As much as 77 percent of businesses think data management platforms will play a critical or major supporting role in expanding their long-term advertising efforts, according to a new study from the IAB and Winterberry Group.
As much as 77 percent of businesses think data management platforms (DMPs) will play a critical or major supporting role in expanding their long-term advertising efforts, according to a new study from the Interactive Advertising Bureau (IAB) and Winterberry Group.
Another 92 percent of marketers were found to have increased their interest in DMPs over the last year. While 62 percent said that they've implemented, or planned to implement, a DMP to their marketing strategy.
"Today, the online marketplace is only just beginning to grasp and appreciate the impact of Big Data," said managing director for the Winterberry Group Jonathan Margulies.
"We are seeing more data from more sources through more channels and platforms than ever before. Our timely white paper shows that DMPs could represent a real solution for marketers, publishers and merchants looking to put large-scale data to work in manageable ways."
DMPs are centralized big data tools that allow firms to compile, analyze, and deploy large quantities of varied data. The platform can allow marketers to use advanced data metrics to better target consumers based on things like consumption habits and attributes, as well as allow advertisers to discover marketing trends and better understand their consumer audience.
According to the IAB's and Winterberry Group's research, advertisers view DMPs' ability to integrate first- and third-party data as a core competency of the technology, while 52 percent of companies surveyed found DMPs' ability to integrate digital and traditional data as a useful skill set for the platform.
Research also found that 78 percent of study correspondents saw gaining customer insights as a useful application for DMPs. However, only 23 percent of those surveyed felt a DMP could be used for emerging channel deployment strategies.
A total of 93 percent of those surveyed said that customer insight development was an important tool to prioritize in future DMP applications. Another 90 percent of applicants said they wanted targeted media buying applications for the platform to grow.
While the research shows a strong interest in DMPs, some of those surveyed still have issues with the technology. Of those surveyed, 56 percent said the lack of established performance metrics were a major hurdle for DMP adoption. Another 38 percent of correspondents named cost concerns as an issue for DMP user growth.
The research was compiled from the responses of 166 marketers, publishers, and technology developers. Research was conducted from July to September 2012.
Data image on home page via Shutterstock.
This Year's Premier Digital Marketing Event is #CZLSF
ClickZ Live San Francisco (Aug 11-14) brings together the industry's leading practitioners and marketing strategists to deliver 4 days of educational sessions and training workshops. From Data-Driven Marketing to Social, Mobile, Display, Search and Email, this year's comprehensive agenda will help you maximize your marketing efforts and ROI. Register today!
James is a freelance writer and editor. In addition to ClickZ, his work has appeared in publications like V3, The Commonwealth Club, CachedTech.com, and Shonen Jump magazine. He studied Journalism at Weber State University.
The Marketer's Guide to Customer Loyalty
Customer loyalty is imperative to success, but fostering and maintaining loyalty takes a lot of work. This guide is here to help marketers build, execute, and maintain a successful loyalty initiative.
The Multiplier Effect of Integrating Search & Social Advertising
Latest research reveals 68% higher revenue per conversion for marketers who integrate their search & social advertising. In addition to the research results, this whitepaper also outlines 5 strategies and 15 tactics you can use to better integrate your search and social campaigns.