Big data has been hitting the ad tech dimension from different facets. Some discuss its benefits, whilst some argue that it’s always been around, and others are still confused as to what it’s all about, in both its definition and impact on the business and advertising industry.
In simple terms – big data is a large amount of data gathered from both online and offline sources inside and outside of your company. Big data has led to the creation of ad tech analytics, which is meant to power a business’s marketing campaign or its real-time bidding strategy. To analyse this big data, data management platforms have developed.
So, what is a Data Management Platform?
A Data Management Platform is an integrated platform that accumulates both first and third-party data from your business’s cross-channel marketing efforts.
• First-party data is gathered from your digital channels about your own consumers – this data is free to obtain.
• Third-party data is generated from other websites to support and amplify your insights. This data is often used to build consumer segments for more targeted ads, and needs to be purchased from a third-party provider.
• Cross-channel marketing is a marketing strategy aimed at channeling your content via multiple digital channels (website, PPC, email, mobile, social, and offline) to your audience.
By combining all of this, a Data Management Platform basically collects comprehensive demographic, psychographic, and behavioral data about your target audience from a variety of sources, all in one platform.
Why should my business implement it?
It’s simple, the tool will give you detailed information about your customers to create highly targeted ads, which result in higher conversion rates, ROI and customer retention.
Instead of creating a general ad targeting a broad audience, you can use the data a Data Management Platform collects to craft an ad message that specifically targets a specific audience’s interest.
The more information about your consumers can significantly impact your marketing strategy – Data Management Platforms is the key to this information. It all comes down to how you use this data to better serve and inform your audience.
source ©blog.hubspot ©SamanthaPena