If you’re looking to invest in a data management platform (DMP) for your business, it can be a challenging task, we know. You have a lot of questions that need answering and the options before you may seem like an endless list, pheww!
Having walked through this journey with other people in your shoes, we understand how you feel right now and we want to solve this for you, hence our reason for writing this article.
At the end of this piece, you will have your questions about which platform is best suited for your unique business needs, answered.
Before going forward, it is important to understand that your goals are the most important factor in choosing a platform. The reality is that there are a wide range of options to choose from, and if you don’t know why you need one in the first place, every option will appeal to you.
Think of it as someone in a car park with absolutely no idea of his destination. Every car will look like ‘the one’ and it will be super easy to get distracted, simply because he has no idea where he’s headed. Now, I want you to compare that to another person who knows where he’s going, making a choice of which vehicle to board, will be straightforward.
If you’re not certain about where to start, consider making a list of your pressing data needs. What do you want to achieve? Do you want to be able to collect and organise your data – currently in different silos – into one central platform, so you can learn more about your audience? Or are you growing so fast, it is becoming difficult to store and maintain the quality of the data being collected?
Inside it, we explained how we built a DMP for a fast-growing company experiencing decentralized data sources.
Still on some of data challenges you may be facing, are you struggling with cases of missing and inconsistent data? As well as finding it difficult to secure and control access to the data generated from day to day business activities?
Yours might even be getting a tool to retarget your existing customers. Or you want a plan that will help identify new prospects, who fit your ideal customers. Whatever the case may be, there is a tool for you, don’t be worried.
With all these in mind, let’s run through some vital characteristics you should be looking out for, when choosing a Data Management Platform (DMP). The items listed here are some of the most essential characteristics of a DMP. You can use them as a guide when selecting yours. Ready? Let’s dive in!
Local Team Support
For a budding business like yours, support is very important, especially if this is your first time trying out a scalable DMP. You want to make sure that whatever platform you choose, has a local support team to help you navigate your way through. You don’t want to subscribe to a platform to be left on your own after onboarding, if you notice that, it is a red flag.
Are they willing to make changes based on customer’s feedback? Do their current users influence their product road map? How effective have past customers found their platform? Permit us to brag a little, see what Pandar had to say about us.
Data Collection and Organisation
This is another important factor to look out for. How many sources of data can this platform integrate? You want to be on a platform that allows you to collect data from as many sources as possible, no limitations. For example, the Voyance pipeline has the ability to ingest and sync data from multiple sources (e.g CSV, MySQL, Postgres) just to mention a few.
Analytics & Reporting
What analytics does your DMP offer? Can you contrast your audience against first- and third-party data sources to learn more about who them and how to engage with them best? What kind of insights does the platform offer about your audience’s behaviours, demographics, and interests?
Integrated cloud platform for massive-scale data engineering.
As an organisation, you need a fast and flexible way of building and managing data pipelines at scale. Integrated cloud data platforms allow you to easily connect data, APIs and applications easily with lesser effort, compared to non-integrated platforms.
By automating data integration from hundreds of sources, you have an end-to-end platform that delivers a single view of marketing performance across your business.
With the help of powerful data visualisations, you can access the tangible business impact of marketing activities and improve performance by uncovering real-time opportunities to fuel growth with augmented analytics.
Collaborative data science platform.
This may not seem like an urgent need for you at first, but as your business grows, you’ll realise you can generate tons of insights from your data. Information that empowers you to make confident decisions at board meetings.
When that need arises –and it will– the best thing is usually to have a DMP that already has this provision. So there’s no case of having to move your data across different platforms to have your predictive models built and your insights generated.
Data management and security powered by artificial intelligence
If there’s anything you want to be careful about, it is how secure your data will be on this platform you’re choosing. It never hurts to pay extra attention to the security features your prospective DMP is offering. You want to pick a DMP integrated with machine learning and artificial intelligence (AI) algorithms that can make them truly "smart".
According to a survey conducted by London Research and included in the "Evolution of DMP" research, the best-performing companies have already adopted artificial intelligence in 28% of cases compared to 12% of competing companies.
This is foundational, but does the platform you want to choose to offer the ability to quickly and easily build customised retargeting campaigns? These campaigns are based on specific activities and behaviours your consumer has taken online or offline, on any device.
Ultimately, what you want is to choose a Data Management Platform (DMP) that meets your needs. One that will help you achieve your goals. Whatever those goals are, the DMP you choose should have these essential features explained above.
When searching for a new technology solution, it is important you ask the right questions, from qualified people. And you’ve done a great job by starting here, that is, by reading this article. I hope that this post has answered whatever questions you may have in making a choice of a DMP and if you have any questions regarding this that was not provided in this post, feel free to ask questions in the comments section and you will get a response as soon as possible
Do you feel ready to start exploring a platform that has all these features? I hope you are and I know a perfect step to start: we have a free consultation call and trial that sets your business up for success, click here to begin.