In today’s world the sheer volume of data that gets generated through consumer behavior surveys, data mining, keyword search based data, 3rd party data, semantic page level data, data collected from final users through forms etc. is enough to overwhelm marketers and publishers. There is simply no dearth of data bases, the challenge lies in integrating it into a structure and form that advertisers and publishers can use to further business objective. With mobile devices overtaking all other web based devices in traffic, the amount of data generated through mobile is simply too vast and valuable for marketers and publishers to use unless it is integrated, structured, organized and analyzed for key consumer behaviour metrics.
Traditional DMPs are not enough
The data management platforms are a critical part of the telecommunication sector today, owing to the fact that they enable a better understanding of customer details and accordingly their needs in order to wield that detail more effectively for driving results. And, so accompanying the rise of mobile devices has also arisen, the need to track and manage mobile data. Today, the mobile usage has exceeded the PC internet usage and as the studies suggest, an average consumer spends more than 162 minutes on their mobile device every day.
Mobile data management platforms have emerged for this very purpose, they serve as a centralized data management system that collects, integrates and manages large volumes of unstructured and structured data from a multitude of sources. An effective Mobile Data Management Platform provides a unified environment of data development and delivery that provides marketers and publishers access to timely, accurate and consistent data.
Until now marketers have pretty much relied on cookies for data collection on consumer buying behavior and by extension for ad campaigns. However cookies are only able to provide marketers with elementary consumer buying information while Data Management platforms are able to provide data intelligence and analysis that goes much beyond simply consumer buying analysis. Advanced data management platforms are able to leverage technology to gauge buying trends, gain better understanding of your audience to be able to identify and segment your target audience. Simply put data management platforms help you scale and grow your business by helping marketers identify key consumer attributes, habits to be able to predict future buying behavior.
For instance data management platforms can provide marketers with information as to how many users that purchased digital cameras in a particular week also ended up searching for Plasma TV’s. What DMP also makes possible is to overlay third party information over this buying pattern to provide marketers with information on household income and credit scores of those particular digital camera buyers also interested in Plasma TVs. DMP ultimately boils down to how much data you want to provide the system and how deep you want to dive into the data available.
The power of Mobile DMPs
The uses of DMP are many and growing by the day, the primary ones being:
- Data management platforms can help publishers charge a premium from advertisers for targeted on site advertising resulting in sales conversions.
- Data management platforms can help advertisers identify unique consumer behavior and buying patterns in real time that can be leveraged for launching targeted ad campaign capable of being modified in real time for maximum effectiveness. Advertisers no longer need to wait before getting the results of their ad campaign and are also able to save millions of dollars in wasted campaigns by the increased control provided by access to real time information.
- Decrease dependence on 3rdparty data by relying more on advanced data management platforms that use algorithm based models to identify potential target segments that will be most receptive to your marketing message.
- Provide Cost and operational efficiency by providing marketers and publishers with the ability to analyze consumer behaviour using different combinations of data inputs.
With mobile becoming the predominant data source, mobile data management platforms that offer the ability to integrate data from mobile and web are gaining increasing prominence among marketers and publishers.