A data management platform (DMP) gives marketers the ability to access, organize and act on their digital data. The DMP has evolved into a centralized hub that houses all your marketing data in one place for simple management of both online and offline data. It can be considered as an "online marketer's Dashboard" where you can control all your digital marketing efforts.
What does a Data management platform do?
A Data management platform (DMP) is a computer system that enables the collection, storage, and analysis of customer data. A DMP also provides companies with detailed information about their targeted audiences.
Data management platforms are often combined with audience-targeting tools to help marketers create target profiles for advertising across different internet channels. This allows them to serve adverts personally relevant to each consumer which will result in higher click-through rates (CTR).
What can you do with it?
With this tool, you can manage large amounts of custom audience data in real-time. By looking at user behavior on your website, you can connect site activity to offline transactions. Connect user devices to specific people in order to form better connections.
Why Data management platform is important?
Data is the new oil. Organizations are trying to extract more value out of their data assets by leveraging analytics in order to make better decisions. Various advanced technologies like Artificial Intelligence, Machine Learning, Deep Learning, etc. are being used in order to improve operational efficiencies and achieve business transformation. However, these are not sufficient for maximizing the potential of data assets unless they have a platform that enables them with capabilities for Data Management, Data Governance, Master Data Management (MDM), and Information Lifecycle Management (ILM).
Often ETL tools are being utilized for extracting data from various sources into the centralized systems that help provide insights needed for making better decisions. One challenge with this approach is managing ETL processes which become increasingly complex.
How does a data management platform work?
Data is always stored in the SQL database. The platform does not store any data in files on the file system, only inside the MySQL database. This provides many advantages like hot backup, easy replication, and fail-over for high availability, etc.
The Data Management Platform (DMP) is a centralized web application that allows you to quickly gather data about your visitors with Google Analytics or other tracking systems. It's based on PHP and MySQL used by many open-source projects all over the world. Basically, what you get with DMP is an automated visitor counter with real-time users count, live traffic feed monitor (similar to Google Analytics but with more features), geo-located IP country detection, and a Geo-Location trigger if user visits from a specific location (State, Region or Country).
Other marketing data are gathered automatically for you. For example, this important data: visitor's operating system, browser, any custom variables you define in DMP, the language of the site, etc.
What Happens Once the Data is Collected?
Once the information has been collected, it is time to apply filters. These filters are used to weed out what doesn't belong or may not be relevant. The data must be analyzed before conclusions are put forth about what type of person you are looking for. This, too, is subjective due to all factors mentioned throughout this article. However, personal biases do not have much weight when applying the previous filters because they cut out everyone who does not match them perfectly. All that's left is the perfect potential candidate.
This provides insight into how important each factor actually is and if there needs to be more research is done on the individual factors to better understand them.
In certain areas (for example focus groups). However, these results can't give anything definitive about your future significant other until even once conclusions are drawn about what type of person you are looking for, it is time to find the perfect match. The research process provides insight into how hard it is to find this perfect potential candidate due to all of the limitations in predicting human behavior because humans are complex beings.
How to create a data management platform Audience?
The list of companies that create data management platforms:
IBM: - IBM offers a broad set of technology capabilities from analytics to cloud computing. They have been offering Data Management Platform for over 20 years from mainframes based DB2/UDB all way up to modern NoSQL solutions like GFinity or Unstructured solution Big Insights. In Azure IBM offers an EDW-as-a-service solution called Cloudant – a different than Hadoop – NoSQL solution.
Oracle: - The Data Management Platform they offer is called Oracle Database – the most popular relational DBMS in the world with over 40+ years of development and improvements.
SAP: - SAP's Data Management Platform is called SAP HANA platform that offers both Relational & NoSQL data management solutions based on open-source community technologies like Apache Hadoop, Apache Spark, etc.
Microsoft: - Microsoft offered tools, software, and services for managing very large amounts of both structured and unstructured data since before cloud computing became mainstream. With Azure, they are now offering Data Warehouse service as well as EDW solutions based on SQL Server technology stack up to advanced analytics solutions with Machine Learning capabilities.
Important points to create a DMP audience?
Know what your audience is searching for on the internet.
Know where to find them online.
Build your campaign around that.
What are the most common mistakes made by companies with their data management platforms?
The landing page lacks focus, especially if it’s too long; is outdated; has spelling/grammatical errors; no call-to-action; not mobile-friendly; etc...
Do you plan to dedicate yourself solely to Data Management Platforms soon or is there another sector you'd like to explore? Or will fine-tuning this platform be enough? I am dedicated to building my client's businesses and delivering results through their DMP marketing campaigns.
I am constantly updating my campaigns with the latest and greatest features to keep them running efficiently, tracking everything I can think of, and more.
So, working with a DMP is only another tool that will better my client's marketing campaign. It will allow me to have a direct connection into their CRM system which will help me understand my customers even more so I can provide them new offers on what they really need or want.
Benefits of a Data management platform?
The benefits of using a Data Management Platform (DMP) in 2018 go beyond the ability to perform digital marketing and acquisition. Consumers expect that organizations will be able to understand them and send them relevant offers, content, or personalized messages when they request it, across all their channels. The traditional method of managing data is manual and disconnected from marketing automation which results in diminished accuracy, increased costs, and time consumption for marketers who struggle with disparate toolsets or lack unified processes.
Data Management Platform and Marketing?
Data Management Platform (DMP) and Data Management Platform Marketing (DMPM):
A data management platform is a set of procedures, rules, and software that helps to manage, store and access data in the cloud. DMP has the ability to save a large amount of data from campaigns such as website visits, email marketing activities, etc. for analysis and targeting purposes thus allowing marketers to run optimized and personalized campaigns across platforms such as Email & Display advertising.
What is a data management service please read: What is a Data management service?
There are many companies that provide data management services in different industries. The main difference between them would be their targeted audience and pricing plan for their customers. Some companies have enterprise plans while some have a service for small and mid-sized businesses as well.
Data management platforms examples:
The platforms listed above help you to create, manage and distribute your data products easily without coding. But these DMPs are not cheap for everyone. For example, Amazon Web Services (AWS) is a digital platform that provides all of the resources needed to run an application or website, such as servers, storage, databases, and networking. AWS implemented Amazon Machine Learning (Amazon ML), a service that can be used for predictions by providing machine learning capabilities with the help of APIs and wizards in a user-friendly way. You can build prediction engines using Amazon Machine Learning but it's very expensive: $0.59 per hour just for managing training data when there are no operations done on it! As well, when you use Amazon Machine Learning APIs or wizards, you are charged for each prediction that is made.
Who doesn't want to save money when they can?
The solution: upload your datasets in a decentralized way on IPFS (a blockchain-based distributed file system) using smart contracts and allow everyone in the world to manage it through Wolk, an open-source data management platform developed at MIT. This will make your dataset available in the cloud without spending any single dollar! And if anyone wants to query your data, do some processing, or train their machine learning model for predictions, well... let them pay you with WOLK tokens!