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White Paper | DIGITAL MARKETING PLATFORM DIGITAL MARKETING PLATFORM Challenges in the Digital Marketing Moving from a Digital Marketing Platform to a Digital Marketing Hub What constitutes a successful digital marketing hub? White Paper | DIGITAL MARKETING PLATFORM Abstract As an industry, Digital has redefined time - “hyper time”, shrinking the typical timeframes for how fast an industry can grow and change. Products that have resulted in transformational growth – Facebook which transformed the way we interact with friends, iPhone which revolutionized the mobile industry, the universal cookie considered the bedrock of Ad Industry and Analytics that helped transform the world around us to match our tastes. The digital sphere is an augmented field for businesses to gain advantage over the competitors and manifest themselves at every turn. Companies who are orchestrating their moves along the digital lines will discover valuable opportunities and will be able to develop right strategies today that can deliver top line and bottom line gains tomorrow. Those who haven’t yet joined the digital game, shall remain audiences while the players moves on. Marketers have, for long, looked at solutions that can solve this need of acing through the transformation. Recent strides in Digital have brought about radical innovation to the foray, one such area is the Digital marketing platform. A Digital Marketing Platform (DMP) is a one-stop shop for all of marketers’ data needs. Perhaps the best way to comprehend the role and potential of DMP is the overarching “Big Data” solution for marketing, multichannel advertising, media and audience activation, amongst others. As a part of this white paper we explore today’s Digital Square and border those opportunities that multi-platform dynamics create for businesses. An integrated approach headed for the digital consumer will lead the companies to stay ahead of the curve in this uncertain environment and also gain the necessary intelligence to optimize digital strategies. Companies will be able to exploit their compelling longterm opportunities. Page 2 White Paper | DIGITAL MARKETING PLATFORM Challenges in the Digital Marketing Industry & Digital Marketing Platform The realms of digital marketing, commerce and media have been sailing in a pool of acronyms — RTB, DSP, DCO, PPC, PII, SSP, CMS—and more. Definitely, they are not mere acronyms but the trade language of commercial internet for over a decade. They summarize the technologies and processes of the information age. Not surprisingly, evolution has called the acronyms obsolete in every turn. This is attributed to the rapid pace of change (as well as the many failed experiments) that has marked the evolution of digital technology. The advent of DMPs threw the entire (relatively immature) approach to processes and technology into an array creating a biome in the digital geography. Digital marketing platforms are designed to support an extensible set of requirements within a neighbourhood. A digital marketing platform exposes key elements as standardized services via API for building custom applications, extensions and integrations with other custom applications and data sources. Some offerings claim to be digital marketing platforms that address virtually all digital marketing neighbourhoods, but the methods and objectives of each neighbourhood vary widely. Any platform sufficiently general to span them all would take the form of a general-purpose tool such as a spreadsheet or a browser with applications outside of digital marketing. So any platform in digital marketing needs to address requirements specific to a limited number of neighbourhoods or domains. Yet Digital Marketing platform has suffered from multiple challenges including: How to align the experiences across multiple channels Balance between consumer side as well as the enterprise side of marketing Page 3 White Paper | DIGITAL MARKETING PLATFORM How to ensure performance and uptime of multiple systems Standardizing the technical and operational aspects across channels Better control and more focus on quality Create lock-in risks as you become dependent on a singleprovider specialized platform Longer implementation cycles - slow time to value May not be cost-effective to buy a platform for small subset of functionality However, the interest in DMP technology and process solu- tions is surging. Key findings from a leading report suggest the following: 92 percent said their organization’s (or clients’) interest in DMPs has increased over the past year 77 percent said DMPs will play either a “critical” or “major supporting” role in expanding the performance of long-term advertising and marketing efforts; and 62 percent said their company has already implemented a DMP, or has plans to do so within the next 12 months Moving from a Digital Marketing Platform to a Digital Marketing Hub The evolution of DMP and DMH is pretty organised over different phases, scaling up technologies and processes in an impressive way. Adding to the pool of acronyms that have rocked an age, here is a new ingredient, substantially powerful, that is going to sustain the shelf life of digital efforts- The Digital Marketing Hub —or DMH. It has actually emerged as an ad hoc response to a base-level need. To realise the need of aggregating data from various important sources and derive full value using technology-driven solutions—a central hub—is required to seamlessly (and rapidly) collect, integrate, manage and activate those large volumes of data. Page 4 White Paper | DIGITAL MARKETING PLATFORM DMH solutions, developed both “in-house” and by a burgeoning field of third-party suppliers, are evolving to live up to extensive enterprise missions. The buzz is too impressive for the value it renders. But what precisely is the role for DMH in the data driven biome? Is it an automated approach to integrating data? Is it programmed for ad targeting or a tool for managing customer experience based on realinsights? Some see the technology as an enabler of media efficiencies, complementing demand-side platforms (DSPs), supply-side platforms (SSPs) and trading desks. There are umpteen perspectives to it. A digital marketing hub supports many use cases across more than one neighbourhood, providing a unified portal with access to multiple applications and workflows. It integrates with existing systems of record and optionally, may expose APIs for building custom applications and extensions to core features. However, it differs from a platform (although it may overlap) in that its design is not necessarily focused on domain-specific extensibility. At Sensiple we believe that a Digital Marketing hub will encompass the entire roadmap of Digital Marketing platform. DMH will expand in scope to support the aggregation and activation of more types of data, execution of an extensive suite of data-centric advertising, marketing, media and customer experience functions. Analytics tools and support services will grow more central to the DMH offering, driving an expanded value proposition. Solutions will grow more specialized with unique user needs— varying across vertical markets, addressable use cases and user profiles—demand focused tools that may not readily be supported by a “one-size-fits-all” approach. Third-party DMH platforms will grow increasingly agnostic with respect to both data and media as they fulfil a more central role in integrating and optimizing both inputs (as well as analysing the downstream impact of both) A new wave of consolidation— driven by financial investors looking to cumulate platforms, build foundational “stacks” for multichannel data support—will reshape the DMH model, modernizing the traditional and digital marketing services industries in the process. Page 5 White Paper | DIGITAL MARKETING PLATFORM Marketers, publishers and other data users will initiate a series of large-scale organizational realignments to capitalize on the potential of their enterprise information assets (with a focus on leveraging the DMH as a central engine for the reinvented, data driven organization) What constitutes a successful digital marketing hub? Digital marketing has put pressure on marketing leaders to define a clear path forward for digitalizing marketing strategies and execution. Varying definitions and overlapping characteristics makes it hazy to figure out where one provider offering ends and where another begins. It's also difficult to know how to create a technology foundation that addresses today's requirements while helping you scale up over time. Marketing management, for instance, may require integrated and collaborated experiences across channels following which demands interactive content capabilities to feed the social graph. The data becomes compounded at each stage and needs to run through multiple levels of analytics and predictive models for mapping the right customers with custom campaigns and so on. How can all these concerns take a smooth ride in a digital marketing platform? Here is the answer. A digital marketing hub unifies four key capabilities. Page 6 White Paper | DIGITAL MARKETING PLATFORM Collaboration — This shift in how companies market their products/services and speak to customers, investors, the media, and even suppliers has unsurprisingly required marketers and corporate IT teams to work with technology more than they ever had before. It is advantageous to have a platform that has an intuitive workflow process defined that allows coordination across boundaries from customers and partners to employees and traders. Socializing across enterprises is also becoming critical which demands for a greater need for DMH. Digital marketing hubs in turn need to support tasks and project management features. Data integration —Modern B2B marketers maintain digital assets across multiple channels making it unorganized. Besides organic resources (like corporate websites, blogs), there are third party communities –social media, online advertising, enterprise social networks – which contain more valuable data. In short, data relevant for your business is scattered all over the place. In larger companies, it becomes more difficult to assimilate all of your data into a comprehensive solution because operational tasks are delegated between various departments and teams. Integration plays a role in making each asset accountable and compliant. Continuous optimization in each division and platform makes it effective to operate seamlessly in multi-channel activities. DMH combines and integrates data relevant across applications to manage digital marketing at its best. Analytics — Data spread all over the space essentially means customers/prospects are interacting across channels. This firms up the need for multi -channel analytics and widen the scope for amassing and analysing data extending the scope of resources and reduce operating time. Marketers are challenged to leverage Analytics to gain insights from Big Data. Digital Marketing Hub enables you to turn Big Data into insight-driven action by removing many of the challenges associated with digital marketing and advanced multichannel analytics. DMH is data-rich coupled with analytics insights tracking cross channel behaviours to ultimately create personalized experiences for your customers. Operations — Gartner surveys find that for many organizations, digital marketing Page 7 White Paper | DIGITAL MARKETING PLATFORM execution often suffers from operational immaturity. For example, Gartner's 2013 Digital Marketing Measurement survey reveals that digital marketing metrics are often distributed across fragmented toolsets, leading to reporting delays and trapped insights. Further, it finds that growth in technology spending for measurement and optimization substantially exceeds growth in labour in these areas, which points to the potential for a continued skills gap in digital marketing operations. Execution suffers when people, process and technology aren't in alignment. It suffers further when execution isn't informed and optimized with data and analytics. What you need is the governing function of digital marketing operations — often led by the functional equivalent of a chief operating officer — which addresses the daily challenge of executing and optimizing complex, interdependent digital marketing disciplines. This function ensures programs and campaigns are appropriately nourished by data, collaborative planning and execution processes flow smoothly, and business outcomes are optimized via continuous measurement. Key to unlocking the strategic growth potential of digital marketing is developing a closed-loop system for precision targeting, engagement and optimization across channels. To achieve this, digital marketing leaders should: Optimize collaboration and workflow for agile development and implementation of creative content and campaigns. Orchestrate and automate marketing campaigns and engagement activities. Integrate data and analytics for personalization and optimization. Digital marketing hubs are delivered in one of three ways: On-premises — as licensed software installed behind the firewall As a hybrid cloud service — combining elements hosted in the cloud with other elements, such as data sources, hosted internally and by other service providers As a managed service — where an agency or marketing outsourcer delivers an integrated digital marketing hub that it uses as the basis for outsourced campaigns Page 8 White Paper | DIGITAL MARKETING PLATFORM Benefits Speed up time to market for digital marketing campaigns. Empower business users while reducing reliance on IT support. Improve IT’s ability to serve marketing, while lowering costs. Optimize your social media, search, online advertising, and other digital investments. Analyse information about your customers‟ behaviour and preferences in realtime. Personalize the consumer experience to improve conversion rates and loyalty. 80 percent of users find the platform simple and easy to use, and 75 percent say it meets their current and future marketing needs. The reuse of assets, infrastructure consolidation, process improvements and labour arbitrage has together resulted in cost savings of 25 – 30 percent of the digital marketing spend. Cut campaign lead times – website concept to creation in less than 24 hours. The hub supports over 300 digital assets, over 100 creative agencies, and 3.4 million consumer records. Adjust the online experience quickly to produce the desired business results. Page 9 White Paper | DIGITAL MARKETING PLATFORM Conclusion Companies are smartly flaunting their solution capabilities by playing their own strengths. Classic examples of Salesforce mastering Social and CRM integration, Adobe in its in legacy content creation and data, oracle’s multichannel platforms, IBM in commerce and HP betting on Big Data. Their focus is tuned to their strengths and that’s the direct strategy. Each company owns its product and plays the best for stake in the market. Having said that they also need to harmonise and work with each other, to establish best-in-breed solutions. Sum of all the individual offerings at their best achieve perfect synergy giving more value to the Marketing cloud. Author Padmaja is part of Digital Consulting Group at Sensiple. She consults organizations on embarking their digital strategies. Padmaja has completed her Engineering in Electronics and Telecommunications and is a management graduate from IIT Madras. Her areas of interest are in innovation of new products and services in the Digital space which can optimize costs and build organizations for future challenges. Padmaja Bandi Digital Consultant, SENSIPLE Page 10 @2015 SENSIPLE Software Solutions, Chennai, India. SENSIPLE believes that the information in this publication is accurate as of its publication date; such information is subject to change without prior notice. SENSIPLE acknowledges the proprietary rights of the trademarks and products names of other companies mentioned in this document. SENSIPLE is a premier IT solution provider headquartered in the United States and with delivery centers in India, SENSIPLE has extended its services across the globe. SENSIPLE has evolved from being a business consulting company in its early stages to a one stop IT solution provider over the years. Its service lines are Customer Experience, Digital Enterprise, Enterprise Applications, Testing and Infrastructure Services with clients across the globe. 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