organisation must be in place the perfect strategy and clearly understanding exactly what capabilities are mandatory to deliver those objectives. Once the perfect strategy is placed then it will be an easy task for the organisation to choose the right technology according to the plan. Don’t place yourself in a situation where you rush towards the technology only to regret it later. So before you hold on to the technology plan strategically and leverage it for the benefit of choosing the technology. These types of strategies are sure to work all the way through.

There will be no point in blaming DMP at the end of every operation, the organisation will be in trouble when members are excluded from the planning process and it can lead to catastrophic damage to the data obtained from the organisation. The process is central to post-implementation execution with respect to feeding a DMP and the data it needs, managing the activating channel it supports and helps deliver the right technology.  It is vital to understand the DMP is just a platform, it is just a tool to make things easier for the process of the future.

A plan is mandatory to handle any control tool, efficient set of people to manage, control and maintain the platform in the data-driven activations. Start with goals, key stakeholders and a framework for good governance before making your move on the technical considerations.

Focus on immediate wins

Organisations using DMP have great plans to accomplish many things in the data-driven market, both in the long term and in the short term. It includes creating an impeccable profile across every channel that the customers can interact with. This is a grand vision for the long term progress of the organisation but how quickly is it possible for the organisation to achieve this fleet. There will be no need for the long term goals to get completed and it is possible to find ROI from the initial days of data management.

During the initial days of the DMP process, the organisation must be focused on creating an overall blueprint and the vision for using DMP towards the greater good. The platform will enable the organisation to form a strong structure that can help in the growth of the organisation. It is imperative to have all the first party data consolidated as part of the initial approach. The idea is much more likely to achieve with and using an efficient CRM is the best approach towards the perfectly functioning platform. All the data must be consolidated to the feed and this can effectively transform the operations performed in the data-driven the digital ecosystem.

It is best to perform operations in phases and it can technically deliver greater results when compared with the operations that are being performed in the field. DMP manager provides the window of opportunity to be flexible and responsive depending on the rapidly changing business environment without missing the grand vision in the entire process.

It is difficult to realize the reality of an efficient Data Management Platform. With competitors already gaining return from their initial investment in the DMP platform, this will be the right time to adopt the technology. By placing a perfect foundation it is almost garmented that investment in the promising technology will yield great benefits along with competitive advantage in the field.

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