With so much valuable audience information readily available, there is untapped opportunity to use big data to optimize advertising campaigns, monetize content and increase customer engagement. However, as digital media grows more complex and more user data is created and collected on a daily basis, marketers, agencies, and publishers need better ways to buy, sell and manage audience data beyond the standard suite of analytics tools.
How do you capture all of this valuable audience data, shape it into insights and then activate it to drive outcomes? This is the Power of Lotame — the Power of a Data Management Platform (DMP).
What is a Data Management Platform?
A data management platform (DMP) collects, organizes and activates first-party and third-party data from any source.
Think of a DMP as a smart data warehouse. It aggregates data about your users from all sources, including online, offline and mobile channels, and stores all that information in one platform. The DMP then sorts all that audience data in a way that is understandable and actionable for marketers, publishers, agencies and businesses.
The biggest benefit of using a DMP (as opposed to other analytics tools) is that it does the job for you in unifying your data. Instead of cobbling together all your data sets and then trying to make sense of a mountain of data, a DMP turns all that data into a goldmine.
Thus, a data management platform like Lotame’s is the backbone of an efficient and optimized data-driven marketing.
How Does a DMP Collect Audience Data?
A data management platform collects unstructured audience data from any channel. Specifically, Lotame’s Cross-Device DMP collects audience data from the following online and offline sources:
- Web Analytics Tools
- Mobile Web
- Mobile Apps
- Behavioral and Demographic Data
- CRM Data
- Point of Sale Data
- Online Video
- TV Data
Some examples of data sets that a DMP collects are:
- Behavioral Data (i.e. clicks, downloads, video uploads and video completion, etc.)
- Interests/Affinities (i.e. sports, parenting, museums, travel, etc.)
- Demographics (i.e. age, education, household income)
Who Uses DMPs and What Are the Benefits?
As big data continues to grow even bigger, more and more marketers, agencies, publishers and businesses are investing in DMPs to help them collect large data sets from their client campaigns and create rich audience profiles for their client campaigns. These data points can be used to better understand your audiences, create effective RFP responses, enrich your audience using third-party data and extend your audience reach to address campaign commitments.
For marketers, a data management platform helps them leverage data that already exists, create rich audience segments, tailor hyper-targeted messaging, and empowers them to buy audiences with minimal waste.
For agencies, data management platforms help them manage multiple accounts by housing all their client data in one unified platform, streamlining their campaign execution processes and simplifying their media planning and buying.
For publishers, DMPs help them not only better understand their readers but also sell highly targeted ad space to potential buyers.
What are other ways people use DMPs?
A Data management platform (DMP) enables publishers and marketers to identify and classify audience segments at a significantly deeper level than standard analytics tools. By gathering an extra layer of audience data from all data sources, DMPs allow users to create custom audience segments using first- and third-party data and learn valuable insights about each audience to inform campaign, content, and creative planning and development.
Other common ways of using DMPs include:
- Audience segmentation
- Customized ad and retargeting campaigns
- Website and campaign optimization
- Media buying and selling
Basically, a cross-device DMP means you can reach your audience anywhere, anytime.
Getting Started with a data management platform (DMP)
Your company already has a mountain of data. Let Lotame’s data management platform help you make sense of this data andturn that mountain into a goldmine.
Request a demo of our DMP to learn how our data management platform works.