There’s a lot of data out there on the internet; at least 1.2 million terabytes worth of it. Every time a customer takes an online action, data is produced. Businesses can use this data to revamp their marketing strategies or to increase customer engagement.
Great, isn’t it?
There’s only one catch. Businesses need an easy way to organise and analyse that data. That’s where DMPs, or data management platforms, come in.
Here are some benefits of using DMPs:
1. DMPs can help you to increase your revenue:
Thanks to DMPs, businesses have an easy way to accurately target their ads to the right audience. This can result in increased brand recognition and higher conversion rates, therefore leading to more sales of products and services. And we all know what that means: higher revenue.
2. DMPs can help you find a hub for all of your data:
When you use a DMP, all of the data is stored onto one platform, making it simpler to manage. DMPs will process, organise and prepare your data so that it can be delivered to you in a way that’s easy to understand.
3. DMPs can help you to meet your customer’s halfway:
Data gathering is an effective way for you to learn more about your customers. You can use the data that you picked up from search results, surveys and social media likes to predict the products and services your customers might want. You can even gain more insight about your customer base by identifying the products that they value the most. When you know your customers well, it’s easier for your business to meet their needs.
4. DMPs can help you save on your marketing budget:
Put your credit card back in your wallet. Thanks to DMPs, there’s no need for you to spam the internet with expensive advertising. You can now easily find the right audience to target your adverts to. You can target people who visited your website before, for example. Or you could even target customers who have previously purchased some of your products.
Businesses waste a lot of money by sending the wrong message to the wrong people at the wrong times. Being able to create focused, targeted ads can help you to stop wasting your money on ads that consumers ignore.
5. DMPs can help you to identify new customers and audiences:
DMPs can open up a business’ doors to new customers. To build a wider audience, one method that advertisers use is audience extension. What is audience extension? Glad you asked:
As the name hints, audience extension is a process that businesses can use to extend their digital audience. Here’s how it works:
Audience extensions can help transform a publisher’s traffic into an advertiser’s audience.
DMP is the beating heart of audience extensions. Publishers use DMPs to collect data about their website visitors and to create audience segments. The data and audience segments that a DMP create can then be exchanged between advertisers and publishers.
6. DMPs can help you to reach audiences across different devices
Your ad campaign will most likely appear on more than one device. You’ll need to be able to view insights on your customers, no matter what device they’re using.
Some DMPs can offer you cross-device technology. This means that advertisers can reach consumers behind any screen, whether it’s the screen of an iPhone X or the screen of an old, dusty Dell laptop.