Big data analytics has been a cornerstone to effective marketing schemes and adtech for several years now. With the statistics to back up the idea of big data analytics’ effectiveness, it is an easy pitch to propose within your company, and will probably even make you look good for being the one who recommended it.
Big data analytics examines large swaths of data (as the name may imply) and allows examiners to use that data to find patterns, market trends and demographic preferences and user behavior. You then put that data into action by allowing it to guide informed business choices. It is taking huge pieces of information and condensing them into small, real-time decisions that have shown to be of great benefit to all sorts of businesses around the world.
Demand-Side Platforms (DSPs), believe it or not, manage to reap heavy benefits from the rise of big data analytics, and here is why:
Make Informed Decisions
A DSP is a way to expedite the process of buying advertising space and within the convenience of a single interface.
As part of the demand chain in the supply and demand economic cycle – DSPs benefit from the opportunities presented by big data analytics by capitalizing on the information they receive.
In layman’s terms, DSPs can rapidly gather, the entire market of advertising opportunities on one interface. This allows an agency or marketing team to decide where to purchase ad space for their next campaign. Top of the line DSPs utilizes special algorithms in a matter of milliseconds to allow advertisers to find top-tier deals.
Next generation analytics engines like SQream aim to simplify the process by power boosting the analytics processing in a very remarkable manner, allowing the data scientists and analysts to compile relevant information as quickly as possible throughout enormously large datasets. Such engines reduce the query latency of complex queries on large datasets, allowing Data Scientists become more productive, discover data models faster and place the models into production more quickly. When the model is better, the fit is better for the user, the bid price is higher, and a higher price increases the bid/win ratio.
The whole goal of marketing is to increase your company’s value by increasing sales and that is exactly how big data analytics work in unison with DSPs. By efficiently combing through large swaths of data, you are allowing marketing optimization to be made on the fly. And in this case, you are not just throwing things at the wall waiting to see what sticks, you are actually making informed decisions with the data to support it.
It takes thorough complex analytical skills to adequately sift through a pile of data and the technology. Sometimes, the bit of data you need to make your best-informed marketing strategy is a needle in a haystack. By employing the service of DSPs, marketing teams and/or agencies are able to insert themselves into the best possible opportunities, guaranteeing the best return on investment alongside paying pennies on the dollar to purchase ad space. DSPs reap huge benefits by having big data incorporated into its algorithms, making it a selling point based on statistics to prospective clients.
Fully Utilize the Numbers
Big data analysis is a tough road to navigate in and of itself. With its emergence and its newfound relevance in the marketing field, DSPs are able to benefit from this data by compiling it into its algorithms. By having a larger pile of data to sit on, DSPs are now more relevant in the here and now by compiling massive amounts of information and dispersing it into appropriate avenues for marketing and advertising agencies.
For instance, big data will provide numbers for a demographic group, and DSPs will compile it in a relevant manner. By analyzing the information other platforms are collecting, big data analytics allows us to ask questions, obtaining meaningful information. Demand-Side Advertisers (DSAs) will use this, then provide companies with the best avenues for advertisement placements. DSPs have been one of the greatest benefactors to what information big data analysis provides.
It is hard to determine who benefits the most from the residual effects of big data analytics. Ever since it has been streamlined into the marketing world at large, we have seen several benefactors, but none as transparent as those who utilize DSPs. By employing the knowledge gained through big data analytics, DSPs have become a better product for marketing and advertising departments.
- The whole goal of marketing is to increase your company’s value by increasing sales and that is exactly how big data analytics work in unison with DSPs.
- By employing the service of DSPs, marketing teams are able to insert themselves into the best possible opportunities, guaranteeing the best return on investment alongside paying pennies on the dollar to purchase ad space
© 2016 DK New Media.