Did you know that the U.S. travel industry advertising spend was predicted to grow from 2.4B…
With the rapid rise of cross-device usage between consumers, advertisers can no longer assume that one person is linked to just one device. For travel and hospitality companies, sending the right messaging at the right time, to the right consumers on the right devices can sometimes be complex. That’s why Data Management Platforms are in hot demand right now, marrying 1st, 2nd, and 3rd-party data for advertisers and marketers to make smart campaign decisions.
DMPs are vital to any marketer and advertiser to gather and categorize data from a ton of different sources into one platform, helping companies to make more insightful advertising and marketing decisions to reach their target customers in a more cost efficient, productive, and successful way. This combination of collection, aggregation and activation provides unparalleled opportunities for advertisers, especially travel/hospitality companies, in terms of targeting and analytics/insights. But how? How does a DMP help a marketer actually learn about their customers…or in this case, their data?
Here are 8 of the top use cases for how a travel or hospitality marketer can put their DMP to work:
Data Collection: By integrating with a DMP, travel marketers have the ability to gather your 1st-party data from ANY source, including your website, mobile apps, social presence, banner ads, and even your offline sources such as your CRM or loyalty programs. Once that data it gathered, you are able to aggregate it into a transparent, easy to digest view to understand who your ideal customer may be.
Audience Building: So, the data has been collected and aggregated into your DMPs platform; and now you have a single view of your customer. What’s next? You can use the DMP to build audiences to target different messaging to. For example, if you are trying to reach a group customers who live in DC but love to travel to the west coast, the DMP allows you to build as precise of an audience as you would like. After you build that audience, you can watch the DMP wheels turn.
Audience Insights/Profiling: So the DMP wheels are turning, right? This is where, in my opinion, the magic happens. Gaining audience insights is a beautiful, beautiful thing for any company looking to understand their consumers on a deeper level. DMPs have many special features, but if they have reports that tell you a thing or two about your customers, then you are definitely getting somewhere. For example, Lotame offers an Audience Profile Report as a feature of the DMP that gives marketers a comprehensive view into an audiences patterns, trends, and intent through their digital imprint. There are many features of an Audience Profile Report, but one that stands out most in the Lotame platform is the demographic scorecard; a quick dive into an audience’s demographic data ranging from gender to age to household income to even education. By diving into the audiences makeup, companies much like yourself will be able to understand the composition of their audience at a deeper level, and use that knowledge to build newer, stronger performing audiences AT SCALE.
Audience Optimization/Lookalike Targeting: If you have an understanding of who your perfect audience is, and you have built it within the DMP, but it still doesn’t look like you’ll be able to reach that many people, you may want to try adding some lookalike modeling to your plan. DMPs are equipped with machine learning tools that can take your small “seed “ audiences and help you identify additional customers who may also fit the build. This is an opportunity for you to grow your highly targetable audience before you even start targeting them, so you can reach more possible new customers!
Personalization: Personalization is key to any marketing campaign, in that it can drive new customers into converters. Travel and hospitality companies can use first- and third-party data that is aggregated within their DMP to determine customized content for different consumers when they visit their website. For example, if a company links their DMP to their CMS, they have the ability to sync the two systems to only show specific content to specific audiences. Throughout this process, you will be able to learn more about your audiences and build customized content based on what they are interested in. One of Lotame’s customers, AMP Agency, targeted in-market travelers with timely offers with the goal of increasing conversions, and achieved a 455% Return on Ad Spend!
Cross-Device Targeting: Chances are, travelers are often away from their desktops, and using many different devices throughout the day, depending on where they are. Travel and Hospitality companies need to be able to reach their customers in an effective way, across all devices, and by using a DMP, they can send targeted advertisements to the right person, on the right device, to make sure they are getting the most out of their campaign spending. DMP’s like Lotame should offer cross-device technology to identify your target audience on ANY screen, so you can reach them when and where they are most likely to engage, especially while traveling.
Location-Based Targeting: What better use case for a travel or hospitality company than geo-targeting? Companies can actively target people who live or work in a certain location by utilizing a DMP’s geo-targeting capability. For example, if KAYAK is looking to target US-based customers who are currently experiencing the harsh conditions of winter with an all-inclusive trip to Hawaii, chances are they will probably get a click-through. Sending those targeted ads based on a person’s geography can really help in a hospitality company’s success.
Smarter Retargeting: Traditional retargeting relies on the basic idea of targeting someone who previously visited your website with a message in the hopes of getting them to come back to your site. This could be targeting existing customers who you want to upsell, or targeting someone who did some searching but never completed the purchase. DMPs such as Lotame track audience success as well as their tendencies within a certain campaign, giving marketers new insights about who interacts with certain campaigns, whether it be by clicks, impressions, or conversions, to retarget those users in a more efficient way. For example, if you have seen that some of your customers have searched for the price of a trip to Italy, but have also been looking on other travel sites for a cheaper price, you can make sure to retarget them with a new advertisement when you have a discounted price, in the hopes of getting them to come back to your website. They have already shown some type of interest, and with the additional information provided by your DMP, you have more of a chance of getting them to convert than you would without an insights tool. Retargeting customer groups based on past behavior or activities is an integral part of working with a DMP, especially if it is integrated with a DSP. A DMP that is seamlessly connected to multiple DSPs means that you can send your audiences to any platform for immediate targeting.
There are a number of reasons why and how a DMP can help Travel/Hospitality companies, but the most important is that it gives you the ability to truly understand your consumer makeup. Who is interacting with your content and why? Starting there will help drive campaign success across the board. For more information about Lotame’s DMP and how it can help you achieve your marketing goals, contact us for a demo of the platform. We love to talk data, so don’t be shy!