Turn and Labmatik recently teamed up with Adweek for a webinar on finding the value in a data management platform (DMP).
In the Q&A sessions, participants wanted to know why should they invest in a DMP, and if they choose to do so, how can they quantify that expenditure and prove to all involved stakeholders that value is being added?
With more and more companies getting onboard with DMPs, those questions are pressing and timely ones: AdExchanger reported 41% of senior ad and marketing executives were already using a DMP, and 39% were thinking of doing so in the very near future.
Answering the “why invest” question is an easy one: DMPs help marketers understand who their audience is, help them find customers at various points along their journey, and discover what’s working and why. For anyone hoping to learn if their ads are driving sales, if their media is raising awareness, and if viewers are being converted to buyers, a DMP is essential. Read on for questions asked by webinar participants.
Q: What options are the most important when shopping for a DMP platform?
After a company decides to invest in a DMP, the harder questions begin arising, starting with which one to pick. Vendors will do their best to pitch the bells and whistles they can provide, but marketers must decide for themselves what their goals are — in other words, what questions they want their data to answer — and what features will get them there. From our experience working with clients looking to make informed marketing decisions, a good DMP must be able to analyze the data put in, provide the advanced tools to gain a granular understanding of the data, and provide the insights that will drive better marketing. A DMP that merely centralizes data isn’t of much use.
Q: What about demand-side platforms (DSPs) that claim they can replicate everything a DMP can do on their platform if we simply send them our first-party data, saving DMP costs?
Marketers should guard against DSPs claiming that they can do the job of a DMP if they are provided with first-party data. Technology can be complex and difficult to build, and no one platform can do the job of another. If you’re seeking to achieve only a basic goal like retargeting, a DSP might suffice, but most marketers want and need more. A DMP can help companies discover new and lucrative market segments, optimize their activation rates, and learn which media works so that they can do more of it. The sky is really the limit; marketers need only to set their goals and determine what data will help them get there.
Q: What kind of data is most relevant for me to collect?
It’s hard to go wrong collecting as much data as possible, from as many sources as possible. A DMP will have a variety of tools (such as tag management systems, mobile SDKs, data onboarding, etc.) to make the process smoother, and within a peer set — whether it be CPG, retail, or any other brand — marketers need to prioritize how they’ll use all of that data, however, and that will depend on their specific goals: What is their ideal use case and what business problem do they most want to strategically address?
Q: How can I build internal buy-in for a DMP?
It can be frustrating to understand the power of data analytics and how a DMP can increase ROI but feel that others within your company “just don’t get it.” But even the most hard-boiled skeptic can’t argue when faced with a clear, fact-based case for change in the form of real figures. Silos within a company tend to tumble when there’s proof that a DMP is working to increase the bottom line.
Labmatik has devised a simple scorecard dubbed the Clean Space Coefficient, which takes into account vendors used, knowledge gained, and media working. Whatever method a marketer chooses to use, however, it’s important to keep measuring and quantifying. The cliché may be that the proof is in the pudding, but where programmatic is concerned, the proof is right there in the black-and-white numbers that a good DMP can help provide.
For more on finding the value in a DMP, see the full webinar, “How to Ruthlessly Pursue ROI with a DMP: A Framework for Data-Driven Marketing.”
Founded in 2005, Amobee is an advertising platform that understands how people consume content. Our goal is to optimize outcomes for advertisers and media companies, while providing a better consumer experience. Through our platform, we help customers further their audience development, optimize their cross channel performance across all TV, connected TV, and digital media, and drive new customer growth through detailed analytics and reporting. Amobee is a wholly owned subsidiary of Singtel, one of the largest communications technology companies in the world.
If you’re curious to learn more, watch the on-demand demo or take a deep dive into our Research & Insights section where you can find recent webinars on-demand, media plan insights & activation templates, and more data-driven content. If you’re ready to take the next step into a sustainable, consumer-first advertising future, contact us today.
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