Choose the Right Data Management Platform

OlufisayoNovember 11, 20180798 views

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Today, data is the lifeblood of any successful company. While it comes in various forms and can be utilized in different ends, the value of data hardly changes in terms of optimization and performance. Your company requires data to be competitive and continue satisfying your clients’ needs.

A good data management platform allows you to manage and analyze all customer data on one platform to see who is visiting your business website, the users who are purchasing your products, and those that don’t. Unless you can collect relevant data and analyze it, there is no way to determine whether your marketing strategies are successful or a waste of resource.

Probably you know you need data and understands the benefits of data management platform to your business. But do you know the most suitable DMP for your company? Here is what to consider when choosing the right DMP.

1. Return on Investment (ROI)

The most crucial step in accurately evaluating a DMP is to determine whether or not the DMP will offer sufficient ROI. That means you should consider the up-front cost and all the resources required in the implementation and maintenance of the platform.

By integrating data sources, structuring the data, and making the data more actionable, the data management platform generates higher revenue for company inventory, offers more profound insights in your audience, and presents you with a chance to make informed business choices.

2. Data collection and analysis

Before you choose a particular data management platform, think about the nature of data it can handle, how it can organize, and process it before returning it to you. Most data management platforms can aggregate first-party data from various sources such as offline, online, and mobile-based data.

When necessary, choose a DMP that allows easy access to second-party and third-party data. A DMP that facilitates data onboarding and can integrate with various platforms is a better choice than a platform that can’t collect data from certain sources.

3. Parent-Child architecture

Does your preferred data management platform offer a parent-child architecture when it comes to organization of data? Note that this architecture enables organizations that aren’t entirely flat in structure to keep separate data sources in the child’s account. They can also view the overall picture of the company data combined in what’s known as the parent account.

4. Audience profiling and insights

Once the relevant data is collected in a data management platform, the next phase is to analyze it and gather comprehensive audience insights and analytics. When shopping for a reliable data management platform, remember to find out the kind of insights the platform offers.

5. Marketing campaign optimization

Once your marketing campaigns are active, what options does your preferred data management platform offer for optimizing the campaigns? Does the platform facilitate manual optimization and adjustment of active campaigns? Does it have machine-learning capabilities or automated elements for campaign optimization?

All the pieces of data you can access are a powerful tool for steering your business to success. Choosing the right data management platform is an important step in making the correct use of your business data.

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