In recent years, many existing sectors have moved a large portion of their operations into the digital space. More businesses were even forced to go digital in 2020 because of the pandemic, and 2021 won’t be different because the world is still dealing with this pandemic. More so, since the internet has somewhat made the world easily accessible through web systems, companies are beginning to leverage internet-reach to better market their services.
There are specific platforms designed to help businesses reach a wide audience through ads. These platforms have taken marketing in the digital space a further notch. The platforms are known as Demand-side platforms.
What is a Demand-side platform?
In simple terms, Demand-side platforms (DSP) are web platforms or software applications employed by advertisers, brands, and developers that acquire digital advertising inventory from publishers to operate several ad exchanges through a single interface. A DSP is a programmatic advertising system that can automate a decision-making process for price bidding for digital ads in real-time. They are employed to ease the process of digital media buying and have proven to be an efficient channel.
What is Digital Marketing?
Digital marketing describes the use of the internet, mobile devices, social media, and other online-based digital technologies to reach a wider audience about a product or service. It is believed to have a better consumer-centric approach than traditional marketing. With the consistent acceptance of the internet and its related technologies, digital platforms have proven capable to target consumers based on their online footprints and behavioral patterns.
How is a DSP implemented for digital marketing?
Marketers are charged with the selection of their target audience for the unified DSP interface. The prepared ad is uploaded for publishing. All uploaded ads are recorded by the publishers and preset to compete against each other. The impression garnered by each marketing ad is recorded for the digital marketer to track via a dashboard.
Benefits of a DSP in digital marketing
Inventory reach and variety selection
DSP functions via a single unified interface. Using a demand-side platform allows digital marketers to reach a large audience through a lone interface. DSPs are a global ad inventory platform; hence, a wide range of publishers are reached through an ad. Several features characterize the inventory interface, making it easy for interested brands to select from a pool of options to get their ads done.
Audience targeting
Demand-side platforms capture the digital footprint of internet users, making it easy to interpret digital behavior and deduce user-specific needs and interests. Through footprint recording, DSP eases the process of targeting a particular audience based on their behaviors.
Having a strong user targeting prowess is what distinguishes a demand-side platform from all other forms of digital advertising and marketing.
Instantaneous bidding
Demand-side platforms have an incorporated automation feature that processes ad impressions value and initiates bidding on the impression. The automation feature analyses the client budget, bid value, and the target audience within seconds.
Optimized marketing
Demand-side platforms afford digital marketers the chance to monitor the performances of their business ads. This gives digital marketers a better perspective of their product campaigns.
How DSP is revolutionizing digital marketing
Digital marketing in its basic form is a crude method of reaching users via web-based platforms. Social media platforms have played a key role in the achievements of digital marketing. However, all users are classified under one umbrella in this mode of marketing. Demand-side platforms make it easy to target interested audiences; thereby, recording a better return on each ad or marketing scheme. Demand-Side Platforms, through the real-time monitoring interface, allow digital marketers to track the performance of their published ads; thus, improving transparency and accountability.
Easing the process
DSPs have proven to be a more efficient channel for digital marketing. With the targeting of audiences via digital footprints, it ensures that the right people get the right ads. The automated structure of Demand-Side Platforms nullifies the stress and time involved in hashtag mining and other digital marketing trends.
For any result-oriented digital marketer, employing the use of Demand-side platforms should be the top priority.