The right data management platform is an incredible and essential tool for marketers. A data management platform allows marketers to learn more about their audience and better customize messaging to target demographics. Lotame want to help you drive a higher ROI. So, we put together 10 tips from our experts for how marketers can get the best results from data management platforms.
Before choosing your DMP, ask yourself what you want out of your DMP. Naturally, a DMP for marketing is designed to increase sales, but are you looking to unify data from multiple sources, build target audiences, find out information about existing customers and how to keep them, improve campaign performance, or predict new customers?
As a marketer, you probably want to complete all these tasks as well as some others. A good DMP will allow you to collect the data you need for insights about your company in order to create better strategies. Identifying the goals you want to focus on and establishing your key performance indicators for each will help you in the selection process for a DMP to make sure you select the most effective system for your company.
Getting the data from a DMP and starting to drill down and analyze it can be exciting. A DMP pulls and organizes the data that is most important to your company. Selecting a data management platform can bring you a step closer to obtaining your business objectives. You are able to impress top executives by providing data driven insights and strategize targeted campaigns with higher ROIs.
The longer you use your Data Management Platform, the more dividends it will pay, as the software continues to collect and organize data, simplifying and streamlining your information so in the end, anything you need to plan your marketing strategy is right at your fingertips.
Lotame’s next-generation platform, Spherical, allows you to integrate data from first-party, second-party and third-party sources. All of this data is valuable, and you should make sure to use it all. Prioritize the first-party data, of course, but then layer the second-party data over it and the third-party data over that to help fill in the blanks. Anything that can give you a more complete picture of your audience is valuable to you as a marketer.
The obvious first place that most digital marketers start is with online data, but that is just the tip of the iceberg. What about offline, mobile, point of sale, social, CRM, or loyalty data? These are all valuable, but not if you can’t access them for an overall view of your customers.
DMPs allow you to combine this data from every source into one platform for a cohesive understanding of your customers. Organize your data by what matters most to you and what holds the highest value as you work towards your business objectives. Lotame’s DMP allows you to organize and analyze audience segments so you can better develop messages around your target demographics.
Evaluating data you already have can show you industry trends and indicate future patterns. Having insights about the future consumer trends can help you create campaign strategies that are ahead of your competitors. This can increase your ROI and show results sooner, so you and your organization get to feel more confident about the DMP and its benefit to your organization.
At Lotame, we pride ourselves on the outstanding service and support we offer our clients, and our client success team is available to help guide your data strategy. The data and insights provided by the DMP are only useful if you use them, and we can help you figure that out. We want to be a resource for you and help you drive the results for your company. The Resources section and MyLotame Knowledge Base are two places that are always available to you in addition to our experts. In those sections you can find tips for using your DMP to its full capabilities, tricks for pulling the optimum insights from your data, and best practices to help you maximize your ROI.
Or, if you’re looking for a more consultative approach or managed services, we are happy to help you with that as well. Let’s chat.
Another benefit of the Lotame DMP is that we collect and prioritize the data that is most important and relevant to you and your data-driven marketing. Our solutions consultants will work with you to identify where you want to identify data from, and our team of experts will even help you gather that data.
Pull in data from multiple devices to form better insights about your consumers and industry. Once it’s collected and organized into a hierarchy, Lotame’s platform allows for real-time editing access so you can change the way your data is organized without having to go through support for help. (This isn’t true of some of our competitors!)
Once the data has been collected, it’s time to build your audiences and get going with your awesome data-driven marketing campaigns. As you use it in your marketing campaigns, keep checking on the performance and make adjustments as necessary. Your audience data is a continually evolving collection of information and your DMP is designed to help your business evolve and grow with it. There is always room to improve your targeting and make your campaigns work harder.
While you will be using your DMP to identify and target market segments and act accordingly, never lose sight of the whole plan. It’s important to be able to “see the forest for the trees” when you are developing an overall marketing strategy. As you are adjusting your marketing for individual audience segments, look at how all of those segments interact as a cohesive whole to help you formulate a long-term marketing strategy for your company.
Make sure you are checking back in the analytics and insights available in your DMP to let you know which audiences are performing well, and which aren’t. Most marketers want campaigns that perform well, and generate more sales for the company. If you aren’t reaching your target audience, or need help finding more prospective customers, there are tools available to help.
Lookalike modeling, for example, may be one good place to start to help you find more new customers who are likely to engage with your campaigns. Audience Optimizer is Lotame’s automated lookalike modeling tool that uses machine learning to help you find your best customers. We also offer Audience Insights, which is a more manual tool that allows you to adjust the targets of your campaign to increase performance.
Lotame can help you organize, contextualize and otherwise understand the data, but in the end it’s up to you and your team to implement the strategy. Who is the DMP owner in your organization? This team member should be tech savvy and your go-to person for data analysis. Establishing your DMP owner ensures that your business will be using your DMP to its full capability and return higher ROIs for your campaigns.
Not sure if your team can take on more tasks, but you still want the insights? Lotame offers managed services for companies that aren’t staffed to run the DMP themselves, but would like expert help doing so.
Data gives you valuable information to use in your marketing. But in the end, remember that you aren’t marketing to data points — you’re marketing to people. Always keep in your mind that there are real people at the other end of your funnel and act accordingly. In today’s business climate where people much prefer that you inform them and let them make their own decisions, rather than trying to sell them something directly, this can be a crucial factor.
Great use of your data starts with the right data management platform. Lotame’s Spherical helps marketers and media owners drive growth and revenue with actionable customer intelligence, data informed audiences, and identity powered activation. Contact us for a demo today.