Digital Marketing Technologies

Digital Marketing TechnologiesMichael EydmanDigital Transformation Consultant

AgendaPart I - New Trends in Marketing (15 min)Data Driven MarketingConsumer JourneysSegmentationConsumer Data TypesPart II - Technologies (15 min)Marketing Technologies LandscapeStoring Consumer DataPlatform Comparison (DMP vs CDP vs CRM)CDP in DetailDemo (15 min)Q&A (15 min)Feedback (5 min)

We will break this presentation down into two parts. First we will cover the business side of marketing, the change from traditional to data driven approach and some of its aspects which are being used to create consumer experiences. Then we will go over technologies being used to enable the data driven marketing, diving more deeply into platforms like DMP and CDP.

Marketing in 20th CenturyTraditional Marketing:Creative & EmotionalLittle feedbackTrial & ErrorMultiple IterationsMissed Signals

Traditional marketing is focused on one-way communication to potential consumers. Before technology was available, marketers had to utilize their creative muscle to create emotion inducing marketing. There was little feedback on each marketing campaign, often taking too long to make rapid change in case of unsuccessful narrative. Marketing was done on basis of trial and error and required multiple iterations in order to get the message right. Companies had no way to read consumer sentiment and their behavior.

The transition took a little while and some convinsing.

Data Driven Marketing

Based on FeedbackInsightfulFrequent IterationsTargeted CampaignsRelevant and Contextual

Technology allows us to have a bi-directional conversation with consumers. We can see how they react to each marketing campaign, based on their feedback and online behavioral patterns. Through this insight, we can do frequent iteration, honing the message and doing A/B testing to ensure optimal response to each campaign. Marketing can now target individuals and customize messaging to each person based on their profile, think emails.

Dynamic & Context Relevant ContentReact to Consumer Behavior in Real-timeDeliver Context Relevant ExperiencesEstablish 1:1 Relationship

What does data driven marketing mean? We can react to consumer choices in real-time, presenting them with relevant and context specific content. We can follow an example of this dynamic pricing strategy for a single product. This type of dynamic behavior is possible as a result of consumer behavior data. We can react to it in real-time and provide relevant and context specific experience, establishing a personal relationship with a consumer.

Data Driven Marketing Video

Here is quick video which demonstrates how online advertising works and how consumer data may drive this.

Consumer JourneysSample Purchase Journey Steps:

Email RemindersDynamic Prices ChangesRe-targeting

There are some specific tools marketers use to create this kind of dynamic consumer experience. Consumer Journeys allow us to plan ahead and anticipate various actions a consumer might take. Based on that we can deliver relevant content and experience at each step of a journey.

Consumer SegmentationSegmentation Helps Understand ConsumersBased on DemographicsBased on BehaviorsData Driven Marketing Uses Segments to Drive Campaigns

Consumer Segmentation is a process of breaking up large groups of undifferentiated consumers into smaller group which follow similar behavioral patterns or share same demographic properties. Segmentation is at the crux of data driven marketing, allowing messaging to be delivered to relevant audiences.

Personas

Segmentation allows us to create unique consumer personas. Based on them, we know how to reach each type of consumer.

Types of Consumer Data

Data being used by marketers is generally divided into 3 types, which are illustrated here. First-party data is owned and collected by the company, second-party data is often acquired as part of a relationship with another company. For example, your bank shares your financial health information with an insurance company who may send you an offer in mail. 3rd party data is aggregated by a few large data vendors who buy it from other businesses like medical offices, retailers, banks, etc.

Part II - Technologies Behind Marketing

Digital Marketing Technologies

AdTech vs MarTech, what does this mean? Technology to drive consumer retail and marketing has grown in include a very complex matrix of tools. This includes SaaS and Hosted Solutions, ranging from small and even open source tools to large enterprise platforms. Navigating this mix of systems can be easily compared to navigating a subway map in a large metropolitan city. In this presentation, we will look into platforms which help enable data driven marketing, such as DMP and CDP.

What is DMP? 3rd Party Data

At the core of data driven marketing is DMP. This video demonstrates a little about how it works. However, there are limitations and with consumers expecting a more personal experience, anonymous conversation is no longer enough.

CDP vs DMP (MarTech vs AdTech)

This is where CDP comes in. Unlike DMP, which traditionally does not store Personally Identifiable Information (PII), CDP allows this information to be stored and used to reach consumers directly. In the world of larger technology concepts, DMP belongs to AdTech since it was designed to provide data to drive advertising campaign, while CDP is considered MarTech and really focuses on providing a comprehensive solution to all marketers to deliver 1:1 experiences.

CDP vs CRM

A common question being asked is why do we need CDP when we already have CRM to store consumer information. There is a major distinction between the two, with CRM focusing on consumer records in order to provide tools necessary to service customers, while CDP is focusing on marketing side. While CRM can integrate with some other system, CDP does true multi-platform data aggregation, collecting consumer information from transactional, analytics and CRM systems.

Thank You!