Why do you need a special resource for data collection and management? Most marketers today have multiple sources of first-party data feeding into different systems. In addition to first-party website data, they may have CRM data, mobile data or social data. They may have offline data that they cannot unify with online data. And they may have other sources of data they aren’t even aware of or utilizing yet. All these channels add up to a very large data set, that when organized and managed well can lead to well targeted strategies and higher ROIs.
Imagine having access to one centralized system for all of the data you own and operate as a business. A data management platform (DMP) collects all first party data, organizes it in a way that makes sense for your business, and creates a central data warehouse for that business. Adding a DMP to your business allows you to distribute your time among other tasks with an efficient data analysis process.
By dropping just a few lines of code into the footer of a website, a DMP allows users to capture valuable information about their site visitors’ demographics and behaviors. And for marketers who have data coming from multiple sources like mobile and social platforms, a DMP is a crucial system that allows these wide spread data points to be combined for a complete, comprehensive view of the consumer.
Rather than a partial view of your consumer in many different places, the DMP combines everything into one place, enabling true data-driven marketing. You do not need to spend part of your valuable work time trying to piece all your consumer data points together or risk making decisions without full knowledge about your audiences. The full few of your audiences is invaluable when creating strategies and will help you understand your target market better.
A DMP not only collects and organizes first-party data, but also connects it to third-party data if you choose to do so. Within Lotame’s DMP, marketers have access to billions of data points from the Lotame Data Exchange (LDX) as well as over 40 branded data providers. For companies with limited first-party data resources of their own, third-party data is important. Third party data expands a data set for better understanding of audiences and users. But even if you have ample first-party data, efficient use of third-party data can make a huge difference in your marketing success and help in creation of strategies that will lead to a larger return on investment.
Adding third-party data to existing data sets allows marketers to enrich their first-party data, leading to more precise targeted ad campaigns. This can also be used to learn more about customers and prospects, enabling the marketer to create more tailored messaging. In addition, marketers can combine multiple third-party data sets to more efficiently prospect among their different activation channels.
A data management platform is a single access point to all audience-building and planning for that brand. With a few clicks, Lotame’s DMP clients now have access to over 40 data providers to work with, on one platform, to be added and subtracted to create the perfect audience. A DMP helps to integrate multiple types of data from multiple sources and organize to help you understand your audiences better. What was once a very fragmented ecosystem is suddenly very simple!
Lotame’s DMP can also be an effective solution for collecting and managing data for publishers looking to increase ad sales. A publisher using a good DMP can drill down to specific metrics that are traditionally unavailable through standard analytics and reporting. This allows publishers to identify and focus their messaging to audience segments that hold the most value for potential advertisers. Specific audience segmentation benefits publishers by giving them control over CPM rates and the users advertisers are able to reach and how often.
Using a DMP also provides publishers with the ability to report on the demographic characteristics and behavioral patterns of audience markets to advertisers. Reports provided by a publisher may include insights such as which demographics and users respond to certain ads, products and messaging by utilizing behavioral data collected through their DMP. With a DMP system publishers can communicate with advertisers about the audience they can reach and can create compelling content around a data driven strategy leading to increased ROI.
While there is no denying that data is king, how useful is a mountain of data if you can’t put it to good use to drive insights about your audience or guide your marketing strategy? The answer is, not very useful at all. Targeted strategies require large data sets for accurate insights. In order to be time efficient the data must be organized for quicker and easier review.
Lotame’s DMP collects, organizes, and activates data from any source into one centralized platform, allowing users to manage that data and glean valuable insights from it. Of course, it’s hard to appreciate just how amazing this technology is without seeing it for yourself. We’d love to show you more. Contact us today for a demo and we’ll show you all the things our DMP can help your business achieve.