The digital marketing era has created endless opportunities for the brands to connect with their consumers and make an impression. But, it also brings along with it challenges of handling massive amounts of user-generated data across numerous platforms, making manual handling of data, a strenuous activity.
Data can prove out to be a very valuable asset, but to use it to its full potential you need to successfully draw meaningful insights from it. Then again, processing enormous amounts of data can make you feel like a data processing robot. In fact, even today, many businesses invest a huge amount of time and effort wading through mammoth amounts of data; which actually doesn’t allow them enough time to orchestrate breakthrough brand experiences, deepen customer engagement, and drive business results.
However, using a Data Management Platform (DMP) – a centralized digital data warehouse that collects and integrates data from all sources, can solve this problem by taking data analysis off from your hands. DMP exposes the true potential of all the information you have collected, allowing you and your team to concentrate on marketing tasks that matter.
When Is DMP A Necessity?
The necessity of having a DMP differs from company to company. The most appropriate way to find the answer to this question is to look at the volume and type of data your business holds. But again, don’t think that DMP just manages your data, as there is a lot more to it. DMPs can:
- Streamline your data
- Identify new potential audience segments
- Improve your ad buying return
- Appropriately manage multiple campaigns across devices
- Meritoriously budget marketing spend
How DMP Wins Over Manual Approaches – 5 Ways
Managing data silos manually and trying to draw insights from it is more like making a guess work. One of the greatest output from a DMP is the multiple possibilities it offers for making your data actionable and putting it to work. So how does a DMP wins over manual approaches? Let’s answer this question quickly.
DMP brings complementary data assets together and enables maximum impact across different use cases; also it breaks down the “Silos” which if not done can cripple a business’s ability to efficiently exploit on its own information assets.
The proliferation of devices has changed the way data is collected; DMP supports the processing of such large and growing volumes of information spawned by digital interactions.
- Speed & Flexibility
DMP offers a cloud-based approach for processing data, a feature which enables to accelerate responsiveness and automate and speed up downstream decision making. Also, DMPs work on modular platforms; these platforms are flexible enough and can be engineered to specific business purposes.
Businesses are challenged to interpret their mass amounts of data and uncover actionable insight. DMP establishes a single unified view from such mass amount of data, upon which automated analytics efforts can be launched. By leveraging a huge fundamental data set DMP delivers deeper and more actionable insights on the audiences.
DMP provides a credible platform for managing complex and critical data governance functions; this assures that your business follows the best-practice conventions with respect to customer privacy, data security and use guidelines. Further ensuring that you are making efficient utilization of data.
Modern marketing is all about data, and as we already discussed, collecting and handling it is one big challenge. This is the major reason why businesses need to switch from manual handling of data to investing in a comprehensive tool like Data Management Platform.
The future of marketing will undoubtedly involve crunching, understanding and disseminating of relevant data, necessary for businesses to make valuable decisions. And no wonder, Data Management Platforms would emerge as a key tool in helping businesses make the most of this data.