“When you make the obvious mysterious, then the mysterious becomes unavailable.”
We would like to focus on Martech with MA tools to orchestrate journey-maps and use a tag-based DMP for creating a monetization model, ROI should be clear through the attribution model. – Sounds cryptic, then please read on!
I had my struggle with the buzzwords, acronyms, and keywords while navigating the realm of Martech, Adtech, Madtech a.k.a Digital Marketing.
This is my humble attempt to de-mystify the scary acronym based multiverse of Digital Marketing. This is neither a technical write-up nor a functional road-map. This is more of a cheat sheet. If the Digital Marketing space is new to you, this blog should give you some pointers. Hopefully, next time when you are talking about Digital Marketing, you can concentrate on the substance rather than getting lost with the acronyms and buzzwords.
Let me first try to explain the data flow in digital marketing.
Just a tiny bit of detail, so things make a bit more sense.
Consumers are at the forefront of digital marketing and they create footprints whenever they reach a touchpoint. What is a touchpoint? A website, a mobile app, kiosk, call center. From a company’s perspective, some part of it falls in the known universe.
TyrelCorp knows Jim is their customer, registered through their website and interested in their warp-drive. Jim is also searching for warp-drives in Starlist which is a web-reseller of warp drive and downloaded an app named StarVoyager. This is the unknown universe or anonymous. The battle is to stitch the known and unknown. Why? Why take all this pain. So, when Startlist sells banner space in its website, Borg, the smart marketer from TyrelCorp can make sure he is targetting people like Jim.
Jim is a busy guy. He is not only buying ads, but he also sends a ton of emails sends push notification in the app, hosts Starforce( an event for showcasing cutting edge warp drives). He needs to know, when Jim finally buys the warp drive to voyage to the unknown, what triggered it. The ad, the roadshow or that great email campaign. So he can be ready for Spock, another customer who is in the market for a warp drive.
Once Jim and Spock have their warp drives, Borg wants to keep them interested in his product so he can sell ancillary products or just help them realize how great the product is and make them a life-long loyal customer.
Borg is not alone, he is a collective. There are business partners who share information with him, like Starlist. He also sometimes gives information from his known universe to others in the collective. And this, in a nutshell, is the World of Digital Marketing.
CRM – Customer Relationship Management
This is where TyrelCorp keeps the information about Jim. So Borg can engage his Nexus-9’s ( Next gen Sales-Androids) to communicate, nurture leads like Jim.
Products: Salesforce Salescloud, Microsoft CRM
CDP – Customer Data Platform
This is where Borg would like to stitch the information from CRM and any other systems where people are registering. This becomes one centralized system for customers.
Products: Segment, Tealium
DMP – Data Management Platform
The unknown and look-alikes fall in this universe. Where Borg’s quest to find Jim and people like Jim continues. DMP can be used for buying ads on different platforms.
Products: Adobe Audience Manager, Salesforce DMP
Products: Google Tag Manager, Adobe Tag Manager
Pixels and tags are the same technology. They are crucial for web analytics, big data, capturing customer behavior.
1st Party Data
TyrelCorp’s own data is 1st party data.
2nd Party Data
Jim registered on Starlist and Borg have made an arrangement to get that data from Startlist. This data though not collected by TyrelCorp, it is the next best thing and known as 2nd-Party data. Remember someone’s first-party data is someone else’s 2nd party data.
3rd Party Data
Borg also buys information from Galactic Search Engine. He doesn’t trust the accuracy completely but still, it gives him an edge over other competitors. This kind of data is collected by entities who don’t have a direct relationship with the user.
Jim’s experience. He receives an email from TyrelCorp and clicks on it and goes to there website and registers. The representation of a customer’s journey across touchpoints.
Products: Interaction Studio, Journey Builder (Salesforce Marketing Cloud)
B2B – Business to Business
TyrelCorp and Starlist are B2B partners. If I have to give an old world example, it would be a car manufacturer like Honda, Nissan, and their dealers.
Products: Salesforce Pardot, Marketo
B2C – Business to Consumer
TyrelCorp to Jim.
Products: Salesforce Marketing Cloud
B2E -Business to Enterprise
Starlist is giving a promotion to its employees, they can get warp drives at half price. How does Tyrel Corp see Starlist now, both business and consumer? This is where things morph and get into B2E.
DSP – Demand Side Platform
DSP allows buyers of digital advertising inventory to manage multiple ad exchange and data exchange accounts through one interface.
Products: MediaMath, TradeDesk
SSP – Supply Side Platform
A technology platform to enable web publishers and digital out-of-home (DOOH) media owners to manage their advertising space inventory, fill it with ads and receive revenue.
Products: Salesforce Salescloud, Microsoft CRM
It is the monitoring of your brand’s social media channels for any customer feedback and direct mentions of your brand or discussions regarding specific keywords, topics, competitors, or industries, followed by an analysis to gain insights and act on those opportunities. When TyrelCorp is sending the email blast they want to see in Earth who are twitting about Warp-Drives and if the sentiment is positive about space travel during that time.
Products: Social Studio(Salesforce Marketing Cloud), Sprinklr
From Wikipedia:: “Marketing attribution provides a level of understanding of what combination of events in what particular order influence individuals to engage in the desired behavior, typically referred to as a conversion”
The term “ad tech,” which is short for advertising technology, broadly refers to different types of analytics and digital tools used in the context of advertising
MadTech is the confluence of Marketing, Advertising, and Technology.
Grouping of technologies that marketers leverage to conduct and improve their marketing activities.
MA -Marketing Automation.
A platform which helps orchestrate campaigns, email sends, push notifications.
Products: Marketo, Salesforce Marketing Cloud, Eloqua
Some other buzzwords to know, look-alike modeling, predictive analytics, audience segmentation. Maybe next time!
Disclaimer: Please note, the product list is just for quick reference and to get someone started on a google search and not a definitive list by any means!!