As the data that users produce continues to grow, so too does the potential it holds to advance the goals of a business. Virtually all online actions that consumers take generate data, and this can be used to increase engagement, inform marketing techniques, and improve a company’s bottom line. However, to take advantage of the data you’ve collected, you need to be able to extract, organize, and analyze the information into actionable insights. This is where a data management platform, often referred to as a DMP, comes into play.
The advantages of using DMPs will vary depending on factors, such as your business goals and industry. However, organizations that make use of data will benefit from the technology in one form or another. To that end, here are some of the reasons why you should be using one.
1. Increases revenue
Whether you’re running a small business or a big one, an enticing advantage of DMPs is the potential revenue increases they can result in. With these systems, you’ll be able to target the ads you use to your intended audience more precisely. As a result, you’ll have a much higher response rate, better brand recognition, and higher conversions. This means more sales for your offerings, leading to an overall increase in your revenue. It also provides better direction when it comes to choosing ad placement and promotional content, allowing you to get a better ROI for your marketing expenditure.
2. Streamlines data
It’s not uncommon for businesses to collect data from various sources. Some channels that organizations depend on include but aren’t limited to mobile apps, loyalty programs, e-commerce, email, and social media. With a DMP, the gathered data will be stored conveniently from a single place so that you’ve got a more cohesive perspective on all the information. They organize, prepare, and process the data, presenting you with a clear picture and understanding of the audience and your efforts. It also means that your teams can make better-informed decisions because everyone will have access to the same information.
3. Cross-device management
There’s a good chance that your ad campaigns will reach consumers on a single device type, unless you decide to target it in that way. People will likely view them on computers, mobile devices, and perhaps even smart TVs. Thus, you need to get insight from every platform. Most DMPs offer cross-device technologies that can match your intended audience’s profiles across all platforms, enabling you to connect with them. In doing so, not only will you give your customers a more cohesive experience, but you’ll also have the opportunity to gather data on consumers across all devices, giving you better insight in turn.
If you’re looking for a way to make your processes streamlined, lean, and efficient, you can do no better than a DMP. If you aren’t using one yet, you’re missing out on opportunities to improve your operations and increase sales. However, keep in mind that you’ll still need to pick the right platform to get the desired results, so be sure to do your research first.