9 Reasons Marketers Need a Data Management Platform

9 Reasons Marketers Need a Data Management Platform

9 Reasons Marketers Need a Data Management Platform

Posted: 01 Jun 2016 07:24 AM PDT

Big data. Bigger data. Data this and data that. As you are reading this terabytes of data are literally being generated by people all over the world. As to what the marketers of the world will do with all this data is the issue at hand. The key is to use the right data. And to do data right you need a data management platform (DMP).

No matter how hard marketers try to embrace organic channels and word of mouth, paid advertising continues to drive results. And the largest part of digital display ads is the data-driven, automated ads called programmatic. According to Ad Age, “Programmatic ad buying is growing not only because it makes ad transactions more efficient but because it can make them more effective, as long as the right data is applied.” 

Before I get to the 9 reasons marketers need a DMP let's review the 3 different types of data that is out there and available to marketers.

First party data. Data contained in systems that a company already manages, like a website, social media, CRM, retail point of sale, call center, and mail. First party data typically has both known (identity) and unknown (anonymous) data contained in the systems and is stored either on premises or via partners. First party data usually has the most exclusivity, but can be limited in reach.

Second party data. Data that is brokered between two organizations, for instance, brands (like say a car manufacturer and a retailer) that might want to share list data for enhanced targeting or co-op opportunities. Second party data is generally not public data.

Third party data. Data that is anonymous with the most amount of reach, least amount of exclusivity, and is purchased through a marketplace (and bid on) based on its reach and cost parameters. Third party data is generally used for programmatic advertising purposes. 

9 Reasons Marketers Need a Data Management Platform

A data management platform provides marketers with centralized control of all of their audience and campaign data. It helps them manage and analyze this data to craft, target, and optimize campaigns that reach more of the right people and drive improved ROI. 

Here's 9 reasons why you need one. 

  1. You want to manage multiple online campaigns across different devices.
  2. You need to connect all of your data—known or anonymous, online or offline, deterministic or probabilistic, user level or household—to a single individual.
  3. You want to maximize your data assets.
  4. You want to maximize segmentation and scale campaigns.
  5. You need to prevent data leakage with partners.
  6. You need to prepare for programmatic future.
  7. You want to optimize campaigns to improve response rates, conversion, and brand recognition.
  8. You want to control advertising costs and improve overall ROI. 
  9. You want to AND need to hold your marketing and advertising accountable. 

You remember accountability, right? It's where someone or in this case something takes responsibility for something. 

The data management platform (DMP) and data-driven marketing are here to enable accountability. The more you know about your customers and prospects, the more precisely you can target and market. Sounds simple. And obvious. But add one more piece to this. With all the data available to marketers, if you approach this with an eye towards generating revenue, you can actually cut marketing costs by reducing waste and dramatically improving your ROI. 

Download the Guide to Advertising Accountability and learn how a DMP can hold your marketing and advertising accountable. 

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The One Customer Experience Stat That All CMOs Need To Know

Posted: 31 May 2016 07:45 AM PDT

Here a stat. There a stat. Everywhere a stat, stat. We marketers sure love our stats. And why not, the right stats can reveal a lot and help us all do our jobs better or at the very least cause us to sit up and take notice. Notice I used the word right in my previous sentence. 

That's because stats are like data in that it's not the big data, it's the right data that matters most. Same logic applies here. 

Like any other topic under the sun there are no shortage of stats when it comes to customer experience (CX). Here's a few before I get to the headline act. 

  • 91% of organizations said they aspire to be among the customer experience leaders in their industry, yet only 37% had started a formal CXM initiative.
  • By 2020, the customer will manage 85% of its relationship with an enterprise without interacting with a human.
  • 91% of organizations said they aspire to be among the customer experience leaders in their industry, yet only 37% had started a formal CXM initiative.
  • In the U.S. alone, brands lose approximately $41 billion each year due to poor customer service.
  • 92% of organizations that view customer experience as a differentiator offer multiple contact channels.

Trust me, there many more stats akin to these that all speak to - no scratch that, scream to the vital importance of the CX in a brand/consumer relationship. 

And before I go on, please don't make the mistake of thinking that CX applies to B2C brands only. Last time I checked there's not one single business in the whole world that's being run entirely by a machine. In other words, just because it says B2B doesn't mean there's not a human on the other end of the line. 

The One Customer Experience Stat That All CMOs Need To Know 

Before I get to the headliner, one more "opening act" — 78% of marketers say they try to differentiate through customer experience.

And without further ado... 

Three out of four (74%) consumers say they have spent more with a company because of a history of positive customer service experiences.

Let's let that sink in for a moment, shall we? 

Now, go back to the 78% of marketers who say they try to differentiate through customer experience. Sorry kids, as Yoda says you do or do not. There is no try. Not when so much as it at stake. Think about it, there 78% who say they are trying, which means not all 78% are succeeding of course. Then there's the remaining 22% who are not even trying. 

Really?

Just what exactly are these marketers doing? 

This is the bottom line we're talking about boys and girls. The ultimate KPI. The big kahuna of metrics. When I see a stat that shows that 3/4 of people saying they spend more money with my brand based on the right kind of CX... I think I'm going to sit up and take notice, to say the least. 

One final stat, if I may: Over half of all customer interactions happen during a multi-event, multi-channel journey.

That should come as absolutely no surprise to any CMO or marketer of any level. And it speaks to, and yes screams to the need to have the right technology in place and it's why you need to download The CMO Solution Guide to Leveraging New Technology and Marketing Platforms. There's too much at stake not to. 

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