[Innity Insights] From Big Data to DMP, How It Grows Your Business?
One of the hottest topics to discuss among Chief Marketing Officers (CMO) and marketers in recent years is Big Data. So, what is Big Data? It’s a very general term, which could mean very many things, namely, first party customer information, third party market data, offline purchase data, online advertising behavioural data and more. Over the past few decades, there has been a huge increase in the amount of data collected and stored by companies around the world. Research has showed that there is more than 2.7 Zettabytes of data that exists in the digital universe today. Many marketers see it as an important element to understand customers – their behaviour, interests, demographic and interaction, and ultimately, drive their business. By using Big Data, marketers are able to make efficient and sharp marketing decisions, which could better deliver brand messages to the right audience. We believe that big data is only going to get bigger and companies that ignore it will be left further behind.
However, making sense of data can indeed be highly complicated and time consuming – unless you have a supercomputer and resources to segment and analyse of all the data.
“Using data is still new in this region, marketers need to do a lot of trial and error to get the hook out of it such as which segment to use, which DSP to use, which exchange to buy in, what is the optimal price to bid, what is the best time, what additional data to overlay it with, and so on,” said by Zac Lau, Business Development Manager of Innity Malaysia.
According to a research,
- 83% of respondents said the Big Data challenge was processing information
- 42% agreed that managing the information can be challenging
- Other than that, 39% of marketers said that their data is collected too inconsistently or not real-time enough
So if you’re a marketer, and have all the data you need, but do you know how to extract your insightful data from first-party, third-party, offline data, transaction data, and other resources?
This is where a Data Management Platform (DMP) comes into place – and yes, DMP has become a popular jargon for the digital marketer nowadays.
From Big Data to DMP
With the growing amount of user data created and collected every day, marketers and advertisers, agencies and publishers need better methods to manage and analyse audience data aside from the standard set of analytics tools they’re familiar with. Data management platform (DMP), so far, is the most preferred method in capturing all the valuable data, shape them into insights, and then activate them to drive outcomes.
What if you’re having an unlimited supply of data without a DMP, it’s just like having money without a bank. You have no place to store your money. Of course, with the raw data, you can still improve your marketing somewhat, but eventually, you’re not going anywhere further. Research showed that 85% of companies are trying to be data-driven; nevertheless, only 37% of that number says they have been successful.
Therefore, what can a DMP do for you?
Basically, DMP is a centralized computing system for collecting, integrating and managing large sets of structured and unstructured data from disparate sources. In the context of digital advertising, a DMP can be defined as a platform used to track, store and segment audience data for the purpose of precisely targeted ads.
DMP’s ability is to take all of Big Data from any source, including desktop, mobile web, mobile app, social, email database, CRM, online video and even offline transaction, and then organize them into audience segments at scale. Here’s a quick list of features of a DMP: –
- Campaign measurement, both within digital and across platforms
- Integration of first, second and third party data
- Digital data aggregation
- Building audience segmentation and analytics
- Data activation – to facilitate easier usage of data at scale for efficient campaign delivery
- Digital data warehousing
- Look-alike modelling – increasing the size of any segment, especially in the case of conversion focused campaigns
- Digital data transferring and exporting to channels
- Audience extension
- Act as “pipes” of ad tech – connecting many platforms (such as DSPs, SSPs, and ad exchanges) for marketers to use for targeted advertising
Whether you are a marketer, agency or publisher, using a DMP will greatly benefit you. “Innity recently launched the Innity Advenue DMP, it is a piece of proprietary technology that Innity build. The different comparing other DMP would be it is build to be compatible to our other in house proprietary technology such as Advenue (Ad serving & Advertising platform), Engage + (Social login platform) & Social Hub (our content platform). This make everything at ease for our clients and there’s no hustle to look for many vendors.” stated by Zac Lau.
Hence, if you’re still not familiar with DMPs, and how it can help you enhance your marketing strategy, we’re here to help! Contact us at firstname.lastname@example.org