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July 12, 2017

Creating a Connected Data Ecosystem

The number of marketing technology tools is rising at a staggering rate, having nearly doubled YOY in 2016. On average, 51% of organizations use 21 or more digital marketing solutions. While having the ability to access all this new information provides unprecedented insight, it frequently results in an overload of data siloed in disparate systems. Marketers are buried under a landslide of fragmented campaign metrics, products, customers, purchases, and more. And there’s seemingly no end in sight; Gartner reports that 50-65% of marketing executives plan to spend more on marketing technology in the coming year.

To make meaningful use of all this data, metrics need to be reviewed cohesively. Without a full holistic view, it’s impossible to get a complete understanding of the real story. Only analyze existing customer behavior and you may miss out on opportunities to attract new audiences. Only review site traffic from media placements, and you lack an understanding of why your customers are loyal to your brand, or how to create more of them.

The problem is that most marketing teams don’t operate with systems that talk to each other. They end up trying to manually analyze disparate data points to uncover insights, a practice that is neither scalable nor responsive in real-time. This data fragmentation is costing marketers real dollars as they lose the ability to effectively optimize campaigns and fold learnings into future plans.

An example of how some marketing departments utilize data today:

The solution begins with creating a connected data ecosystem. The concept is simple—collect all data points into a centralized system able to analyze them en masse and surface actionable insights in real-time. Using those insights, marketers can then start to roll out personalized content, translate strategies across all channels, and efficiently improve customers’ experiences.  While the initial creation of the connected data ecosystem can be time-consuming, it pays off. One example: Annuitas Group reports that businesses that use marketing automation to nurture prospects report a 451% increase in qualified leads.

 

Based on our experience with building ecosystems for clients, we have created a four-step process that we follow:

  • Discovery: we assess all the various systems that are collecting data around your organization. We also identify areas where the data returned may be less than perfect in quality–a very common occurrence. During this period we also outline the shared objectives and definitions of success across all the stakeholders.
  • Solution design: using our learnings from the Discovery period, we design a customized solution that aligns to your business objectives. We build a roadmap using multiple analytic approaches across our four service categories: Performance analytics, marketing sciences, research, and business intelligence.
  • Analyze: This is where the magic happens. Now that we’ve designed your ideal system, we begin to collect the data and review the outputs using our team of data analysts, statisticians, and social scientists to uncover those insights that will truly give your business the competitive edge.
  • Insights: This is when our team works with marketers and other members of your organization to communicate our findings and share recommended actions to meet your KPIs. Once the initial foundation is built, this process can be repeated multiple times over the course of the year, ensuring your teams are always up to date on the latest findings and fully able to use fresh data to inform future plans.

The creation of a connected data ecosystem takes some effort but pays off almost immediately by making teams run more efficiently with a full understanding of the current state of their business and what levers they have to achieve their goals.

August 18, 2016

AMP Agency and Lotame DMP Partner to Increase Engagement by 250%

https://youtu.be/_BKhs9RyBIM

AMP Agency leverages Lotame's Data Exchange and DMP to power MomentAware (a proprietary in-moment marketing solution that delivers the industry's most detailed audience segments) to increase engagement by 250% and decrease data cost by 83% for a leading Pet Care Brand.

OBJECTIVE: 

AMP Agency wanted to support a major Pet Care Brand with advanced audience targeting in order to find a niche group of pet owners most likely to respond and engage with their marketing and recruitment efforts. To do this, they relied on MomentAware, AMP's proprietary solution backed by Lotame's Data Management Platform, which marries AMP's rich demographic, psychographic, CRM and location data with a massive network of device signals (~150 MM unique mobile devices monthly).

STRATEGY: 

Using MomentAware and Lotame's Data Management Platform in tandem, AMP's data points provide valuable insights into consumers' pet ownership and preferences ( Dog/ Golden Retriever, Cat/ Persian), the pet owner's choice and location of grooming and veterinarian care, frequency of pet care, even the approximate location and times pet owners walk and exercise with their pets. AMP was able to enhance their existing data with additional demographics, interest, and purchase behaviors from Lotame's Data Exchange to create a robust profile of the pet owner and ensure marketing messages were delivered when and where pet owners are most receptive to messaging and offers.

RESULTS: 

By employing MomentAware, consumer engagement, as measured by click-through rate, increased by 250%, showcasing the advanced relevancy in regards to targeting. Thousands of new pet owners were identified that weren't included in standard third party audience segments and the advanced device graph opened up an opportunity to message consumers across devises, in the moments when they're most likely to engage. In addition, AMP Agency was able to generate data costs savings of 83% for this Pet Care Brand.

Want similar results? Get in touch- info@ampagency.com 

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About AMP Agency: 

AMP Agency is a full service marketing agency with offices in Boston, New York City and Los Angeles At AMP, we believe in better ideas created a different way. It's in our heritage. Through the years, we've morphed from a non-traditional marketing agency into a full-service shop. Today, we're a team of 200+ intellectually curious individuals who are eager to solve your business challenges.

About Lotame: 

Lotame is a universal cross-device data management platform that is humanizing the consumer decision journey by empowering enterprises to deliver more relevant content, products, and services. Lotame unifies and enriches the world's data to create more meaningful relationships and increase commerce and brand loyalty.

 

 

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