Let's assume you are looking for a solution to effectively analyze large volumes of data from different sources to help you plan smarter campaigns. Or you are considering running a remarketing campaign. It could be that you want to personalize your website's communication to be more precise and give visitors what they are searching for. Alternatively, perhaps you want to identify your audience’s targetable attributes at every stage of the purchase funnel to deliver personalized, one-on-one messages to them. In all of these cases and many more, a DMP would be exactly the solution that you need.
So, What’s a DMP?
A DMP is a centralized data management platform that allows you to create target audiences based on a combination of in-depth first-party and third-party audience data.
You can accurately target campaigns to these audiences across third-party ad networks and exchanges, and measure with accuracy which campaigns performed the best across segments and channels to refine media buys and ad creative over time.
A well-planned approach to implementing this powerful tool could reduce your paid media waste, increase operational efficiency and set you up to execute highly effective marketing campaigns.2
With all of this in mind, here are five things to consider before employing a DMP.
1. Data Collection
There’s a plethora of data out there being generated by myriad sources, including order confirmations, search queries, product IDs and prices, to page metadata, cookie data or user engagement data. Trace all this required data back to its sources. Websites, microsites, apps, email, CRM, web analytics, data warehouses and third-party marketing tools all generate valuable data. Ensure that you settle on a platform that can seamlessly collect the necessary data from all of these sources. To help you get a 360⁰ view of consumer behavior, your DMP should be able to integrate first-, second- and third-party data, both online and offline. Formulate your data plan ahead of time and determine the most appropriate platform for your needs.
2. Analytics Capabilities
Evaluate the analytics capabilities offered by various vendors in terms of both campaign and audience segment performance. A few of the more sophisticated DMPs boast unified dashboards from which you can easily monitor campaign performance for selected audiences across all channels, allowing you to adjust spending based on your findings. Some platforms can pull data associated with a particular audience segment from every available source and generate consolidated reports to give you insight into how further expansion and optimization can be achieved. Identify the features you’ll need and shortlist vendors accordingly.
3. Data Security
Dealing with audience data is a sensitive matter; privacy regulations must be followed to the letter, lest you expose yourself to liability. Select a DMP vendor with a reputation for upholding strong data protection standards. Those with a white-label registry allow your consumers to see what data is collected as they navigate through your website. It’s also good practice to avoid storing personally identifiable information, sensitive internet browsing behavior and data on minors.1 If you operate in a data-sensitive industry like healthcare, it would be prudent to opt for an on-premises solution that allows for full data ownership and control over the platform.3
4. Flexibility
Don’t jump in with both feet as soon as you find a DMP that meets all your current requirements; think about what features and integrations you may need a little further down the road. New sources of data are sure to arise in the future, and when this happens, your platform will need to be able to expand to include them.4 Taxonomy is another area in which flexibility is key. The ability to alter data mapping and the taxonomy structure will keep you from caging yourself in a trap of your own making. Rigidity here will only restrict your marketing team when the business scenario changes, and your marketing strategies need to evolve to keep up with the times.
5. Vendor Longevity
The emergence of DMPs resulted in a sudden boom of new vendors in the market providing a wide range of offerings.5 Do your due diligence: study the business model, funding, focus, vision and history of execution of each of your shortlisted vendors to get a fair understanding of their scope and reliability. The market is unlikely to remain saturated as inferior service providers eventually fall by the wayside. Select one that is likely to still provide stellar support 5 to 10 years down the line, so that your operations remain uninterrupted.
A properly executed DMP implementation is the key to unlocking a deep understanding of your consumers' needs and taking your advertising efforts to the next level with compelling, personalized messaging.
Set yourself up to have the best chance for success by addressing these points in the planning of your implementation – get it right the first time.
Elevate Your Marketing Strategy with a DMP
Employing a Data Management Platform (DMP) can revolutionize your marketing efforts, providing in-depth consumer insights and enabling highly targeted, personalized campaigns. By carefully evaluating data collection, analytics capabilities, data security, flexibility, and vendor longevity, you can ensure a successful DMP implementation tailored to your needs.
If you’re looking to optimize your marketing efforts, reach out to MarketStar for expert guidance and support to navigate the complex marketing landscape and achieve seamless growth. Partner with us and elevate your marketing strategy to new heights!
References:
http://www.bluekai.com/files/DMP_Demystified_Whitepaper_BlueKai.pdf
https://www.peregrine.se/news/data-management-platform
https://piwik.pro/blog/key-considerations-choose-right-dmp/
https://www.forbes.com/sites/paultalbot/2018/05/15/data-management-platforms-selecting-the-best-dmp/#3bfc6e817cdc
https://www.experian.co.uk/assets/marketing-services/white-papers/WP-DMP-data-informed-decision-making.pdf
