Data management platforms (DMPs) are to digital advertising what engines are to cars. They run your ad tech and mar tech programs, but they need a critical element to work: data (like fuel in cars). When a DMP runs well, it displays personalized content on websites, emails, mobile apps and informs call centres about their incoming leads. It can target advertising for both your customers as well as look-alikes, segments of people with particular demographic or behavioural attributes. That’s the beauty of the DMP: it not only nurtures your existing customers, but finds new ones.
In the eyes of marketers and advertisers, first-party data is considered the most valuable because it is collected from people who have a direct relationship with the brand (i.e. customers or potential customers who have had a certain level of interaction with the brand). An example of first-party data would be analytics collected from a brand’s website. First-party data can come from online and offline sources. Brands and advertisers use this type of data to upsell products and services to existing customers and convert users into customers.
Data collection is the first phase of DMP implementation and it is done in a few different ways depending on where your data is stored. Probably the simplest way for a DMP to collect first-party data from your websites is by adding tags, which are snippets of code inserted into a website’s pages, usually between the elements. Using a tag manager will help you easily create, deploy, and manage all your tags across all your websites.
Cookie syncing is the process of mapping one user ID from one technology platform to another (e.g. from a DMP to a DSP). Most ad-tech platforms use the cookie-syncing process to share and collect information, including data-management platforms (DMPs), demand-side platforms (DSPs), ad networks, ad exchanges, supply-side platforms (SSPs), and many more.
If a company collects both offline and online data, they can use first-party data on-boarding for integration. The general process involves a company uploading offline data with an on-boarding platform, putting it through a process known as hashing to anonymize the data and remove any Personally Identifiable Information (PII) (e.g. email addresses, names, etc.), and matching the offline data with the company’s online data.
What can you achieve after collecting 1st Party audience data - New Customers, Prospects & Existing Customers?
- Retargeting – easily implement customized re-targeting campaigns based on specific activities and behaviours taken on the website
- Website optimization – use first party data to determine customized content for different audiences - New Customers, Prospects & Existing Customers when they come to your website. For e.g. Banks can provide Pre-approved & Pre-qualified loans for their existing customers when they visit the bank website.
- Prospecting – seamlessly integrate with third-party audience data source to acquire anonymous data to achieve higher precision and scale with targeting campaigns
- Audience Intelligence – contrast your site audience against third-party data sources to learn more about specific audience attributes to target more likely converters
- Better ROI – Use centralized media performance analytics to determine which audience performed and where to double down
Growth marketing platforms are the glue that hold all of a marketer’s key advertising data together, providing one comprehensive platform to help marketing organizations take control and make sense of their private first-party data, achieve world class audience segmentation, reach targets everywhere and create a closed-loop feedback for optimized omni-channel marketing and media planning.
Look forward to hearing your views on this. Don’t hesitate to write back to me at firstname.lastname@example.org.