We live in the age of accelerated innovation. From the Internet of Things (IoT) to the advent of AI, it sometimes feels like every week brings about disruptive innovation. And while that is exciting, it can also be overwhelming for businesses that struggle to keep up with the sheer technological advancement they’re suddenly required to integrate in their model of operations.
Especially when it comes to staying competitive in today’s market and demanding audiences, handling everything that’s new and using it to make your business stay ahead of the curb can look staggering, even insurmountable. How do you adjust your marketing campaigns so that your message reaches your audience in the new platforms, social media, and other devices that become available? How can you keep your finger on the pulse of what your target audience needs, wants, or even will want soon, to maximize conversions and client loyalty? In short, how do you keep your brand relevant when the world changes so frequently?
Though the question is complicated and the issue multifaceted, the answer is rather simple- you get a Data Management Platform (DMP) for your business. In fact, you should have gotten it already, and here is why.
What is a Data Management Platform (DMP)?
As its name implies, a DMP is a platform where data is collected after being sourced from a multitude of other applications, devices, platforms, and websites. This data is then grouped together and categorized according to predetermined parameters. These groups of data are called “segments” and these segments are what the DMP uses to give you information that you can use to achieve a variety of goals.
The data a DMP collects can be first, second, or third-party. First party data is collected directly from users or customers. For example, analytics from your website’s traffic would be first-party data for your DMP, as would be data from a newsletter you run or from your eshop’s recorded transactions.
Second party data is that same type of first party data but collected elsewhere and shared with you through some type of agreement or collaboration. So, it would still involve analytics, for example, but not from your site, but another affiliate site that has agreed to share that data with you.
Lastly, third-party data is data collected in bulk from a wide range of different sources and sold by companies to other businesses. What grants you access to that isn’t an agreement with the owners of those data sources, but with the company that brokers them.
Why do you need a DMP?
Knowledge is power, and that’s exactly what a DMP brings to the table: with a DMP you can get powerful insights that will help your business maximize its reach and impact on the market. Here are 5 ways- and thus 5 reasons why you should get a DMP the moment you finish reading this article.
Integrate all your data in one powerful platform
Instead of using several small-range tools to get your analytics insights, with a DMP you will be able to do everything you’ve already been doing with those tools, with the addition of collecting and analyzing huge data sets in bulk. That means that you can integrate data from a wide range of sources, including offline sources like surveys which you can feed into the platform, to get a comprehensive report that factors in every bit of information gathered.
Get to know your audience better than ever
Knowing what your target audience wants and needs, how they behave, what elicits high engagement and what goes unnoticed is key for successful ad campaigns. DMPs have AI and machine learning algorithms that will make powerful inferences about who your audience is, what they will like to consume from your brand, and even what they will like next.
Group your audiences according to parameters
To maximize the efficiency of your marketing campaigns, you can group your audience and potential clients so that you create separate, highly customized ad campaigns catering to each specific group accordingly.
Being able to target your audience with surgical precision through customized marketing campaigns also minimizes costs since you don’t need to ‘carpet bomb’ vast audiences with your message and hope for the best.
Monetize your data
Your data is valuable not just to your business but to others. By grouping or segmenting your data you can make them available to other businesses on a global scale, for their own analyses and use. Depending on the parameters or demographics of your data sources, these segments can be popular with other businesses, which in turn will generate extra revenue for your enterprise.
Expand your audience
Your business growth hinges on maximizing engagement and client loyalty on the one hand, and finding new markets and new audiences on the other. With a DMP you can easily do that since you have access to Big Data as well as specialized parameters that otherwise would be inaccessible. For example, you can be aware of unique needs in international markets that your business can meet and run campaigns in those countries for those specific audiences only. Depending on the DMP, you can even see new market niches emerge that are perfect for your business in real time.
A DMP isn’t just cutting-edge technology. It’s a vital, invaluable tool that gives you access to data that would otherwise only be available to huge international corporations. Through a DMP you can design marketing campaigns and create specialized advertising events and content that will cater to your specific audiences at a fraction of the price that would traditionally require.
Get the insights you need today by acquiring the DMP that is best for you.