Unless you’ve been living under a rock for the past year, you will have heard of Master Data Management (MDM), an information management style that presents opportunities for the ways in which you use and interact with any data you may have that relates to your clients and customers.
No matter the industry in which you operate, each and every touch point that you establish will generate new data. The question is, how can you sort through all of this valuable information to use it to its full advantage? A Data Management Platform (DMP) could be the answer to your data-nightmare prayers. Think of it as a warehouse for all information that you have collected over the years from both online and offline channels: it imports information from different systems. DMPs enable you to store, categorize and analyze all the data in one place, prior to deciding the next steps to take to run successful customer analytic led marketing campaigns.
How Does a Data Management Platform Work?
Put simply, a Data Management Platform collects all the information and data that you receive during any interaction with your customers. This could be from a digital touch point, such as your company’s website, social media or even an app, and this includes e-mail addresses, customer ids, browsing history and spending habits; to offline data, such as from a call center or a form completed in store. Next, the system enables you to define your target audience, for example, ladies between the age of 53 and 65 who live in Maryland and who like a particular high-end retailer, based on the information that you have on the DPM.
The DPM can use the audience data to sync it in real time to identify the advertising needed to excite the customer, and fulfil your business needs: you are able to tap into a potentially lucrative new audience. This process runs in an almost constant loop, enabling you to use this valuable input for real time campaigns.
Is a DMP an ideal solution for my Business?
Chances are, if you deal with any amount of data or information on a daily basis, then using a DMP will help you to optimize your marketing campaigns or projects that you are running across your business. Of course, your DMP will quickly become central to the success and growth of your business, and the data it holds the golden goose. You must ensure that your data is protected and stored safely – it will become your biggest asset, and with that comes new responsibilities and risks. If you suspect that an employee is fraudulently using your data, you must seek legal advice as it is theft. Your legal team will employ digital forensic servicesto confirm the position, and advise you on the next steps.
Using a Data Management Platform can help you to navigate the multi-channel ecosystem of today’s business world, gaining valuable new insights from any level of touch points.
