Why do you need a Social Data Management Platform (DMP) in 2023

“It is a capital mistake to theorize before one has data.”

So wrote Sir Arthur Conan Doyle in 1891 for his first Sherlock Holmes short story, A Scandal in Bohemia.The quote didn’t just serve his fictional detective well in solving seemingly unsolvable cases. It also holds weight for today’s marketers.

Marketers are in danger of creating Social strategies for target audiences without actually knowing who those audiences are or what they want. Without data, theorizing campaign success is sleuthing without clues.

That said, data management is a challenge for many. Marketers have more data at their fingertips than ever before, and they just don’t know how to access it and make it actionable. However, with this challenge, the importance of Social media data management has appeared as an opportunity to build a loyal customer base.

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Enter the era of Social Data Management Platform (DMP).

What is a Social Data Management Platform (DMP)? 

A Social Data Management Platform collects audience data from social and digital platforms such as Facebook, Twitter, Instagram, email, and e-commerce sites. It also divides social data into key audience segments important to your brand.

It does this all in real-time so marketers can join audience conversations while they’re still happening and reach consumers with content that’s relevant, timely, and personal.

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Importance of social media data management in 2023

As the amount of data that customers consume evolves, so does the opportunity to use it to amplify marketing goals. Marketers and agencies need to refine and sort the endless flow of data they collect to extract valuable insights. That’s where the importance of social media data management and data management platforms, or DMPs, comes into play. A social DMP helps marketers build more effective campaigns and customer interactions by:

Unifying data across social channels

It’s not enough to know just what audiences are saying on Facebook. Marketers have to see what they’re saying across the web in order to generate a holistic view of each customer. For instance, a customer may have reached out about a product issue on Twitter, but you’re still serving them ads about that product on LinkedIn. As a result, they become frustrated and start looking at competitors. With a Social Data Management Platform (DMP), you can avoid making that mistake.

Alternatively, a potential customer on Instagram may be voicing the need for a product just like yours. But you’re not there to see it. A social DMP can help you find that potential customer and then reach them with personalized content.

Automatically refreshing customer profiles

Customer behaviors change, and your data should change with them. A social DMP can automatically update customer profiles based on real-time data. You can then use that data to target potential customers more effectively.

Properly allocating budgets

Real-time data management allows you to see how campaigns are performing while they’re running. From here, you can optimize your content and spend to support top-performing media. You can also allocate your budget to reach only the most relevant audiences.

For instance, potential customers will see one campaign; customers who’ve reached out for support will see another; loyal customers will see another. Without a social DMP, you risk reaching customers with irrelevant and overly generalized messaging.

How a Social DMP works?

A DMP is the cornerstone of your social media and marketing efforts, allowing you to understand your customers better. A Social Data Management Platform (DMP) collates, organizes, and manages first-, second-, and third-party customer data from various social media platforms like Twitter, Instagram, and Facebook. It then analyzes that data to create and evaluate customer profiles to drive hyper-targeted campaigns. 

How to choose the right social media data management software for audience data management in 2023?

Before you even look for the right social media data platform, you must understand your key requirements, goals, and KPIs. Next, you should understand what platform-specific social data you want to gather to better target your audience. For example, If you are a B2B brand, getting data about LinkedIn users would provide opportunities. And if your business is about clothing and accessories, Pinterest may be a better choice of platform. In short, your marketing strategy will decide which platform is best, and your chosen vendor should be able to help you select the right options.

Once you understand the goals of your marketing strategy, begin your research by assessing the desired features and evaluating the pricing of different DMPs to find the best ones. A myriad of exemplary social data platforms provides different features and approaches to social media audience data management. To help you pick the best, here are 3 key things you need to consider while evaluating social media Data Management Platforms. 

1. Price options

It goes without saying that different marketing departments have different budget constraints and needs. And not every social media management platform works for every marketing department. Social media Data Management Platforms have a starting price of $500 per month or even more depending on the features and functionalities. Before you scour your options, the primary step is understanding your needs and ambitions and then narrowing down the pricing options. Make sure you look for discounts, flexible pricing, billing, and cancellation options before finalizing your social media platform. 

Protip: Don't hesitate to reach out to the vendors and ask for free trial periods so you can get a hang of it and figure out if it's easy to use or not before buying 

2. Features

Next, talk to your marketing team to understand their needs and requirements and then make a list of features that you need in your DMP. You can categorize these features as:

Mandatory features: These are crucial features that your team needs to perform their marketing tasks within a single platform. Without the must-have features, you can't manage social media data. For example, you must consider these features before finalizing your social media data management platform. 

• The number of users it can support
• The number of social networks it can support and collate data from
• Detailed reporting and analytics on metrics such as audience likes, impressions, clicks
• Track social media conversations with the help of the social media listening feature
• Integration and extension features to other social media and customer service software

Good-to-have features: Besides having these mandatory features, ensure you also look for good-to-have features. For example, 

• Check if you can integrate your social website analytics like Google Analytics into your social data platform and gauge how social media activities are influencing your website traffic
• Crisis management tips from experts to mitigate crises on time

Protip: If you wish to add new features or capabilities that aren't in your existing plan, ensure that you ask the DMP vendors about free upgrades.  

3. Customer support

When your team starts using a new Social data management platform or tool, they will have initial hiccups. They will need appropriate training and technical support around the clock. So make sure you seek help from online forums like Quora and Reddit to get a sense of what other customers are saying about customer support offered by DMP vendors. 

Protip: ask questions on various online communities where marketers discuss different issues. Join discussions to understand how quickly these DMP providers respond to customer concerns. And what's the easiest way to reach them, and on which platforms?

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3 tips for social media data management to consider in 2023

1. Identify your target audience before you proceed with data collection

When it comes to social media data management strategy, it is crucial to identify your target audience beforehand. This ensures that the data you are about to collate is relevant and can be used in various marketing campaigns. Once you have identified your target audience, start designing relevant surveys or questions and sharing them on the social media your audience uses most. 

2. Create one data hub for all social media channels

One major challenge brands face using social media is controlling the data flow from various social media platforms. A unified platform that collates all data from different sources, campaigns, and platforms and maintains it as one can improve reporting, accessibility, and cross-team collaboration. 

3. Continuously monitor brand positioning and image

Social media data isn’t just about campaigns and target audiences. An effective social media strategy also provides data around non-quantifiable elements like brand perception. Applying social listening to your social media data management strategy can help you understand and analyse different mentions and conversations happening across social media about your brand. The data gathered from social listening can help you revamp your product positioning by addressing indirect consumer concerns. 

Top 3 data management platform examples in 2023

Picking the right DMP can seem overwhelming, but finding the time to dive deep into DMPs and how they fare against each other will help you make the right decision. Below is a list of the 3 best dmp platforms you should consider using in 2023.

a) Oracle BlueKai DMP

The Oracle BlueKai DMP website highlights five important purposes for its users:

• Unify advertising data
• Build effective audiences
• Connect across devices
• Analyze audiences
• Activate digital campaigns

Some other key benefits of BlueKai are customer intelligence,  data activation, smart content, campaign management, personalization, and more.

b) Adobe Audience Manager

Some of Adobe Audience Manager’s important features are exceptional audience segmentation tools, advanced customer insights, and real-time processing to bolster efficiency.

c) Sprinklr’s social DMP

Sprinklr’s new Social Data Management Platform provides marketers with real-time access to customer data across every touchpoint. With this platform, you can engage with customers across 35+ social and messaging channels effortlessly — and tap into relevant conversations that don’t directly involve your brand name with integrated listening.

Ready to make the next move?

After finding the best social media data management platform, you need to collaborate with your team and familiarize them with each feature for a smooth transition. Start by discussing tips for social media data management and train them to understand

• How to use audience data to drive social media campaigns
• Crafting relevant messages on social media based on customers' interaction on various social media platforms.
• Different metrics to measure for campaigns on social media once you have a social DMP in place

Finding a social media data management platform that works for a brand can be overwhelming. But the ROI on that investment is invaluable. In addition, your team can better handle your customers' preferences and create terrific campaigns to build long-lasting relationships with existing and new customers.