After a year of complex and highly-technical work, Location3 Media is very proud to announce we have implemented our new Data Management Platform. The process leading to this point began all the way back in May 2010 when our data team started focusing on analyzing the conversion path and determining the influence of channels on those paths.
“Under the constant bombardment of new and changing data from so many sources, the most common reaction is to generalize decisions, defer solutions or perish into analysis-paralysis. With data existing in such detail at such magnitudes, extracting micro insights that can drive macro results is a huge challenge. Location3′s new DMP will serve as the foundation for our clients to tackle the big data of digital media and get ahead in this ultra-competitive environment,” said Jared Schroder, our Vice President of Data Intelligence and Paid Search.
With this level of data we can be better at predicting trends and will be able to answer the all-important question, “What media had the greatest influence on my user’s eventual decision to convert?” These answers gives marketers a much clearer idea of what channels (paid, social, display) are contributing the most to conversions and ultimately the most effective way to spend a client’s budget.
Realizing that there is no one size fits all solution, Location3 was one of the first companies in the digital marketing industry to use our own custom solution for this type of tracking instead of a canned solution. Our Media Agent technology was an excellent tool for many kinds of tracking, but as attribution has evolved we recognized the need for a more sophisticated system. The new data management platform provides this next level of data and insight.
With the roll out of this technology our optimization will become more tightly integrated with digital buying and execution. Developing the right checks and balances, many elements of a media plan will be executed much more efficiently, not simply based on the last click or view-through rates. Additionally, because we host all the event-level data feeds, we can utilize our customized probability and path-based algorithm to optimize our bid strategy by converting keywords, keywords that influence the top or middle of the funnel and non-converting keywords. In plain English, this means all media channels will be working cohesively. By tracking the converting and non-converting paths we gain valuable insights into why consumers are converting- or just as importantly, why they aren’t converting.
Client benefits include:
- Improved Campaign Management Abilities
- Centralized Data Management
- Reporting Insights
- Insights into Path to Conversion and Non-converting Paths
- Measure the costs and influence of all paths
- Custom Attribution Modeling
- Master Conversion Tracking
- Integrated channel optimizations and budget alignment
- Customized probability and path-based algorithm
- Building a first party cookie pool
Our trusted partners in this effort are Tableau and Mediaplex. Tableau changes the way we use data; allowing us to slice and dice data like never before. Reporting and data analysis are streamlined and made more insightful through our use of Tableau. The customized cross-channel analytics data feed Mediaplex is supplying Location3 will help increase efficiencies across channels and ensure full digital integration and optimization.
The code implementation for the new platform was completed in late March and minor updates will continue to roll out over the coming weeks. Some of the more advanced features may require additional investment from clients along with further code implementation. Interested in finding out exactly what the new data management platform can do for you? Your Location3 representative would be happy to talk to you about this opportunity.