With everyone talking about data and using DMP’s (Data Management Platform) – a data warehouse that unifies data from various sources, CJ WORX is the first creative advertising agency in Thailand, to have entered into the data market by utilizing a DMP to expand its clients customer base, the agency announced.
Through the use of the DMP, a financial institution managed to significantly reduce advertising costs by more than 50% in a shorter period of time, said a release.
What differentiates a DMP?
Despite there being many DMP providers, Chawana Keeratiyutamonkul, General Manager and Strategic Planning Director of CJ WORX said that an effective DMP needs to be an IJO platform (Intelligent Journey Orchestration platform); a platform that is able to learn, predict and engage on an individual level, not just micro-segments. Thus it needs to encompass three key features:
These three features are therefore essential for a DMP to be effective in improving marketing performance to achieve objectives and consequently, sales.
An efficient DMP has to be managed by an experienced marketer and communication strategist.
A DMP resembles a data warehouse that gathers online consumer behavior, but in order to utilize the DMP to its optimum level, marketers need to achieve hyper-personalization, which means that they need to understand individual consumer journeys in real-time. Once marketers are able to predict consumer needs and insights, they can then optimize their communication strategies to trigger consumers on an individual level.
“Although a DMP can be remarkably intelligent, it’s still a tool that needs a well-experienced marketer to effectively use it to accomplish and reach its full potential,” said Chawana Keeratiyutamonkul.
Keeratiyutamonkul added that since CJ WORX is a creative agency, they believe that creativity has to be used alongside AI, to achieve the most efficient communication; as great data will bring about great creativity, and great creativity will facilitate data acquisition from meaningful data sources.
For brands to be agile, the platform, therefore, needs to be in the same place as the experienced marketer &/or communication strategist who will be managing it, so that they can manage, strategize, and optimize as swiftly as possible. – Thus CJ WORX can be credited as the first advertising agency to utilize a DMP that incorporates data management, AI and media strategy, all in one place, to orchestrate the entire customer journey.
The results from a campaign by CJ WORX, for a financial institution having implemented the DMP, indicated an 80% reduction in terms of Cost Per Lead (CPL) in less than a month. Proving that implementing a DMP not only helps with lowering advertising spend, but also shortening the duration of the campaign, as there is no need to waste impressions on individuals who are not interested.
However, this is just another significant step for CJ WORX, who at the beginning of 2019, launched BED (Branded Entertainment Data) which utilizes entertainment data to find consumer insights and grant brands the opportunity to communicate with consumers creatively, based on real insight without the need to hard-sell.
Yet, throughout all of this, CJ WORX is an official partner of Relay42, a DMP provider founded in the Netherlands and the only provider of an Intelligent Journey Orchestration platform (IJO platform).
All-in-all, no one can deny that data will play an important role in 2020, whether big or small. Thus those who are slow to adopt or understand its significance will surely be disrupted; as disruption may not occur from technological advances, but competitors who are faster at understanding and utilizing data to find consumer insights on an individual scale, in order to build long-standing relationships.
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