Reasons Why Marketers Need to Integrate a DMP into Their Strategic Planning
As I sat down to drink my warm cup of coffee and read the news for today, I was thrilled to see an article published by ExchangeWire sharing a recent Oracle Marketing Cloud study stating, “digital marketing budgets revealed three-quarters of marketing managers were planning to increase their digital marketing spend in 2015 — the highest proportion since the survey began in 2010”. Of the surveyed participants, 30% claimed a key area of investment priority would be DMPs, this figure is double compared to last years report. So my hopes have come true, the future of strategic marketing lies in DMP implementation.
For those of you who may be asking what is a DMP, let me help you out. DMP (data management platform) is a type of software that essentially serves as a “data warehouse” that stores consumer information and organizes it in a way that is legible and understandable for marketers, publishers or other DMP users.
Okay so now you understand what a DMP is, but how can a DMP help your marketing strategy? Here’s how:
Data is King
Data now controls all aspects of the way my coworkers and I use digital media, and this should be the same case for you. When you focus your attention on consumer data your marketing ROI will jump leaps and bounds.
Think about it, DMPs have taken the guessing and approximating aspect out of my marketing strategies and added in precision and customization. Social media analytics have certainly helped me gain a clearer picture about who my target market is, but DMPs crush those audience estimates in comparison.
A huge benefit of DMPs is that they help manage cookie IDs and subsequently generate audience segmentations, which have given me a better idea who exactly I should be targeting with my online ad campaigns. Now marketers and advertisers can optimize on the audience data and hone in on information and advertisements that interest these consumers. As stated in a recently published iMedia Connection article, “Digital advertising and marketing executives have a plethora of data at their fingertips today, and so much is being done to apply this data to market their businesses with greater power and performance”.
The customization component of a DMP has given increased consumer product engagement and ultimately generated greater ROI (return on investment).
Those of us that have implemented a DMP into our marketing strategies now hold the upper hand in the digital world. We have the ability to collect, organize, and capitalize on essential consumer behavior and information. As VP of Advertising, Mark Flaherty, stated, “If a company equips itself with a state-of-the-art data management platform, the large bulk of engagement with the customer can be automated, leaving a core team of creative and operatives to focus on the unusual opportunities”.
In today’s digital world it’s not uncommon for us to hear of another machine invented to take over the place of a previous man-powered job, but that’s the reality we face. However, the best way to utilize these machine programmed devices and software is to understand how these forms of technology can enable us as marketers to do our jobs better and more efficiently. Robot powered jobs are becoming increasingly more popular, but there will always be jobs that need a human’s personal touch and watchful eye and that’s where we come in.
Have you implemented a DMP into your marketing campaign? Leave a comment letting me know how it has improved your business and ROI.