4 Ways to Tweak Your Business with a Data Management Platformby QArea Team on May 20, 2016
What can you do to make your IT company stand out in a digital market?
The struggle will be tough, as the competition over users’ attention is insane. Over the last year, Facebook alone generated more than 17 billion dollars in ad revenues – it’s as much as the annual budget of NASA!
You want lots of Data. The more, the merrier. Proper use of fact-based knowledge is the only legit way to cut through the noise. And to tell about the awesome offers you have. In the right place at the right time.
However, owning robust data by itself will not magically make you king of the hill. The trick is to extract value from these loads of aggregated data. And to convert them into profit.
That’s what the Data Management Platforms are for. Let’s see how you can use their powers to level up your game.
1. Increase investments, return of marketing and advertisement
The lion’s share of your advertising budget goes down the drain. An average person sees over 350 ads per day, although “sees” doesn’t equal “perceives”.
Modern users have developed a mental ad-block. For their sanity’s sake, people simply ignore promotional messages.
But, you may still do the right thing: Simply turn DMP analysis of your marketing strategies on. You will see which techniques are effective in your case, and which deliver a low payback. Cut the wastage of media buying!
Companies that use DMP claim a double increase of sales conversion. They also report savings of up to 50% on data costs, and around 20% on media costs.
There is more than one way to skin a cat. Many Data Platforms work with other kinds of media like print, TV and radio, a splendid deal for companies that go for “old-school” advertising.
Additionally, you can integrate your business with major media buying networks, participate in advertisement exchanges, and join demand-side platforms.
What about ROI? On average, investing in a Data Management Platform recoups in three and a half months. That being said, the game is worth the candle.
2. Get to know your customers’ dreams
If you want the advertising of your company’s service to hit the bullseye, you need to know where to aim:
- What are your customers’ likes and pet peeves?
- What is their age, gender, occupation and location?
- Which devices do they use?
- What content do they enjoy?
You can learn all that and even more with a decent Data Management Platform. In a nutshell, DMP collects data about users. And it systematizes content as well as context into useful marketing info.
Afterwards, this information is summed up into multi-source and multi-channel profiles. As a result, you’re getting your Buyer Persona, mapped out and visualized.
DMP is a powerful tool to pinpoint the needs and expectations of your customer, which means you have the ability to become their ideal company via great and properly-timed service delivery. You can address each group of your high-valued audiences more personally.
Happy customers are generous customers. Research shows that over 85% of consumers are willing to pay more for better customer experience.
Communicate with them in more meaningful ways and get more profit. As simple as that.
3. Acquire new clients
What if your business is at the very beginning of its glorious way, and your own user data pool is limited?
DMP’s provide easy access to third-party user data. Metrics are collected from various marketing channels. You can get an exhaustive knowledge about your potential customers, and about users who prefer products that are similar to yours. Thus, you can start promotion through web, email, social services and content personalization with a leg-up.
Other useful features and capabilities of DMP that bring in more new customers:
- User behavior trackers and new audience magnets all across various devices and platforms;
- Lookalike user groups formations that are based on online behavior or other relevant characteristics;
- Target audience segmentation and categorization;
4. Reduce financial risks and broaden your business reach
Millennial consumers have little to zero tolerance for poor experience and PR fails. A single wrong move can turn hundreds of users off the brand in a heartbeat. Especially since the news spreads across the social networks and blogs with the speed of a spring flu.
One of the most popular YouTube entertainment channels Fine Brothers have lost more than 100,000 subscribers over a single day due to the wrong marketing decision over video trademark.
And that’s a YouTube, not a multibillion corporation people look up to. It’s not a promising start-up, filled with bald claims and innovative execution. Imagine how much a single flaw can cost your reputation?
A DMP provides advanced audience analytics and reporting tools for you to make beneficial executive decisions. It collects response data that shows your audience’s reaction. You can see how your current promotion campaigns are performing in real time. And you can adjust the media accordingly.
You can find new lands to conquer, as well as ideas for further business extensions. 3rd-party allows learning what services are most desirable for your audience, and are therefore worth either investment or even development.
Such big guns as Adobe, BlueKai, Lotame, Krux, X+1, Aggregate Knowledge, CoreAudience, nPario are among widely used Data Management Platforms. Alas, they grow to be fairly broad in their chase for wider reach.
Of course, neither of the DMP’s is a one-click solution, unless tailored to fit your exact needs. That’s why custom DMP development is a splendid solution for serious businesses.
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