DMP Guidebook

Have you ever looked into the eye of a kaleidoscope and encountered its intrinsic beauty through just one source? Just like a kaleidoscope putting together different sources to provide a single image, a Data Management Platform (DMP) unites different sources of media to provide a single view of the customer. We have created a guidebook to help you understand what the benefits are of a DMP and how to successfully implement it in your organisation. If you are not familiar with what a DMP is, it is best to first read this post to delve into the topic.

A Data Management Platform is a dream come true for data driven marketers. With all the technology we have at our disposal, the challenge is to bring all the data into one place, and to be able to analyse it in real time and then act upon it in order to optimise our campaigns.

One of the biggest challenges for marketers today is to build a single view of their customer. We collect data from different sources, such as social media, email, media campaigns, and our website as well as offline channels such as our call center. Then adding the dots becomes almost impossible. But, what if you could imitate a Kaleidoscope to create one single view of your customer across the entire buyer journey? Well, you can. The solution is to implement a Data Management Platform that will allow you to break the silos and unify all your data in one place.

What is a Data Management Platform?

First comes first, what is a Data Management Platform (DMP)? A DMP lets you collect and analyse data about your customers-including behavioural, geographic and profile data-from every touch point in one platform. The result is an integrated picture of all your data sources, from both your own first party data and third party. This step is crucial as it lets you activate that data and use it to target your respective audience with the utmost accuracy possible across a number of different marketing channels.

Additionally, the right DMP allows your results to perform in real time. It allows you to optimise media buy and advertising creative on the fly. This possibility of receiving a 360 degree view of your customer and how your campaign is performing is truly vital to actually reaching a specific audience in real time.

How does a Data Management Platform work?

A DMP essentially collects all your data from any touch point you have with your customer. This can be a digital touch point – your website, mobile app, marketing campaigns, social media etc. as well as offline – store information, call center inquires. It also collects third party data. The DMP then creates audiences and uses data to push the audiences into buying /execution points.

Next, the DMP optimises your results using lookalike audiences. A lookalike audience is a term used to identify potential prospects that exhibit the same characteristics as your best performing customer groups. Having all your data in one place allows the DMP to analyse and track your best performing customers and create lookalike audiences that are very similar to it. This is a great way to tap into new prospects while knowing in advance that there is a good chance of turning them into profitable customers for your company.

Finally, the DMP collects response data and repeats the process using the new data gathered.

This process is a constant loop that continues to grow and optimise in order to fine tune your campaigns in real time and find new audiences for you.

How does DMP work

When it comes to meeting the challenge of the ‘on-demand’ consumer, knowing your audience is absolutely essential to enable brands to react and provide relevant personalised marketing in real-time. Let me unravel the beauty a Data Management Platform can offer you and then you can decide whether a DMP should be at the top of your 2016 checklist for success this year.

Why Do I Need a Data Management Platform?

In a recent survey by Infogroup 62% of marketers noted that they are already investing in data marketing solutions, with additional 26% planning to start investing within the next two years. Marketers are beginning to see worth and become aware of the benefits of a data-driven marketing strategy in driving more engaging real-time customer interactions and as a result a much more valuable customer experience. But with all this data to our disposals, marketers are still finding it difficult to connect the dots. In fact, seven in ten marketers have gaps in capabilities and effectiveness of their technology when it comes to creating a view of the customer

But why is a DMP the answer? According to Bob Fair, president of marketing applications at Teradata, “There is an explosion of digital channels so companies no longer dictate how to interact with customers; the customers dictate how to interact with companies”. The scenario today is that marketers have the access to more digital and offline channels than ever before. With this added challenge a DMP has to be a must in your marketing strategy. The DMP allows you collect and integrate all this data in the most opportune way possible.

Bottom line, I am sure you are asking yourself “But why is the DMP going to be the ticket to success” Here is a list of highlighted functions the DMP will provide you with:

  • Robust data collection: The ability to collect various offline and online sources.
  • Data classification & structure: The ability to structure your data based around user attributes for future segmentation, engagement, flexible event definition and value assignment.
  • Integration with media buying platforms (networks, exchanges, DSP)
  • Integration with 2nd and 3rd party data providers
  • Centralised audience analytics & reporting, providing on a campaign and audience level

Conclusion

If you step back and take in the view of what a Data Management Platform has to offer, you begin to see a much larger picture than you could have truly imagined. In an era when minute-by minute campaign reporting is possible, no brand can afford not to examine its potential. So, why a DMP? Well, what other way are you going to be able to see a full kaleidoscope effect of your customer if not through a DMP? Give your customer the attention they deserve, let your first steps into the New Year be prepared ones.

To find out more about and how a DMP can accelerate your digital marketing capability download our new guidebook.