In today’s digital age, businesses across many industries depend on data. While it may come in different forms and be used for various purposes, its value doesn’t change as far as performance and optimization are concerned. Furthermore, data doesn’t exist only for organizations to remain competitive; they’re there so that companies can meet the expectations and needs of consumers.
If you aren't evaluating the data on people who visit your online domain or brick-and-mortar stores—when they choose to drop by, who's buying what products, or those who aren't converting—you're missing out on opportunities to improve your sales. Without adequate data analysis, you won't maximize your marketing efforts. This is why you need a reliable data management platform (DMP). In this article, we'll help you find the DMP that will serve you well.
Consider your ROI
The first thing you need to do to evaluate a DMP accurately is first to determine whether or not it’ll deliver sufficient returns. And this is especially important to small businesses working on modest budgets. This doesn’t just mean upfront costs but also the resources required to maintain and implement the system. With the addition of data structure based on specific rules by the publisher, connecting sources of data, and ensuring the insight is actionable, the platform can create much higher revenue, provide profound insights, and make better-informed business decisions.
Data collection
Another essential consideration when picking a DMP is the data types that they’re able to handle and the way in which they process and organize the information before giving them to you. The majority of platforms can build and collect first-party data, whether mobile-based, offline, or online-based content. However, the solution you choose must also give you access to third and second-party data, or you’ll compromise your ability to get valuable insight.
Campaign optimization
Once you’ve created a marketing plan for your startup or small business and the campaigns have started, ask yourself the options that the DMP offers to ensure they work better. Can it help you make adjustments and changes to optimize the campaign quickly? Are there automated or machine learning options that will do the job for you? Will they work well for what you need?
Parent-child architecture
The DMP you select must offer a parent-child architecture. For those who are unaware of the term, it just refers to organizations that aren’t flat in their structures and keep their sources of data separate—the child’s account—while having a better perspective of the bigger picture through the parent account. This type of architecture is excellent for the following:
- Agencies need to manage many advertiser clients’ data.
- Networks or publishers with several websites want to have information on each one’s data.
- Large marketing brands with subsidiary groups who are looking to keep the data individually separated.
- Global companies that are looking to see how their local data sets perform.
Conclusion
No one can deny the importance of data management platforms to modern businesses. However, your success will be determined by the quality of the solution you decide to get. So keep the abovementioned tips in mind when searching for a DMP.
