A Data Management Platform (DMP) allows you to break down silos and unify all your data in one place, providing a single view of your customers across the entire buyer journey.
With eMarketer forecasting that the programmatic share of digital advertising is expected to grow to 72% of total ad spending in 2017[i], the focus is on advertisers to improve the return they get from this investment.
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Here are 4 steps you need to take to implement a DMP-driven marketing function that showcases the potential of real-time marketing:
Know your audience, create insights
It’s clear that ‘data is the new oil,’ with over 50% of companies surveyed by Industry Index now using DMPs. To convert reams of audience data into actionable customer insights that benefit their entire organization, marketers need a centralised point of access.
Choose a strategic blend of tech partners
The vast majority of companies need to outsource data needs to a third party. With this in mind, the digital marketing industry’s largest names are often eager to provide a full suite of such services – often at little or no cost. Yet, marketers who want to protect their organisation’s long-term interests are best served to explore solutions suited to achieving their long-term objectives.
Many pure-play AdTech companies offer services built on top of multiple application protocol interfaces (APIs), giving marketers and media owners the option of picking a bespoke media stack. However, if a brand marketer signs up to a closed ecosystem, then they are effectively on a level playing ﬁeld with their competitors.
The only point of differentiation is how they use that technology. The big advantage of an open system is more customisation options. For instance, you can integrate your own CRM systems with data on surﬁng behaviour to help nurture a relationship with a customer throughout their entire lifecycle, rather than being faced with disconnected touchpoints.
Assemble a data-savvy team
The inability to operationalise data management causes failure in delivering a data-driven marketing strategy. Media professionals are living in an era when the ‘math men’ are now considered the equal of the ‘mad men,’ if not more so as advertising agencies, brands, and media owners create new roles based on data, and the real-time extraction of it to generate insights, plus identify new target audiences.
There is a completely new breed of trader that is very data-driven. Through the proper deployment of data scientists, you can work out when to show particular messages to specific audiences, plus what you should bid for a certain audience-type, and when.
To centralise, normalise and organise data effectively in a DMP, brands need to have their data organised in the ﬁrst place. Organizations also need the right teams internally, or through agencies, to operationalise their data management programme.
As a manager, consider hiring individuals who have not only a marketing background, but also a marketing analytics background so they can help define success and output. Consider focusing on how you’ll grow adoption and evangelism of your data-driven marketing programme; this means developing a strategy that encompasses the needs of the whole organisation and implementing protocols that works across silos.
Use technology to create new revenue streams and build scale
Advertisers and publishers that want to develop a real-time marketing strategy need to shift away from a siloed approach to data management. The optimal way real-time bidding, or other forms of automated media trading, can offer real-time advertising is by centralising all a company’s data – ﬁrst and third party - through a DMP.
Many marketers heeded the calls to ring-fence their data, aware of the competitive advantage it poses when competing for audiences’ share of mind. However, even as marketers and publishers push for proactive actions here (using an in-house or hybrid model), they also need to ensure their data is liberated from its historic silos. In an era when minute-by-minute campaign insights is possible, no brand can afford not to examine its potential.
You can read my full piece at MyCustomer.
Don’t hesitate to get in touch with us today if you would like to find out how our team can help you to implement a DMP for your business.
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[i] eMarketer, "More Than Two-Thirds of US Digital Display Ad Spending Is Programmatic", April 5, 2016