The DMP: Integrating First and Third Party Data
by Kyle Morehouse
posted on 11-19-2015
Today’s consumers are becoming more and more accessible thanks to the proliferation of connected devices. However, because consumers can interact with your bratnd on so many different platforms, it can be difficult to determine which members of that broad audience are going to be the most beneficial to your business.
Additionally, once you have defined those audience members, you have to understand them, so you know what will resonate when you reach out to them. In this post, I’m exploring how the data management platform (DMP) can allow you to combine your customer insights with data marketplace to create a new target audience that is unique to their brand. With this unique audience, you can then determine the best way to market to them.
The Challenge the DMP Faces
The DMP’s objective is to create unique, high-value audiences. Whether it uses first-party or third-party data, the DMP has to collect this information and put it to use in the attempts to reach the audience.
One challenge that every advertiser faces when it comes to collecting data is that everyone has access to the same 3rd party data. So the question is, how do you make your marketing stand out when everyone is playing in the same cookie pool?
The solution is that you integrate information from both the first-party and third-party data to create an audience that is uniquely yours. In doing so, you will have a specific target that your brand is aiming for, which is different from your competitors.
Finding Your Audience
By looking at the “best” members of your first-party audience, you can create a profile of them, so to speak. You can apply this form to your third-party data to discover new audiences you might have not noticed before. Your best-performing customers may check their fantasy sports scores each Monday morning, or catch-up on late night TV episodes the day after while online.
With these new audience insights, you can then expand your scale and reach, allowing you to construct informed advertisement and marketing plans that will find a more specific audience, wherever they spend time online. In doing this, you will stand out among your competitors and you will be more able to effectively access a certain demographic, producing successful marketing results.
Connecting to Your Audience
To take this integration of first- and third-party data even further, you can play around with the different characteristics of your audience. Discovering these variations can help further optimize feedback you are receiving. This will help you redefine your audience, so that you can better understand what opportunities you have to market for your brand.
Now that you have fine-tuned your target audience and taken your brand into consideration, you have the advantage of constructing an effective marketing plan. For instance, if those in your unique audience play video games, then you would want to onboard your audience directly from the gaming console so that you are targeting actual gamers and not just the people who look like them. This would then result in more effective advertising.
Having your audience on a more specific level gives you a leg-up on your competition. Using all that you can in the public data market can have an impact on your knowledge and understanding when you enter the private data market.