August 22, 2016
How to Select a Data Management Platform
At first glance, many data management platforms look the same, and choosing the right one can be a challenge. How does a marketer, publisher, or agency know which DMP to trust their campaigns with? First and foremost, you need a clear understanding of what a data management platform is: the facts, the misconceptions, what they can and cannot do for you.
Once you have a firm grasp on what a DMP is and how it can help guide your data strategy, you need to know what you are looking for in a data management platform — how to choose the right one for your business. With this in mind, we have created a checklist of what YOU should be looking for in a DMP. The items listed below are some of the many features and benefits you should be looking for when selecting a data management platform:
- Data Collection and Organization: Can your DMP aggregate and organize your first-party data from any source – online, offline, CRM, registration lists, mobile, etc?
- Audience Insights and Profiling: What analytics does your DMP offer? Can you contrast your audience against first- and third-party data sources to learn more about who they are and how to engage with them most effectively?
- Retargeting: This is DMP 101 – but does your DMP offer the ability to quickly and easily build customized retargeting campaigns based on specific activities and behaviors your consumer has taken online or offline, on any device?
- Prospecting: Can you purchase third-party audience data to achieve higher precision and scale to reach the right audience?
- Campaign Optimization: Does your DMP use machine-learning to increase engagement with your campaigns? (See Lotame Audience Optimizer for more info)
- Content Customization: Can you use audience insights linked with your CRM to offer customized content for different consumers when they visit your website?
- Support: Will you have consistent support throughout DMP implementation and beyond?
- Cross Device: Can you identify and reach consumers across screens for a true cross-device campaign?
- Smart TV Audiences: Does the cross-device function of your DMP include Smart TV audiences?
- 2nd-Party Data Marketplace: To exchange data and connect with participating customers (See Lotame Syndicate for more information)
- Semantic Analysis: Can your DMP understand the content of a page, by reviewing the language directly; and avoid human error that sometimes comes with manually tagging a page?
- Viewability: Can you measure and report the “in-view” performance of your digital advertising campaigns?
- Innovative, Flexible, and Transparent: Can you influence your DMP’s product roadmap? Does the vendor listen to their customer requests?
- Highly Integrated: Can you export and activate your data across dozens of channels?
- Access to a Global Data Network: Lotame’s Data Exchange gives users access to billions of profiles across every imaginable kind of data type and segmentation all within the platform
- 3rd Party Data Providers – How many can your DMP offer for purchase right inside the platform? (Lotame has partnered with over 40!)
- Other Advanced Capabilities? (For example, Lotame offers Data Stream, a big data firehose for enterprises to plug into their own advanced analytics)
Before you make a move in selecting a data management platform, take a few minutes to discuss internally what your goals are. What are you hoping to achieve with a DMP? How advanced do you want to become with your data?
The list provided above should help you understand what you are trying to achieve with your data management platform, so you choose one that fits into your goals. If you would like more information about Lotame’s data management platform, contact us. We’d love to give you a demo or just talk data strategy.