DMP or Big Data
Most noteworthy there seems to be a hot subject or debate in the Advertising space whether Big data or DMP (Data Management Platform) is more acceptable approach. It is a conversation on the minds of Chief Marketing Officer’s (CMO) and Marketers. Data Management Platforms enable marketers to use their Big Data to make smarter and more efficient marketing decisions. Furthermore many enterprise companies using Big Data to build a holistic picture of their current and potential customers are finding some challenges. Challenges such as extracting insightful data from 1st, 3rd, offline data, transaction data, other resources and cross-channel insight. For large businesses using Big Data to arrange, analyze and segment is easy, but for firms which tend not to have the resources on staff or an IBM supercomputer, it probably isn’t a realistic or practical solution.
A practical settlement of the problem is A Data Management Platform; a very advanced warehouse with the ability to analytically slice and dice data and re-purpose that data, and integrate into any technology platform.
Some questions on the minds of most marketers and CMOs is “How do I access my data? When I access it will it offer intelligence that goes beyond just the data? For example; Finding trends, will it scale and play a significant part in understanding my market? At the Center it offers what current cookie-based solutions do not.
First of All there are some questions on the minds of most marketers and CMOs is “How do I access my data? When I access it will it offer intelligence that goes beyond just the data? For example; Finding trends, will it scale and play a significant part in understanding my market? At the Center it offers what current cookie-based solutions do not.
For example, a DMP will deliver what analytics tool says about people who open newsletters, or how many people bought an individual product or search for how many people bought the high-end product last week. A DMP should allow you to overlay 1st party information with third-party resources to tell you things like the average credit score of a buyer. Go a little deeper and predict which users will buy a product in the next week, and month and so on.
A very general term, Big Data can easily refer to first-party client information, third-party market data, offline buy data, online marketing behavioral data, promotion analytics and much more. It can easily prove challenging to integrate disparate sets of data coming from social media, campaign analytics, offline resources or third parties. In fact, Big Data was a topic at the CIO Summit in Orlando 2016 found that 83% of CIO said Big Data was not as big of an issue as ingesting the data into an analytic platform and considered the greatest challenge, followed by managing the information (42%).
DMPs Data Management Platform
DMPs can accommodate both structured data, generally quantitative in type, as well as unstructured data, often qualitative in type-Social network data. Once these disparate resources entered, DMPs can standardize them to build a larger, more vivid visualization of a customer or audience base that marketers can respond.
The ability to bring all that Big Data from first, second and third-party resources and then arrange it into important audience segments renders it an ideal tool for audience targeting.
Other than their part in organizing data on customers, Data Management Platforms act as a prime tool for campaign measurement, in digital and across platforms.