What is a DMP? And why you need one!
A DMP is a ‘Data Management Platform’. Simply put, a DMP allows marketers to capture audience data and centralise it into one place. This can include a wide variety of details on your customers such as: profile data – who they are, geographic data – where they are, behavioural data – what they do.
The DMP integrates all of this data from your 1st party and 3rd party sources into a single platform to give you a clear picture about who you are marketing to. Since the DMP updates in real time, it offers you the ability to optimise media buying and programmatic advertising on the go. This is essential to optimise digital campaigns which in turn leads to a better ROI.
Given the growing number of digital channels now available, accessing a cutting edge DMP is invaluable for digital marketers.
DMP – how does it really work?
A DMP gathers data from every touch point you have with your customers, primarily in the digital realm, e.g. your website, mobile apps, or online marketing campaigns. It can also include offline points of contact like interactions with your call centre. The DMP also collects third party data through the use of tracking cookies which allows the creation of audience segmentation, and uses data to push your audience to purchase points.
Results are optimised using ‘lookalike audiences’. This means that once you have a clear understanding of the characteristics that define your optimal customers, you can use this data to search for more customers that match these customer segments. For example, if 80% of your revenue is generated by single males aged between 30-40, living in Sydney, you would then focus your online marketing around this segment and eliminate wastage in your campaign budget. This is an effective tactic to target new prospects with the goal of converting them into profitable customers.
The DMP collects response data, and builds in detail with each new piece of data gathered. It’s a process that allows knowledge of your customer base to evolve and optimise in order to fine tune campaigns in real time and find new audiences.
Is it essential to have a Data Management Platform?
There is a vast amount of data at our disposal. It is unwise not to tap into the full potential of your database and squeeze every bit of revenue out of one of your most valuable resources. Consider your direct competitors having insights into a segment of the most profitable customers that you could target equally aggressively and gain your fair share of the market. Effective use of a reliable and cutting edge DMP is the future for all online marketing.
A DMP is central to data driven marketing strategies and is an integral part of driving engaging real time customer interactions. But with mammoth data at our disposals, marketers are still finding it difficult to connect the dots to create a holistic view of the customer. Most DMP’s available in the market are built for enterprise and are often cost prohibitive for small to mid-tier businesses.
That’s where iNimbus can help. We’ve built our DMP to be accessible and cost effective, whilst still having the capability to drive increased ROI and greater insight into your potential customers.
Key functions of a DMP:
- Classification & structure of data based around user attributes.
- Robust data collection: systematic capture of various offline and online sources.
- Integration with media buying platforms (networks, exchanges, DSPs)
- Integration with 3rd party data publishers
- Centralised audience analytics & reporting
Get in touch with our team today to understand how we can help integrate your data to boost your digital profiling and enhance customer experience.
iCumulus Pty Ltd
Level 9, 131 York Street
SYDNEY, NSW, 2000
P: +61 2 8262 8070