Data Management Platforms (DMPs) have become increasingly important. Not only can data provide the common link between disparate campaigns and platforms, but it can also power better strategies and provide key insights that help optimize ad buys and improve overall ROI.
But DMPs can be complicated to understand, especially if you’re not familiar with them. If you’d like a 101 look at how DMPs operate, check out our recent blog post.
In the following article, we will take a closer look at Data Management Company, Lotame.
What is Lotame?
Founded in 2006, Lotame is one of the world’s leading independent data management platforms. Using data to build stronger connections with their consumers, Lotame has offices around the world and they work with clients in over 30 countries.
They also have partnerships and integrations with other platforms around the globe and the Lotame Data Exchange sells billions of mobile and desktop third-party data points from every country.
We spoke with Chris Hogg, Managing Director, EMEA at Lotame to find out a little more detail about what makes their DMP unique.
Q. What’s the biggest benefit of a Data Management Platform?
Data Management Platforms allow retailers to collect data from any source, organize it into segments, analyze and learn about their audience, and then activate it on any channel.
Overall this takes a mountain of data and turns it into a goldmine of information about your most valuable customers, and allows you to identify and communicate with more of those same consumers who are likely to interact with your brand.
This means you minimize ad waste because you’re only sending your messaging to those most likely to engage, and ultimately increases campaign performance.
Q. What sets your company apart from the pack (of DMPs)?
Lotame is the leading independent DMP. We aren’t tied to a large cloud, and we are focused on remaining media agnostic.
We offer our clients 100% data portability — it can come in to the DMP from any source, and clients can send it out to any media channel. And because we are independent, we are 100% focused on our DMP – it is our core product and our entire company is focused on keeping our technology ahead of the curve to serve our clients’ needs.
Our product team and roadmap are flexible; we don’t have a lot of corporate overhead to go through in order to pivot based on market or client needs.
Q. What’s the cost for your services?
Clients pay a monthly license fee to access our DMP, which varies based on the amount of data being managed or used.
Q. Can you describe an example of a powerful segmentation combo for retailers/brands?
Integrating CRM data within the DMP and unifying that data with the wider digital and mobile ecosystem can provide retailers with a more rounded view of their existing customer base, providing more details on demographics, interests and online purchase behavior than would have been available within the CRM dataset alone.
These online data sets, once combined with a transactional based CRM data can bring about unique profiling opportunities.
Some powerful audience segments that retailers can target include:
- High Average Basket Value (ABV) Customers
- “Loyal” Customers and Repeat Purchasers
- High Lifetime Customer Value
- Lifecycle Stage (New, Existing, Renewal etc.)
- Category/Product Specific Purchasers (Audio vs. Photography)
- Profile Brand Specific Purchasers (Canon vs. Panasonic)
Q. What’s on the horizon for DMPs?
Data quality is a very important topic right now and as part of the ad tech industry, DMPs need to respond to that call. We need to be able to help our clients guarantee that the data they are using to power their marketing campaigns is accurate.
Lotame recently partnered with Are You a Human to identify and remove all bot traffic from our data exchange, which meant an overall reduction in the amount of our data by 10 percent, but also ensures that we are providing quality data to our clients. We are the only DMP to have made such a bold commitment to data quality.
The other trend we are seeing is new data sources being explored and relied upon by our clients. Five years ago, DMP was synonymous with website data.
Today our clients use website, mobile, offline, social, search, geo-location, TV and survey data — just to name a few. As the call for data quality increases and marketers explore new data sources, we have seen a much larger demand for second-party data, which allows specific companies to buy and sell their valuable first-party data between individual companies, rather than on the open data exchange.
Lotame Syndicate, our 2nd-party data marketplace, allows clients to share data directly in the DMP or send it directly to a DSP for activation.