What is a Data Management Platform and what are it’s advantages?

By Ram Manohar

DMP or a Data Management Platform has become quite a buzz word in the online industry  and the marketing teams are going bonkers about the range of activities they can do using DMPs. So what exactly is a Data Management Platform anyway?

What is a Data Management Platform?

A Data Management Platform is like a large database or a warehouse which takes in data from multiple channels; first party and third party, processes and gives it out in a meaningful way as required by the marketers, publishers and businesses.

What are the advantages of a Data Management Platform?

There are number of advantages of employing a Data Management Platform. Deciding and fixing on customer segments and taking various actions are the main advantages of a DMP. Some of the precise advantages of using a DMP include:

  • Retargeting – With the huge amount of data and user actions from various perspectives along with the inbuilt features of a DMP lets a business retarget the audience in a better way.
  • Site Optimization – With varied customer segments that can be applied for your A/B or multivariate tests along with the analytics data, your site can be optimized a lot better.
  • Customer Intelligence – You can take multiple actions ranging from triggering an email to show them a dynamic banner; you can do it all with the customer intelligence that the data management platform provides.
  • Better ROI – By understanding the data from a multi-channel perspective it becomes much easier for a business to tweak their campaigns for better ROI.

Selection of a data management platform

Selecting a data management platform from a huge list of vendors in no easy task. Each of the vendors have their strong holds but a good DMP should have the following two capabilities so that the business can get the maximum ROI by using a data management platform

  • Robust reporting and analytics – A great DMP should have flexible reporting and analytics dashboards, the capability of computing data real-time, providing audience intelligence combined with great customization of metrics.
  • Exhaustive third party integrations – It is very important that the DMP should partner with other companies in getting the third party data and provide plug and play integrations to get the maximum insights.

What are the popular data management platforms?

Some of the popular data management platforms include Adobe Audience Manager, Oracle BlueKai, Clickagy Audience Lab, Krux, Lotame, Knotice, Tealium, CoreAudience etc.

 

Tags: Customer Segments, Data Management Platforms