This week’s guest blog post is contributed by Michael Kim, Client Solutions Manager, Oracle Data Cloud.
Data Management Platforms (DMPs) play a critical role in an organization’s ability to store and manage vast amounts of 1st party data. However, the long-term value of a DMP ultimately comes from how you take action with that customer information.
The ability to access and leverage data efficiently is what turns a DMP from a data-storage warehouse into a marketing machine. A good DMP partner should help you:
The ability to understand your customers is key. The most effective way to do this is by comparing your 1st party customer data against a vast array of 3rd party data assets that help to give context and uncover who your customers are.
These assets might include demographic information, past purchases, hobbies, interests, TV viewing—and that’s just scratching the surface as to what a data-laden DMP can offer. By understanding those insights, your organization can start to build customized marketing campaigns, uncover previously unknown trends, and help tailor your messaging to use your marketing budget as efficiently as possible.
Understanding your customers is incredibly important for an organization’s data strategy. But 1st party data only allows you to understand users who are directly engaging with your products and services. Most organizations are missing out on the larger market.
An experienced DMP partner can help you develop a comprehensive strategy that leverages best-in-class 3rd party data assets to help your organization reach the full universe of potential users.
From basic strategies (suppressing website visitors to reach net new customers) to more complex ones (establishing a data feedback to your organization to help optimize your website depending on the visitor), having an experienced DMP partner with vertical expertise ensures you are using the full array of audience data and products that make sense for your organization. A comprehensive game plan confirms you remain competitive in your industry.
Understanding your customers and developing a custom data strategy are only as good as what you can do with them. An established DMP can execute your strategy across the vast network of DSPs, social networks, and other DMPs in the digital advertising landscape.
Having the integrations, or “pipes,” established to these partners is the only way your message will reach the right user. Your DMP partner will provide seamless activations for a single audience with multiple endpoints as well as deliver expert assistance if there are any issues with the activation.
When your organization evaluates a potential DMP partner, focus on what that DMP can do for your business. The ability to provide analytics and context about your customers, develop a customized data strategy leveraging both 1st and 3rd party data, and activate the data to all of your partners is what makes a DMP a powerful tool in your marketing arsenal.
About Michael Kim
Michael is a Client Solutions Manager at Oracle Data Cloud. He helps advertisers in the Technology, Telecom, and Media & Entertainment verticals achieve marketing success by developing data-driven audience-targeting strategies.
Prior to Oracle Data Cloud, Michael helped advertisers reach the right audience at AddThis, Time Inc., Yahoo, and Aol.