Many marketers consider DMP to be just another piece of technology used for audience targeting. Agreed! This is one of the basic use cases of DMP, but do you even know this tool can do much more that? DMP is an important element of the data-driven marketing landscape; these sophisticated platforms house a multitude of use cases. DMP offers ‘N’ number of possibilities which makes it difficult and confusing for the marketers to execute upon in one single and well-defined strategy. Since different kinds of marketers focus on diverse platform features, outputs, and value propositions, it is important to identify specific value stream before they start driving returns out of a DMP.
All kinds of marketers stand a chance to benefit hugely from DMPs, this is because these platforms help them realize better campaign performance and overall ROI. For those marketers who are unsure on how a DMP can help your business, we have compiled the best use cases which can help you succeed.
- Unify Your Audience
Data management platform (DMP) is one centralized digital data warehouse that collects and integrates first second and third party data. Let’s break it up:
- First-party data – Information gathered straight from the user or customer.
- Second-party data – Information that is initially collected in the form of first-party data, then handed on to another company through a partnership agreement.
- Third-party data – Information collected from a range of different sources and sold to companies for audience targeting and analysis.
DMP can collect unstructured audience data from almost any source (combining offline data with online, mobile, CRM, social, registration, and much more); further, this collective pool is leveraged in real-time for significantly improved targeting and channel personalization. By combining all the data sources in one place, DMP helps the marketers build audiences to segment and learn more about who their most valued customers are.
- App Downloads
Traffic is one of the most important elements for the success of any e-commerce platform. In addition to laptops and desktops, shopping via Mobile Apps has gained immense popularity; mainly due to the convenience factor. This imposes the challenge to effectively track the users across different platforms to take better control of the advertising programs. DMP as one centralized platform helps the marketers ingest, organize, and segment first- and third-party mobile and desktop audience data in one single place. Marketers can harness and evaluate massive amount of customer data generated by mobile devices and better target their ads across multiple mobile devices and platforms. This includes in-app advertisement on smartphones, mobile web ads, and tablet-specific campaigns.
- Decrease Cost Per Acquisition (CPA)
The prime objective for any online education providers is to drive more inquiry form submissions on their website and affiliated sites. And to measure their success, CPA is used as the main metric. With a well-thought of DMP strategy, marketers can make good sense of their customer data coming from different channels. By collecting and integrating data across digital and offline touch points, marketers can grow a reachable/targetable audience of converters and non-converters. Using DMPs, online education providers can increase their engagement rates and return on investment by targeting relevant audiences and drive more qualified traffic to their inquiry forms.
- Personalized Marketing
Personalized marketing is one of the most important things for the organizations in banking, financial services, and insurance industry. Banks and other financial institutions find themselves at the juncture of two considerable forces, i.e. rapidly evolving consumer behaviors, and a digital environment which drives out massive amounts of data. While these institutions have all the required data they need on their customers, making use of the data efficiently for personalized marketing is one big challenge. DMP solves this problem by onboarding data from disparate sources (both online and offline), giving a unified view of the customer. With DMP the marketers in the banking, financial services, and insurance industry can perform personalized marketing on a user level, acquire new customers, engage existing customers and further generate more revenue out of them.
- Across Channels And Cross Device
Marketers in the FMCG industry are always looking for ways to better target their prospects online. With the proliferation of mobile devices, to deliver relevant advertising marketers need to effectively link devices belonging to the same user. This makes both cross-channel and cross-device reporting crucial for their digital marketing strategy. Data collection, segmentation, and activation are the main duties of a DMP, helps the marketers connect consumer identity across channels and devices making it easier for them to target the right user at the right time across all digital touch points.
Most of the travel marketers want to drive action (i.e. bookings, revenue). Remarketing works as one effective strategy to drive that goal successfully as it allows them to re-engage with the users who’ve previously visited their websites. By gathering first-party data about visitors who visit a site and enriching that info with third-party data and offline data, DMP helps the travel companies run effective personalized remarketing campaigns to target specific audiences. By utilizing the data stored in the DMP, marketers can also personalize the message individual user’s view on their website; this helps to improve the overall user experience, and further increase conversions and revenues.
- Prospecting and Finding New Customers
Marketers in the lifestyle industry always have growing sales targets; hence they keep looking for ways to reach larger audiences. Look-alike modeling fits best here as it has the ability to reach audiences beyond a marketer’s CRM. Basically, look-alike modeling is a marketing process that takes your current audiences and their behaviors and expands it based on their behavioral and demographic characteristics. DMP as a unifying technology aggregates data from any source. From these disparate data sources, marketers can centralize what they know of their most important target audiences. By applying proprietary algorithms, DMP analyzes the data and finds more user profiles that match the original audience. It offers marketers a more valuable approach to reaching new or current consumers in a cost-effective way.
Today’s customers have less time and are more tech savvy. They do see much difference between web browsing, search results, mobile or desktop or specific social media platforms. Their expectations are simple – Consistent and personalized experience each time they interact with a brand. DMPs help the marketers do this right by creating a more holistic, complete and actionable profile of the audiences.
This blog post was an attempt to demonstrate major value propositions of DMPs. Well, this is not an exhaustive list, as the DMPs can create endless possibilities for the marketers to succeed. So, Schedule a Demo now!