Our Topic up for discussion covers the evolution of DMPs (Data Management Platform) within the new marketing era and how we can leverage it’s power to deliver intelligent data to drive future business growth. More especially we see a trend towards the rise of Experience DMPs and will uncover some of the opportunities this presents to us in the near future. We will touch on how data management platforms have evolved from tactical media-buying tools to strategic platforms at the heart of enterprise customer experience programmes.
Beth Casey. She is the Marketing Cloud Lead – Enterprise Accounts in Africa and works within different verticals in SA. Our second guest is Paul Islam, Account Executive in Data & Identity Solutions across EMEA, with 20 years’ experience in advertising and marketing.
What is a Data Management Platform?
Its job is to collect data, build segments and provide insights across different systems and silos across organisations. Unify all data points to create meaningful audience segments to drive more personalized marketing. Adding value across the customer journey. The evolution of DMPs to add value across the whole customer journey. Combine data footprints customers are leaving across the digital assets and bringing it into a single place to inform how you talk to your customer. It’s the experience that brands are providing now are actually now more important than the product. How do customers stay with us in the long-term.
Difference between Customer Data Platform (CDP) & DMP
CDP has been born from the fact marketers need all the data in one place and have minimal reliance on IT. CDP will make it easy to map the customer data points together. CDP is a tool for marketers will bring all the unstructured data together. CDP only focuses known customer Data. There is overlapping of functionality. There is also unknown data that needs a DMP, which looks at a wider market. We want to capture unknown data and unknown behaviours.
What value do they serve to brands?
Brands are often sitting on a treasure trove of data spread across their organization and teams, which can be leveraged for insights and better customer engagement.
In the current situation of Covid19, brands may be seeing new traffic to their websites as people find their usual shopping habits and needs have changed, and they search for information. DMP could help brand teams to understand those personas and serve appropriate re-messaging – deliver a better experience. If you can bring the data in-house then brands can get back the power. Brands can empower all your stakeholders and partners to work with one single view.
How can DMPs solve the removal of third party cookies in the near future?
Apple and Chrome will remove 3rd party cookies. How can brands still manage good quality data when this happens? A DMP is also moving with the times to capture this data when the changes come. Marketers need to use technology that will move with this evolution. A DMP will be agnostic of the device. Hashed emails could be the new 1st party identifier with brands. 1st party data sits at the top of the pyramid and is considered Gold. Connected TV, gaming audio is on the rise and is not reliant on 3rd party cookies. 2nd party data is data that somebody else owns. A DMP can facilitate the data exchange. For a long time the industry has used 3rd party data and it’s still important. 3rd party is commercially available. It still provides value and still gives indicative insights but perhaps not as important as it relies on 3rd party cookies.
A few trends: The future is looking very different for brands.
- A new type of consumer is emerging
- There is a solution to a cookie-less world
- The new media channels customers are adopting and adapting will change the future
Strategically look at the role that DMPs will play in the future.
How have DMPs evolved over the years to where it is now?
– Early DMP’s focus was upon 3rd party data and media efficiency. Today’s data management goals still include optimizing the marketing mix for best return – but in a more encompassing way across all the marketing channels.
– We’ll also see increasing real need for brands to create a single shared view of customers across teams and business units.
What is the future of DMPs?
1. Hyper-personalisation – the ability of brands to compete on experience. Talking to customers on their channel of preference with the right frequency in the right way.
2. The ability to use your customer data in a trusted and secure way – if the technology is changing and we start to see more walled gardens come up. How can we use customer data in a secure and transparent way?
3. Consensus and Compliance – a DMP can allow you to build consensus that is captured in real time.
The increasing need to treat customers with more personalization, and in real time moments that matter to them, will evolve DMP technology to work in concert with CDP, customer data platforms, and RTIM (real time interaction management).
Brands will always have ‘unknown’ visitor traffic and a need for new customer acquisition (DMP), as well as the need to retain known customers and grow lifetime value from those relationships. There are signals that customers give off; bands can use this as an advantage in the future.
5. Having worked within South African markets, how are brands/media agencies working together to get this right.
The level of expertise and knowledge in SA is great. People are hungry to learn more. There is a huge opportunity in the SA to explode and grow. Brands challenging each other. The acceptance of new channels eg. Whatsapp. SA is a brilliant market to work in.