Selecting the right Data Management Platform (DMP) provider for your business objectives and needs

Data management platforms are the next big thing in the technologically advanced business world of today. Data is becoming one of the most crucial and significant elements in today's corporate environment, which is why DMPs are increasingly gaining significance.

A DMP is a centralised data management platform that allows the user to establish target audiences based on a combination of in-depth first- and third-party audience data.

Through the use of third-party ad networks and exchanges, it facilitates the precise targeting of ads to these populations. To improve media buys and ad creative over time, it also enables them to precisely identify which campaigns performed the best across categories and channels.

The increasing need for DMPs has prompted technology developers, both established companies and startups, to react quickly and today many suppliers are offering different versions of it. It can be very difficult for a business intending to implement a DMP for the first time to choose the proper provider or solution from a vendor. Companies must so determine their needs, skills, and the problems that a specific DMP will solve to make the best decision.

Utilising a DMP helps businesses better understand their clients and is the backbone of digital marketing.

Choosing the right DMP entails coordinating your technological stack and marketing expectations. For the majority of businesses today, this entails choosing a DMP that can traverse between known and unknown customer data, is people- and device-based, and makes use of readily available compliance third-party data.

Think about how online experiences across devices and channels have changed and what is now the standard for consumers if marketers are looking three or ten years into the future. Across all digital assets, there is an expectation to anticipate customers' requirements and wishes and deliver services with ease, regardless of industry. However, this can only happen if data is properly managed and activated. Because it helps centralise data for use across a company, a DMP's value is unrivaled.

As an ad server and SSP, as Suss Ads, we source the majority of our inventory directly, via various integrations: primary ad serving platform, header bidding, server-side bidding, tags, OpenRTB protocol, etc. For the inventory, we are not directly connected, we partner with major supply providers/exchanges / SSPs such as Google, Amazon, Showheroes, Seedtag, InMobi, Cafemedia, etc.

Additionally, via our managed services we have also connections to the major SSPs in the industry such as Magnite, Pubmatic, Freewheel, and Index.

Several factors should be considered while selecting the ideal DMP vendor or partner for your needs and business objectives;

• Start by defining your use cases.

Establishing your use cases and goals for utilising a DMP is the first step. Which types of data are you hoping to gather, incorporate, and make available? What uses are you going to make of the data for your marketing strategy and campaigns? Which metrics and key performance indicators (KPIs) are you hoping to monitor and improve? You can reduce the number of DMP vendors or partners you choose and assess their potential value and return on investment (ROI) by having a thorough understanding of your use cases. Look for a vendor whose skills match your goals. Your decision should ensure that your data turns into a potent weapon in your marketing toolbox and provide clarity to your approach.

• Assess the data quality and scale of each DMP vendor or partner.

Marketers have millions of data points at their disposal. A DMP must be able to scale to millions of data points and analyse all of these simultaneously to deliver critical insights.

The correctness, consistency, timeliness, completeness, and relevance of the data that the DMP facilitates or provides are referred to as data quality. The volume, diversity, and velocity of data that the DMP can handle and process are referred to as its "data scale." Selecting a DMP provider or partner that can provide you with scalable, high-quality data that aligns with your audience profiles and use cases is important. Before onboarding a DMP, it is imperative to assess its infrastructure and load-test its capabilities.

• Compare the functionality and characteristics.

Features and functionalities refer to the capabilities and tools that the DMP offers or supports for data collection, integration, activation, analysis, and management.

A DMP vendor or partner should be able to offer you the features and functionalities—such as data intake, enrichment, segmentation, activation, reporting, dashboarding, privacy compliance, security, and support—that are appropriate for your use cases and goals.

Assessing each DMP vendor or partner's scalability and adaptability is crucial. Take into account elements like the platform's capacity to manage growing data volumes, facilitate integration with various data sources and channels, and adjust to changing company goals and requirements. Scalability guarantees that your DMP can develop with your company and adapt to future growth or adjustments in data needs. In a similar vein, flexibility maximises the long-term value and adaptability of your DMP investment by enabling customisation and agility in implementing new strategies or responding to market trends.

• Verify each vendor's integration and compatibility.

Compatibility and integration refer to how simple and effective it is to connect to and exchange data with other platforms, systems, and partners that you use or collaborate with, as well as other platforms. Selecting a DMP provider or partner that can easily connect and communicate with your current or preferred data sources, channels, devices, formats, standards, and protocols is important.

• Pricing, budget, and contract terms.

It is important to review the terms and conditions associated with using the DMP, including fees, discounts, incentives, durations, cancellations, renewals, warranties, liabilities, and service level agreements (SLAs).

The practical aspects of data management, such as data budget and resources, impact operational efficiency and return on investment.

Selecting a DMP vendor or partner who can provide you with reasonable and transparent pricing and contract terms that meet your needs and expectations is of great significance.

• Request each vendor for a demo and references.

A demo is a presentation of the DMP's functionality and benefits, either live or on tape. References are endorsements or comments from DMP partners or current or former clients. Selecting a DMP partner or vendor who can showcase their performance and value proposition as well as give you reputable and favorable references is what you want to do.

Which vendor to go for?

There is no straight-cut answer to this question. It all depends on what the organisation is trying to find. Selecting solutions from major manufacturers could provide security and dependability, but the flexibility needed for customisation might not be there. Conversely, startups that focus on a particular niche may not be as dependable, but they do have the capacity to customise technology solutions to meet the needs of their clients. Thus, the choice can only be made following a careful evaluation of the risks and benefits involved.

Businesses should bear the aforementioned considerations in mind when choosing a DMP that best suits their needs, as the number of DMP and other technological solution providers keeps growing and the focus shifts towards better utilisation of data.

Conclusion-;

Data is being used more and more by marketers to assess the success of their campaigns and develop insight-based marketing strategies.
There is a great deal of confusion when selecting a DMP because so many vendors are offering cutting-edge DMP solutions that cater to the changing needs of the buyers. By clearly analysing their needs and going over the advantages and important differentiators that were covered previously, buyers can remove this uncertainty.