A recent communication by ‘The Economist’ suggests that oil is no longer a valuable resource, but the data is. Collecting a vast amount of resources (information) is one thing, and using it is another. Thankfully, A Data Management Platform (DMP) can help you unlock all the potential of this massive data.
What is DMP?
A DMP is a piece of computer software that can store, analyze, and organize your collected data. It can collect data from various sources, including 1st, 2nd, and 3rd party data.
If you want to implement data-driven marketing, then as a brand owner, you need to invest in DMP. You might wonder how the Data Management Platform works and what activities of DMP will help you build the brand. Here’s the answer to your queries.
What does DMP do?
The primary benefit of using DMP is that it gives you many customer insights. It actually can provide you with an idea regarding how your customer journey is on your website. For example, which pages were viewed by your customer, where they navigated after visiting the landing page, the duration for which they stayed on the website, their social media usage, etc.
A combination of demographic and psychographic information will provide you unrivaled brand insights regarding your customers. This information is suitable for your marketing team especially.
How does a DMP work?
A DMP collects all the data from possible sources like your desktop web application, mobile app, mobile web application, social media, CRM, PoS, and much more. However, just presenting this jumbled data will not make any sense. Hence, DMP organizes it for you.
It creates a hierarchy and segments this data into a meaningful format. The look of your hierarchy depends on your end goals. For example, if you are running a healthcare system with multiple outlets, you can manage each of your outlets’ data separately.
Before doing anything, you must have a clear vision regarding your goal. This will help you decide which data is essential, and additionally, it will also help you organize it better.
We hope till this point, everything is clear, and you are on the same page. If not, you can connect with our team to better understand how DMP works. At the same time, you will get to know our activation of DMP for our clients.
Now let us understand how brands are beneficial using a DMP.
How does a DMP help the brand to grow its business?
- Make better decisions – A DMP helps brands to make more data-driven, more intelligent decisions that are better-informed. It exploits the current and emerging marketing trends and reduces the risk from the marketing condition.
- Increased return on investment – The more intimate knowledge you receive regarding your customers, the better is your ability to drive marketing campaigns to earn good returns.
- Build personas – A DMP allows you to understand your customer’s behavior. Using this data, you can generate look-alike audiences and start targeting them.
- Optimize your supply chain – You can easily learn the rise and fall of the demand. Based on this information, a DMP can optimize your supply chain to avoid loss and maximize efficiency.
- Give a personal touch – The insights regarding your customers that you gain from DMP can be utilized in content marketing. You can market your content to a specific audience and make it more compelling.
- Schedule your communication – The information fetched by DMP will help you learn when your customer is most susceptible to marketing communications. Based on this data, you can schedule your communication to get better results.
These benefits of DMP truly suggest why a brand must invest in DMP and how DMP pays off for brands. A Data Management Platform gives a marketer or a digital marketing agency wings, opening up several possibilities for marketing. As a brand, you have data at your fingertips. Now it is on you, how you utilize it.