Over the past several years, we’ve operated in a golden age of data. Between first-, second- and third-party sources, marketers have leveraged this information about their consumers as a powerful marketing tool. But the data well is about to start drying up. Our VP of Strategy, Greer Pearce, and our VP of Media, Kazi Ahmed, talk about the data drought and the three things brands can do right now to ready themselves for it. Check it out on MediaPost: https://www.mediapost.com/publications/article/331299/data-drought-coming-prepare-with-effective-use-of.html
I recently read a stat from CMO.com that said 56% of consumers feel more loyal to brands who “get me” and show a deep understanding of their priorities and preferences. It reminded me of a conversation I had at an event with a woman who walked up to me and said, “Can I ask you a private question? Just what in the heck is a DMP?” Those two things highlight the disparity between the need for data-driven, personalized marketing and just how tough it is to figure out how to do it. The woman at the event who asked me that question is not alone – I get asked some form of it all the time and from really experienced, savvy marketers. They know that they need to care about data’s impact in their campaigns and they usually have some great ideas for how to personalize content so it’s meaningful for their customers. However, they are absolutely lost when it comes to understanding how to capture, analyze, and actually use the data. A data management platform (or, DMP) is extremely helpful for that, but it can feel overwhelming to figure out how to build and maintain one. With the number of MarTech tools growing exponentially every year, most marketers don’t even know where to start. Add to that the significant investment in money and time as well as a potentially foggy ROI and it can be easy to slip into analysis paralysis. Since I get asked so frequently, I thought it would be helpful to start with the basics on what the heck a DMP is and what kind of campaign results can be garnered using one. To start, a DMP is basically just a big database that stores a bunch of different data points on your current and potential customers. It can be populated using 1st, 2nd, and 3rd party data which is then combined to identify patterns in the way your target audiences shop, spend their free time, consume media, and move about the world. Using a DMP, marketers have the ability to get deep insights into their customers, such as what other retailers they visit and how frequently they are viewing their website versus going into stores. When paired with media trafficking systems, like a demand-side platform (DSP), a DMP is able to use those insights to inform personalized media campaigns and deliver messages to consumers at just the right time and on the right device. They are pretty amazing things. Of course, that amazingness can come at a hefty cost. There are plenty of vendors out there who will set up your own DMP using their infrastructure and your data; the average estimated cost to get started is around $250,000, not a small investment by any means. Maintaining and optimizing the data over time is an additional cost. Some companies do invest in building their own DMP, but with the necessary staff, servers, and security precautions, you can quickly surpass the cost to outsource. Before you feel you have been priced out of the game, I have good news. There are several companies, of which AMP Agency is one, who have gone through the hassle of setting up and populating their own DMP, allowing clients to use them for their campaigns for a fraction of the cost. AMP’s DMP is called Advantage Media MomentAware,™ and has been created by partnering with some of the largest data providers. Also through our partnerships with the largest retailers and consumer packaged goods (CPG) companies in the world and our own 2nd party (proprietary data), we are giving our clients access to informed insights . We made this investment and continue to build on this proprietary data investment because we recognized that our media products wouldn’t be cutting edge without it; in fact, the market is evolving so quickly that pretty soon media products that don’t leverage insights from a DMP will be deemed obsolete. So, I’ve told you what DMPs are and how to get access to them, but how does using one impact results? Positively, of course. Here are a few examples of ways that a DMP could be used to build and optimize campaigns: Audience identification – one of our clients in the pet insurance space had low brand awareness and came to us to help with targeting prospective customers. They had small budgets and large conversion goals, usually a deadly combo when needing to get results quickly. We built our target audience by identifying the physical locations of dog parks, veterinarians, and pet stores across the nation; using anonymized data, we were able to identify patterns in frequent visitors to all three locations. We then built out a profile on their media consumption and determined the time of day to best deliver messaging for maximum conversion. The campaign improved their click through rate by nearly 250%, reduced cost by 83%, and increased lead efficiency by 19% Target specific stores – with MomentAware, you are able to use location-based targeting to deliver media to specific store locations. Have a store that has an abundance of inventory of one item? Run a campaign in the local area to drive in-store traffic. This also can be used to exclude locations that don’t have the item in-stock, particularly during promotions. Save your valuable media dollars to only spend where shoppers can take direct action v. running a blanket campaign. Connect online actions to in-store visitors – In a recent Salesforce consumer study, 52% of Millennial shoppers said they strongly/somewhat agree that it would help them if a physical store knew about the online research they had done prior to getting to the location (e.g. wishlists, abandoned cart, etc) so they could receive better service. Using MomentAware makes that possible – it associates mobile device IDs and cookies (computer) to understand site activity and when that device is in store. Imagine that the shopper gets a relevant ad or offer with a store locator when they are browsing prior to going to the brick and mortar location. Better, more relevant experience, both online and offline. With MomentAware, it’s easy. These examples are just the tip of the iceberg when it comes to using data in creative ways to deliver personalized experiences. Using a DMP is integral to activating on data quickly and easily. Are you using a DMP? Let us know your experience in the comments.
https://youtu.be/_BKhs9RyBIM AMP Agency leverages Lotame's Data Exchange and DMP to power MomentAware (a proprietary in-moment marketing solution that delivers the industry's most detailed audience segments) to increase engagement by 250% and decrease data cost by 83% for a leading Pet Care Brand. OBJECTIVE: AMP Agency wanted to support a major Pet Care Brand with advanced audience targeting in order to find a niche group of pet owners most likely to respond and engage with their marketing and recruitment efforts. To do this, they relied on MomentAware, AMP's proprietary solution backed by Lotame's Data Management Platform, which marries AMP's rich demographic, psychographic, CRM and location data with a massive network of device signals (~150 MM unique mobile devices monthly). STRATEGY: Using MomentAware and Lotame's Data Management Platform in tandem, AMP's data points provide valuable insights into consumers' pet ownership and preferences ( Dog/ Golden Retriever, Cat/ Persian), the pet owner's choice and location of grooming and veterinarian care, frequency of pet care, even the approximate location and times pet owners walk and exercise with their pets. AMP was able to enhance their existing data with additional demographics, interest, and purchase behaviors from Lotame's Data Exchange to create a robust profile of the pet owner and ensure marketing messages were delivered when and where pet owners are most receptive to messaging and offers. RESULTS: By employing MomentAware, consumer engagement, as measured by click-through rate, increased by 250%, showcasing the advanced relevancy in regards to targeting. Thousands of new pet owners were identified that weren't included in standard third party audience segments and the advanced device graph opened up an opportunity to message consumers across devises, in the moments when they're most likely to engage. In addition, AMP Agency was able to generate data costs savings of 83% for this Pet Care Brand. Want similar results? Get in touch- email@example.com _________________________________________________________________________ About AMP Agency: AMP Agency is a full service marketing agency with offices in Boston, New York City and Los Angeles At AMP, we believe in better ideas created a different way. It's in our heritage. Through the years, we've morphed from a non-traditional marketing agency into a full-service shop. Today, we're a team of 200+ intellectually curious individuals who are eager to solve your business challenges. About Lotame: Lotame is a universal cross-device data management platform that is humanizing the consumer decision journey by empowering enterprises to deliver more relevant content, products, and services. Lotame unifies and enriches the world's data to create more meaningful relationships and increase commerce and brand loyalty.