Do you find yourself wanting to target campaigns to improve response and conversion rates, in…
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.
You don’t need to have a huge storehouse of data before you can make use of your DMP. All the information you receive through the system is valuable, so begin working with data right away. 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 myLotameCommunity are resources 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.
Another benefit of the Lotame DMP is that we collect and prioritize the data that is most important and relevant to you and your DMP marketing. You won’t waste time on data that isn’t likely to translate into bigger and better sales scenarios. You want to have the data that will help you create strong targeted campaigns. To make sure you are using the best data it is important to check that are collecting your data in the most efficient manner and not missing any data gathering opportunities. Collect the types of data that available to you, ranging from newsletter sign-ups to search terms consumers are using to get to your site. Pull in data from multiple devices to form better insights about your consumers and industry. Your data holds the highest value when it is the data you need and organized for effortless interpretation.
As you collect data and then use that data in your marketing campaigns, be sure to continue to take advantage of your data management platform to see how well you are integrating the new information and what it is doing for your sales. Your audience data is a continually evolving collection of information and your DMP is designed to help your business evolve and grow with it.
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.
Lotame’s DMP 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.
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. Make sure you have a team in place that’s not only experienced with marketing, but that also understands the importance of good data and good analytics, so they will give the rich information provided by the data management platform and implement it in the most effective possible way. Not only do you need to have a marketing team that knows how to effectively work with data implementation, but you need to remember one essential member of your team, your DMP owner. 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.
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 data management starts with the right data management platform. Lotame is a leader in data management software specifically designed for marketers and marketing agencies. To learn more about our data management platform and how it can work for you, contact us for a demo today.
Or, if you’re looking for more guidance on how to make your data management platform work best, check out the DMP Playbook for step-by-step help on the top DMP use cases, tips, and tricks to get the most bang for your buck!