What is DMP? [PM Video Series 4]
Have you ever wondered if you could predict the NEXT product that your customer might buy?
Imagine a customer walks into your store, like every Thursday. Picks up her weekly’s and leaves. She’s got friends visiting.She logs in to your website that Sunday to buy a few more things. There’s a pop up on her screen that says “Hey, looks like you forgot to pick your weekly dose of Broccoli from our store, would you like us to deliver that too?”
Interesting, ain’t it?
Imagine the power of knowing what your customer wants next! I am not talking mentalist or magic. It is called DMP.
Let’s now take a look at the real world. Most brands operate in silos today. Like Luma rightly puts it, this is how the marketing attribution model presently looks like – data lies fragmented in different departments and multiple agencies employed by the organisation working in isolation.
Three problems emerge in the business landscape today:
One: Piecing together all the scattered information to understand every customer. Speaking the lingo: it is fragmented data from all your sources- CRM, call centres, SMS database, website click data, store visits, feedback forms etc.
Two: Derive something meaningful by recognizing these behavior patterns- basically predicting the next move. Actionable Insights we call it. But that’s not enough is it?
Three: Persuade them to buy – but how? By marketing at the right place, at the right time with the right message. Offer discounts, place ads on social media, reach out to them on SMS, send them e mails (any marketing channel that you could think of).
So here’s the definition of a DMP- the one that solves these three problems. It brings together fragmented data, to give actionable insights and helps you engage or market to your audience.
Let’s say you are a banker. When a customer walks in, you surprise her by recommending the best home loans. You knew she was there for home loans even before she said so – you knew her next move. Remember: It’s not magic, you have been using a good DMP.
What to look for when buying a DMP? We’ll look at it in the next video.