Business world thrives on data. Everything a user does on a website or mobile application generates data. It’s up to a marketer how he/she can leverage this data to create a strategy and boost conversion.
It’d be a big mistake to let go of data without carefully evaluating it. Here, evaluation means extracting all the necessary information out of it and putting it to best use. However, to reach there, you first need a tool to manage and store data. This is when a data management platform comes in picture.
What Is DMP?
DMP (or Data Management Platform) is a software used to store, manage, and organize data, mainly for advertisers, marketers, and publishers. Technically, DMP uses first-party (emails, names, telephone numbers), second-party (other websites, companies, advertisers), and third-party data (cookie IDs and mobile identifiers) to target the audience accurately.
It’s too much for publishers, marketers, and advertisers to manually organize and analyze data. Hence, we have tools like data management platform to do it for us.
A DMP is like a repository of all the data a user owns or adds. A DMP user can store both structured and unstructured data from different sources and integrate it. A rising number of publishers have started utilizing data management platforms to understand their readers’ information and get value from them.
However, one cannot depend entirely on this tool. Of course, a DMP can manage and store the information securely. Though it’s up to the user to formulate workings and strategies out of it.
Why DMP: The Reasons
The reasons to use DMP depends on your business requirements. For instance, one user may use a DMP to track his/her marketing campaigns’ progress. While another user may want a tool to manage previous consumer data to create new strategies. Here’s how DMP makes data management easy:
Let’s understand this with a daily life example. You returned home from work and put your keys somewhere. The next day while leaving your house, you’re unable to find the keys. You’ve forgotten where you put them. In such a case, don’t you wish you had an app or something to help you locate your lost keys.
Same thing happens while managing huge data. You save the data in a ‘safe place’. But when you need it, it’s nowhere to be found. Therefore, you need a tool to manage and organize it. DMP stores all your data at one place to access it whenever you need.
Monitored Budget Spend
With a DMP software, you can log your campaign budget. Later on, these logs help you with expenditure monitoring and comparing. Using these numbers, you can then speculate the money you should spend on upcoming projects.
In marketing and advertising, more than one campaigns run at a same time. Now each campaign has a starting date, an end date, some revenue generated, and the data collected. DMP is used to store all the data and ensures security.
Audience targeting is a routine activity in marketing. Using a DMP, you can use various filters to see the data differently. Data management platform can give you a newer perspective which can help you create marketing strategies later.
Once you’ve stored all the important information related your business, clients, and consumers in one platform, you need security. DMPs are designed keeping security in mind.
Also, the new and more improved versions have combined data management platform with the demand-side platform and data analysis tool to provide better outcomes. As using one tool over three can make situation more manageable.
Where Can You Get A DMP?
The definition of ‘best’ data management platform can be different for everyone. It certainly depends on the need of the user. Nonetheless, here’re names of popular data management platforms known to offer ‘best’ services:
Adobe Audience Manager: This is said to be a great tool to build audience profile based on various demographics. These profiles can be later sent to other marketers and agencies to work on. Adobe also offers cloud storage services using which you can access your data from anywhere.
Lotame: The aim of Lotame is to provide a platform that manages data without having to waste resources. It is an independent DMP provider that primarily focus on their users and their protection.
Oracle DMP: Oracle helps create information-rich profile combining first and third-party data. It offers a platform to work on cookie-based customers. The only drawback of Oracle is the not-so-smooth user interface.
SAS Data Management: SAS is a popular and one of the oldest names in the DMP market. They are known to provide consistent, accurate, and reliable information that a user seeks.
Google Audience Center: This powerful DMP tool by Google comes with smart features like end-to-end campaign management. It can be used to collect and organize data along with their source. This also helps getting audience insights for further optimization.
How A DMP Helps?
DMPs are primarily designed keeping these three main users in mind: publishers, marketers, and agencies.
Publishers include anyone owning a media property such as application or website they want to monetize. Every publisher needs a DMP to organize the two main aspects of his business – audience and advertisers.
The audience and their behaviour needs to be logged. And the advertisers and their activities need to be monitored. This generates huge data to be managed and stored; and a DMP does just that.
For Marketers and Agencies:
Marketers use DMPs to identify and classify the audience based on their campaign performance. Furthermore, they use it to gather a deeper understanding of existing data and to create an insight of existing users.
Later, every piece of information collected is used to update the campaign strategy.
We’ have mentioned that a DMP is mainly used by the advertisers, marketers, and publishers. However, there is always a need for data management in every level of the organization. Professionals from around the globe can benefit by using a data management platform.
A data management platform has become a need for everyone involved in advertising and marketing. You can check out various DMP service providers available in the market. And then choose optimally by evaluating your DMP requirements.
However, if you find that none of the DMP available in market is satisfying your needs, you can always choose to design an in-house DMP adding the features you really need and updating it along the way.
This is something requires huge dependency on developers but proves worth the effort in the long run.