Successful businesses run on data. If you’re not analyzing data regarding who’s visiting your website and when, who is purchasing your product and when, and who is finding out about your product and how, you’re simply flying blind. Without good data analysis, there’s no way to know whether your marketing efforts are highly successful or a complete waste of time. Study after study shows this. You know that you need data — and lots of it. But what do you do with it?
That’s why knowing how to choose a DMP is so important.
While the DMP evaluation playbook can help you decide which data management platform to choose on a broader level, and it will be to your benefit to study it carefully before making any decisions, here are a few things you will want to think about going in:
How big is the data management company you’re considering working with? Some data management platforms have decreased their personalized service as they increased in size. Without a doubt, data management companies that are part of a larger corporation will have amazing marketing resources, but you will have to question how responsive they will be to your needs.
An independent data management company like Lotame will be able to give you more personal attention, so you can put your data to work and beat your competition to the line. And when you’re looking for support, a company that can respond fast can be worth quite a lot.
Remember that the biggest company doesn’t necessarily have the best DMP software. In the end, when it comes to data management platforms, the software is king. You should be looking for a DMP that can collect the most data most efficiently and interpret it the most accurately.
How do you know which data management company offers the best DMP software? It’s difficult to know for sure, but there are a few ways to get an idea. One thing you can do is basic research. Look for . See what kind of news and success stories the company can offer. Use the power of the internet to help you decide who has the best technology and use that information to inform your decision about which data management company to work with.
The proof of the pudding is in the eating, though, and the best way to determine who has the best technology is to have a DMP representative show you how it works. Sign up for a demo of the DMP software you’re interested in and see for yourself how effective it seems to be.
An issue any business should consider when thinking about taking on a strategic partner is how that company treats its customers. You know how important customer service is in your own business, so if your data management platform provider doesn’t hold itself to at least the same standard, why would you want to work with them?
It’s easy to think of data collection and analysis as a sterile process. After all, data begins as just numbers, and the main role of your data management company is to pull together those numbers and tell you what they mean. But under those numbers are real people, and realizing that can help inform the analysis in an important way.
If your data management company treats your as a unique company filled with passionate people looking to drive results, not only will your relationship with that company flow more smoothly, but it also indicates a likelihood that they have your best interest at the center of their plans and want to help educate your team and help your business flow.
What other support offerings does the DMP have beyond their support desk? Is there a Community knowledgebase resource you can access 24/7? Do they have videos and trainings to get new team members up to speed on the technology? Make sure you understand the scope of the resources offered to you and your team as a part of your basic support package.
A good data management platform can serve a lot of business needs. But you won’t know for sure if a data management company can meet your needs unless you know exactly what your business needs are and what you expect from a DMP. Do your research on data management companies, but before you make your final decision, make sure you and your marketing team have a clear understanding of what you need and expect from your data management platform.
What are the things you want to know most and what do you hope to gain? What are your goals for data analysis, both in the short-term and long-term, and what will you consider to be a data management success? Once you know all these things, you can approach your potential data management company armed with the information you need to find out if they are right for you.
If the representative you speak to is not able to answer questions about how their software can help you meet your goals to your satisfaction, this may not be the right data management company for you. Data and data analysis can’t do everything, of course. But if you have reasonable goals for your data, the right DMP company should tell you very clearly how they plan to help you achieve them. If they are not able to, you may want to consider looking elsewhere for your data management solution.
The first step in evaluating a data management platform is to determine if a DMP will provide a sufficient return on investment not only in cost, but in resources to implement and maintain. By connecting data sources, adding structure to the data based on the publisher’s specific business rules and helping make the data actionable, the DMP helps create greater revenue for their inventory, provides deeper insights into their audience and helps make better business decisions. There are many ways a DMP can help your company increase your bottom line.
Marketers may feel overwhelmed when they begin the search for a DMP due to the immense amount of options available. Differing recommendations may come from colleagues in similar industries that leave those looking for a data management platform feeling confused. When running a marketing campaign, you want to make sure you are targeting the right audience to lead to a greater ROI. The right data management platform can also help agencies facilitate better client relations and customer service by keeping data organized. Ad campaigns are more efficiently targeted with custom data sets managed through a DMP.
Publishers have access to raw data from a variety of sources, including first- and second-party sources, like registration data, web analytics and ad server data; CRM data; offline sources like newspaper subscriptions; and additional information through mobile or social channels. Additionally, third-party companies can offer a wealth of information about that publisher’s audience that the publisher themselves would not have access to. These separate data sources on their own may provide value, but without organization, the data cannot be used to its full potential. Click here to download a copy of the DMP Evaluation Guide for Publishers, or click on the image below.
To find out more about Lotame’s data management platform that allows you to collect, organize, activate and protect data from ANY source, including online, offline, mobile and CRM, please feel free to reach out to use for a demo.