Do you find yourself wanting to target campaigns to improve response and conversion rates, in…
Picture this: You are an up and coming video game company. You recently created this awesome new game that you think will be a huge hit. You want to first send a message to users who have already visited your site and looked at some of your pricing. They have already shown some type of interest in buying your product, but, is that enough? Are you going to be able to grow if you just keep hitting the same target audience?
Businesses today are faced with difficult challenges, no matter the industry. With competition coming from all angles and unshakable consumer “ad blindness” brands must find new ways to reach directly defined audiences with the right messaging, and most importantly, at the right time.
At it’s highest level, a data management platform (DMP) collects, aggregates, and exports first- and third-party data. (For definitions of each, see this post: 1st, 2nd, 3rd Party Data – What Does It All Mean?)
A DMP allows you to create and define “audiences” that fit your business and advertising plans, and can be as broad or niche as you desire. Once categorized into segments, you can pair these audiences with the right messaging to communicate in more personal and meaningful ways, ultimately reaching your business goals.
Businesses benefit from a DMP in several ways. We have outlined a few of the many benefits below.
Before you even begin targeting a campaign at your audience, a DMP is a valuable tool to learn more about your ideal customers so you can find more of them. Layering on additional insights about your audience that you don’t already know based on your first-party data is called audience enrichment.
As an example, let’s go back to the video game company. Some of your customers may show interest in your new exciting video game, but they also show an interest in a new pair of running shoes. So, these customers potentially like videos games AND running. Maybe other customers who like running may show interest in your video game? A DMP can help you filter through specific audiences to find those key behaviors to target your new market.
Retargeting refers to targeting users who have previously visited your website, or shown an interest in your product or service.
You can retarget users by placing a retargeting pixel on either (a) certain sections of your site or (b) across your entire site. Anyone who visits one of these pixeled pages gets grouped into a certain audience. When they visit other sites in your display networks, they are shown your ads.
With smart retargeting ad campaigns, a DMP can help businesses make ad buys through a DSP based on one previous interaction – a product search, an ad click-through, etc.
But more than that, a DMP can make retargeting truly intelligent. This means serving retargeting ads on the device a user is mostly likely to use, cross-device, matching behavioral information with actions, all with a chance to make that one little bit of a difference leading to a conversion.
A DMP allows users to quickly and easily build customized retargeting campaigns based on specific activities and behaviors your consumer has taken online or offline, on any device.
Instead of your typical cold calling, a DMP can give you a one up in searching for potential customers who may be interested in your product or service. By integrating with a DMP that has third-party data sources, you will be able to acquire lots of anonymous data to achieve higher precision and scale with your targeting campaigns.
The 3rd-party data you buy will complement and enhance your business’s first-party data, allowing you to reach MORE of your targeted audiences, which should mean more successful campaigns.
There are also second-party data solutions, such as Lotame Syndicate, that powers the seamless and safe exchange of second-party data directly between buyers and sellers. You can create one-to-one data exchange- your own private data marketplace- that provides access to new, rich, and transparent data that is accessible from its source.
No matter which data you are using, 2nd and 3rd-party data both allow you to extend the reach of your campaigns to find new customers who haven’t already interacted with your properties.
Data Management Platforms should offer both manual and automated methods to optimize your campaign performance for increase engagement and click-throughs. Built from the ground up, Lotame’s Audience Optimizer is our machine-learning solution that improves your digital ad campaigns’ performance and efficiency, by identifying consumers who have the highest likelihood of engaging with an ad or purchasing a product, service or solution.
For manual optimization, Lotame Insights allows users to compare your site audience against first-and third-party data sources to learn more about their most important attributes. You can learn more about your audiences, and then use those insights to adjust your campaigns – by removing underperforming audience segments and adding those that perform best.
As a business, you want to be the ultimate expert on your audiences, and with a DMP you are able to learn what motivates them, who they are, and where they are searching the internet.
When utilizing a DMP, you have the ability to customize specific content on your site for different customers who land on your page. By customizing either an advertisement or content, you have the ability to reach your customers on a more personal level.
Lotame offers a solution called Data Stream, where you have the ability to export Lotame data into your own data warehouse to create your own analytics and optimization techniques for future campaigns.
Lotame Data Stream supplies a real-time continuous flow of billions of consumer profiles from Lotame’s global data exchange, each with thousands of behavioral attributes. Enterprises with their own in-house site optimization tools can use this flow of data to learn more about your audiences and create more specialized and personal content that will resonate with your customers.
Data management platforms are not just for targeted advertising, although that is one of the basic use cases. They aren’t just a data repository or organization system, but that doesn’t hurt either.
A DMP can be used to help you to learn more about your audience, for increased engagement, ultimately helping your business create a better ROI. Your DMP can help your business to use centralized media performance analytics and determine which audiences performed the best and where to double down. Financially, this helps your business to make the best possible decisions to create the most successful campaigns.
By using a DMP, a business can manage the day-to-day plumbing of their online advertising campaigns in one dashboard from campaign creation and optimization all the way to media buying and targeting. For more information about the Lotame DMP and what we have to offer, contact us.
Written by: Haley Adam, Product Marketing Manager