Published On: March 2018
Data management platform is considered to be the backbone of data-driven marketing. It helps in gathering, managing, and configuring data which is further made available to various end users. Data management platform offers seamless integration of data in order to facilitate omnichannel engagement. It also facilitates cross-channel marketing and offers a centralized approach towards management of structured as well as unstructured data. Data management involves organization, administration, and governance of large volumes of data which is both structured and unstructured. Data is considered to be a most valuable resource. With the use of artificial intelligence and machine learning, defining and segmenting the audience has become much easier and eventually helps in reaching the target audience much more efficiently and effectively. The increasing demand for targeting the right audience is the key objective to ever increasing customer base. Data management platforms facilitate smarter media buying by unifying data from multiple sources. Data management platforms are basically used by digital advertising buyers and publishers to store and manage audience data, often from multiple sources. Data management platforms help in optimizing the digital customer experience and provide better end results. Data management platform enables digital businesses to aggregate, segment and action user data to drive higher user engagement and revenue. Relying only on first-party data accessible assets is not enough. Owing to this, marketers are pouring in over second party data partnership opportunities in order to access qualified, transparent, and trusted peer segments. Data management platforms help the publishers in increasing the ad revenue and also uncovering the insights about site visitors. Data management platforms for publishers help in providing such relevant data to the end users that it becomes difficult to ignore. It also helps in establishing cross-device links which facilitate seamless connection between different digital devices.
Increasing Demand for Content Personalization
Personalization is the key to content marketing and delivering personalized content to customers is a top priority of marketers. Consumers are very much willing to share their data to receive personalized content. Organizations today are engaged in a battle to find, target and engage key audiences. In a world of increasing advertising every day and consumers who ignore one-size-fits-all messages, marketers need to focus on how to effectively connect with their audiences. Content personalization helps in delivering relevant content to the consumers. Data management platforms help in making the marketing communications more attractive to the customers and also help in improving the efficiency of the marketing campaigns. Data management platforms help in generating deeper insights which are immensely helpful in running programmatic advertising campaigns to make it more strategic and informed and hence help in driving the overall marketing success. With a data-driven approach to marketing, everyone wins. Also, growing popularity of internet is one major factor fuelling the growth of data management platform market. Data management platform end users are classified into ad agencies, marketers and publishers. Data management platforms are expected to be a part of every marketer’s strategy. Data management platforms help in unifying data, improving performance and scaling the audience. By providing audience analytics, it also helps in understanding the consumers. Also, by applying frequency capping, it helps in avoiding wastage of ads. Data management platforms for marketers help in making data more actionable in order to make data-driven decisions.
However, customer relationship management is widely used by companies to analyze and manage customer interactions and data throughout the customer lifecycle, with the goal of improving customer service relationships, assisting in customer retention and driving sales growth. The connection between CRM data and data management platform enables marketer to reach the 95% of their database, by connecting that email ID to the larger digital places such as Facebook, Google, Twitter, advertising content, and even premium publishers. The combined technology of CRM data and data management platform offers the most appropriate offer to potential customers.
Also, web analytics tools play a significant role in the data management platform market. The tools can be easily used by the website owner to track and analyze data regarding web traffic. The web analytics tools update users regarding most frequently used keywords for bringing the number of visitors to access its webpage. Web analytics tools account for a considerable share in the global data management platform market owing to their numerous benefits and traffic conversion characteristic.
The Other Side of Convenience
Technical complexities and regulatory restrictions are major factors which may hinder the growth of data management platform market. Different countries possess different regulatory regulations, and this eventually affects the overall growth of data management platform market. In regions with specific privacy requirements, such as the European Union, it becomes difficult to assess the impact of compliance and get sufficient value from a data management platform. Hence, stringent regulatory restrictions are one major factor which might cause hindrance in the growth of data management platform market. Also, technical complexities involved in the management of structured and unstructured data are more, and it is difficult for small and medium enterprises to cope up with them. So this could be another factor which might hinder the market growth.