It’s a fact we live in a data-driven world. Marketers make use of customer intelligence to steer their brand campaigns and communication strategies in the right direction. And even though there is so much data available on multiple channels, it becomes difficult to focus on which information is relevant and how it will help fulfill every customer’s needs and desires.
This is why it is important to use a Data Management Platform (DMP) to efficiently execute all digital marketing efforts that not only deliver results but also save resources. A DMP is basically a software that assists the marketers in gathering an influx of real-time data from internal and external sources that is actionable via multiple outlets such as web, email, mobile, and tablet to name a few.
This information is then divided into different groups which can be used to better target specific audiences in online ads. Using this, marketers can optimize future media buying activities and create ad campaigns with a more centralized focus that leads to further development of a deeper understanding about the customers.
Important features to remember
1. Matches customer IDs
If the data source has a common field such as a customer ID or an email address, a DMP stores it under the umbrella of one customer. This is how it makes individual data sets that when combined with similar data sets form one segment.
2. Curates its own data
There are so many vendors who are willing to sell outdated or irrelevant marketing lists for a price. With the help of a DMP, marketers can make their own lists or custom segments of targeted audience – and that also within a budget.
3. Suggests new groups of people to target
It makes life simple for marketers by suggesting them groups of people whose buying behaviour is a lot like their current customers.
4. Generates reports
Marketers can gauge the performance of the software thanks to the DMP. In a nutshell, it is not just executing plans but also analyzing and collating the details of the performance – all under one roof!
Understanding a Data Management Platform
So what forms the core of a DMP? Data? Yes. The more data is available, the better context can be derived from a DMP. For marketers functioning in the B2B spectrum, it is essential to include lead scoring and marketing automation tools for the growth of their brands.
However, this can’t be done with the existence of data alone. Here are a few core elements that create a DMP:
1. Self-serve vs. full-service
Most of the time, marketers don’t even realize the fact they are already using a DMP. When it comes to placing ads, marketers can do it in two ways – manually or with the help of an automation tool. If it is the former, then the marketers get their own DMP to keep up with the data. And if they opt for the second option, then there are full-service software to choose from!
2. It’s trending or is bound to
The use of a DMP is on the rise and the situation will change drastically for good in the next 10 years. Presently, 8 to 10 per cent of Fortune 100 companies use a DMP and the number is going to increase sooner than anticipated – most probably in another 2 to 3 years. In a way, this significant evolution is due to the new ad networks and their ability to hyper-target collated data sets.
3. Cross device connections
Connecting lots of different data from various channels is the USP of the DMP. If the marketers are looking for paid promotion and taking help of marketing automation tools, then the right software will take care of all their needs.
The key to making the most of a DMP is only when massive data sets are going to be used. For instance, small scale companies who are looking to grow quickly should start with a self-serve DMP. As and when their business flourishes, new channels are tapped and customer intelligence in-hand increases. That is when they should switch to a full-service DMP!
Wigzo is at your service…
Wigzo is a marketing automation suite that converts user data into predictive insights and accordingly suggests the best personalized engagement plan for the brand or organization. Its machine learning tools track use behavior and understand the content and build global profiles.
Wigzo analyzes data of each user activity across platforms and builds a complex graph that contains everything. It helps marketers to process the correct information to be sent at the right time, on the right device with personalized notifications – which ultimately leads to increased or better engagement levels.
The software also predicts the behaviour of the customers and shares details regarding whether or not they will become dormant after sometime or become loyal to the brand. Marketers can make best use of Wigzo provided they explore every aspect of the software.