Today Data Management Platforms (DMP) have become a norm for most of the businesses. By 2018, over 90% of the brands will start using DMPs (Source). DMP helps the marketers and advertisers to cope up with the speed of the rapidly changing marketplace and deliver the most robust and relevant customer experience. Also, not to forget the overall business benefits it brings along with it by adding incremental revenue streams and driving overall cost efficiencies. There is absolutely no doubt to the fact that DMPs have become inevitable to most marketers and advertisers in the digital world.
Most of the modern marketers realize the importance of DMPs, and a growing number of them have either already implemented it, or plan to implement it soon. Yet marketers in few industries are reluctant to introduce a DMP to their marketing efforts.
Why? What is keeping them behind? This is because of the challenges in DMP implementation which remain unrequited.
Major Challenges Hindering Quick Adoption of Data Management Platforms
90% of the brands which have implemented a DMP said they had achieved success with it. But they also said implementation of DMP came along with challenges (Source).
- Deficiency of Internal Expertise
Lack of internal expertise is one of the biggest issues for the brands looking to invest in data-informed decision making. And this problem is further aggravated by the limited support and assistance offered by the DMP providers. In most scenarios, DMP adoption is often treated as a SaaS platform where the access is handed over to the marketers and their team, leaving them alone to achieve success out of it. Therefore, brands need to acknowledge the need for a resource equipped with the technical and commercial acumen of handling the platform.
- Internal Silos
Traditional splits between marketing, technology, media buying, and other departments, have been another notable difficulty in DMP adoption. When people and processes are spread across heaps of business systems, it imposes one major challenge, i.e. to integrate them. DMP works great at breaking technological and data silos, but de-siloing varied teams of people or channels are extremely difficult. To break down internal silos, brands should share KPIs for all teams and channels; this will ensure that everyone benefits from the DMP. Further, having one DMP champion who could manage all cross-functional challenges and integrate different teams to work together could also be helpful.
- Quality of First-Party Data
Creating unique and high-value audiences is one of the main objectives of a DMP, and for this purpose, it needs good quality first-party data. But in reality, many brands are concerned about the quality of their first-party data. When businesses are doubtful about the quality of their first-party data they can look forward to getting some help, i.e. through data quality services. External data sets can also be of great help as they can be overlaid on top of patchy first-party data to fill any gaps, this enhances the quality of such data.
- Data Sharing Angst
Marketers are rightly skeptical about their data security before investing in a Data Management Platform. The first-party data is one of the most prized possessions of every business; hence they feel too anxious to share it. But not sharing data means, missing out using that data to its full potential. It is very important for every business to overcome this anxiety, which would empower them to put their data to real work, increase its value and derive valuable insights out of it. Keeping in mind the worry, it would ich offers Private Deployment as an option.
- Measuring Success
One of the biggest challenges in implementing anything new is measuring its profitability/success. Every brand should ensure that they have clear objectives and metrics set right from the beginning; this ensures they are in a good place to report on success. Decide well in advance what you want to achieve out of a DMP and accordingly put the goals in place.
Tips To Implement A DMP Platform Successfully
When you consider implementing a DMP, there are a number of key considerations to be aware of when turning this great online engine on. Here are some quick tips to nail the implementation of a DMP platform.
- Don’t get too excited and try to put this tool into use almost everywhere. Begin with implementing it in only few key areas and concentrate on the high-priority use cases.
- Initially, the set up should be driven by the stakeholders and business needs. There will always be some missteps in the implementation, learn from them and apply the learnings for the next round.
- Keep the start simple by gathering some data; learn how to effectively apply it. Once you master this start layering in more data and more multifarious integrations.
- Patience is the key here, give the DMP the chance to gather collect enough data volume, only when its well equipped with data is when it starts building insightful learnings.
Implementation of DMP is not a one-time event, businesses need to continuously look to add more data to the DMP (both offline and online). While the implementation steps would be same as it was in the initial phase, the time involved will be lesser due to the learning’s gained along the way.
Now That You Know
The challenges involved in the adoption a DMP platform might look tough, but overcoming them will bring in huge rewards. Once you get a hang of it, it can be easily applied across your digital ecosystem. Remember a well-built DMP footprint ensures higher Return on Investment (ROI).
Want to Know more? Schedule a Demo with Cuberoot.