DMP Values & Benefits
The other day I found an interesting article published by the World Economic Forum. Apparently, the predicted highest paid job will be DATA SCIENTISTs, as well as jobs around DIGITAL and DATA.
Did I get your attention? :-) Do you want to become a DATA and DIGTAL expert?
In the advertising world, the most useful tool for a DATA MANAGER is a DMP (Data Management Platform).
I will very briefly explain the ecosystem around how a DMP is set up in order to improve ROI in your advertising investment (look at the module below)
A DMP provides the marketer with the best UNDERSTANDING of the most valid asset in any business, which is CONSUMER BEHAVIOR DATA.
No company will ever be successful if they do not understand the needs of their customers. A DMP will provide you with this insight, but more important is that this customer information is activated in something useful (combining audience DATA information in adverting campaigns). Nothing is more disturbing than loads of information and DATA that no one understands nor use.
The DATA comes from multiple sources, but most are collected from Digital Paid Media (prospecting campaign / upper sales funnel). It's cheaper, more effective and most important it provides better means of measurements than offline promotions.
The best way to collect DATA is through campaign measurement tools (attribution and campaign trackers) and an ADSERVER (TPAS) is the best and most complete tool to collect multiple Data touching points.
In Offline and Natural traffic, there are Site Trackers both for web and APPs. Basically, it´s a well-known method to insert tracking tags / SDKs within any website or APP.
A collateral effect with campaign and site trackers is complete and sophisticated REPORTING & ANALYTICS for marketers. It provides a window for marketing awareness through sophisticated ATTRIBUTION modules (defining where the marketing money should be spent).
All the valid DATA points from Site Trackers and Campaign Tracking tools are feed into a DMP that classifies the information.
* person who clicked on a video of football content.
* person who watched a Display Banner to open a bank account and after a 24 H there was a click (by the same user) in a Google AdWords campaign that converted in an acquisition (opening a bank account).
* person who inserted information to purchase a car insurance but abandoned the registration format when asking for age.
* person who looked for a flight ticket from Barcelona to Rome but did not purchase.
* person that filled in a format for a test drive in Alicante
These are examples but it could be thousands of other combinations that provide information to learn about consumer behavior.
Did it ever happen to you, purchasing a product and during weeks and months after you were retargeted to buy the same product for about hundreds of times? This happens when the CRM is not connected with the DMP. The DMP need valid information based on the customers purchasing behavior.
There are companies (mostly professional DATA providers) that possess valid DATA. These DATA providers can nourish a BRANDs DMP with important DATA sources to identify consumers that are "look-alike" of your 1st party DATA (it extends the options to generate more sales and revenues).
Fine! Now we have our DMP organized with consumers in "cluster groups" such as:
* Consumer interest
* Purchasing Intents
* Geographical location
* Navigation History
These audiences are "hot consumers", located in the lower part of the sales funnel. These are the best consumer prospects and on top, the marketers know what they WANT.
Programmatic Media buying offers a smart way of bidding or directly purchasing advertising spaces related to specific audiences that match the classification in your DMP. This is done by a sophisticated method through cookie and mobile ID identification. In other words, you only buy advertising of the consumer that you want and expose an adequate advertising banner according to the consumer interest/intent. You can also decide on the maximum CPM price to purchase.
NOTE: Ad Servers, DMPs, media purchasing platforms (DSP) could be licensed with different technology vendors, but don´t forget that if you talk different languages (platforms) then DATA can be badly translated leading to Data loss.
The benefits and values, utilizing DATA in Digital Advertising are many. I will give you some examples:
* Do not waste money buying advertising space to already subscribed users. Utilize other messages in upselling to them.
* Do not target "devises", but rather real people according to their interests and consumer intents.
* Do not waste money on users that are not interested in your product.
* Optimize your campaigns in important channels such as RTB, Google, Facebook, Amazon etc. with consumer information stored in your DMP.
* Apply frequency capping that is real. Not "users" that are scattered with info from different promotional channels and platforms.
The list is long on methods that SAVE brands money in media buying and offer higher RETURN in their Digital Advertising Investment.
NOTE: just by saving advertising spendings in Google Adwords, NOT exposing sponsored links to already subscribed customers, a DMP is paid of within 3 months and ROI within 1 year is up 126% (Source Forrester)
Be prepared for the future jobs in DATA management, learn how to collect, store and utilize consumer DATA which is the most valuable asset for any company.
For more info, contact me on firstname.lastname@example.org