I think it is time.
This morning, I got my coffee at the same place I have been buying coffee for 10 years.
Backing out of the parking spot, (the same spot that I pull in nearly every day) I hit the corner of the building. SMACK. Trashed my bumper.
I bought the car on Saturday. It still has temporary plates.
I think it's time.
Time for what exactly?
Well, since I’m in a rip roaring raucous mood – so, now is as good a time as any, to share……
I’m consumed and agitated, with people who are full of crap.
Yes, I said it.
In my industry (and probably in yours) there are a ton of fakers, a multitude of bullshitters – and a group of phonies who puff out their chest in an effort to be seen and heard, regardless of the content in their message……
Their motto is, “fake it till you make it.”
“Form partnerships and bonds with companies that can help me say that I actually do it…..”
Problem is, many of these phonies – don’t even know they are being misleading. They don’t even know that they are out in the market spewing crap. They think (possibly rightly) that they have a real product, that they have an offering --- and that their “solution” solves problems.
News flash – you are a fake. It doesn’t.
I found this a significant piece of relevant data from 1905.
“Of the 125 auto companies that sprang up in Detroit in the early twentieth century, Ford quickly rose to the top. A restless innovator, Ford devised the modern assembly line. In 1908, the fledgling company introduced the Model T, a car whose standardized production would revolutionize the industry. "
There were 125 companies that suddenly emerged at the beginning of the 20th century ---- who said there were in the auto business.
I feel bad for consumers who bought cars (their 1st car) from about 120 of those companies…..
Odds are, if you did not buy a Ford Brand, you bought the equivalent of a LEMON.
(Disclaimer: Our business at Lotame, is not manufacturing cars, moving people, or transforming the world, the way that Henry Ford did. I am also not in any way, shape, manner or form – comparing myself to one of the greatest entrepreneurs of all time --- Henry Ford.)
In technology, the same thing applies. There are technologies out there that are Lemons --- disguised as Model T’s.
Let me give you a few examples. This is the definition of our business, and what we focus on, as a Data Management Platform.
Advertising Agencies who have control of hundred of millions of dollars of media, are forming partnerships with technology companies (and data companies) – and now calling themselves a “DMP”. ( Data Management Platform)
They are not.
They are in a fight to transform their business as their business models change– and, are “fakin it till they make it.”
And, they are confusing clients.
Technology Companies who specialize in one aspect of the “stack” – like attribution, tag management, are NOT DMP’s…
A DMP is at its core a unifying platform, that allows companies to import data from any source, segment it in any manner (customize) they want --- and then EXPORT it to any destination they wish…….all in an effort to drive more value, gain knowledge – and increase results. (whatever they/results may be) – and, along the way the get analytics, attribution, control, and reporting……..
This was our website in 2006. It talks about data, audiences – and segmenting consumers into actionable audiences. This was in 2006. We have been building this platform since then --- and suddenly in the past 3 months……
NEARLY EVERY DIGITAL COMPANY IS CLAIMING TO BE A DATA MANAGEMENT PLATFORM.
“You are a DSP, you are now a DMP.”
“You are a analytics company, you are a DMP.”
"You are an ad server -- oh my -- retarget -- then yes, you are a DMP."
“You were an ad network, you are a DMP.” (snicker, that was our detour – but during that detour to pay the bills and keep the checks from bouncing – we, still built the platform to support the tens of millions of dollars, in media -- that flowed through the platform, to deliver value)
“You are a media agency, oh – you too are a DMP.”
“You are a holding company, with big client relationships that you can leverage --- oh yes, welcome to the DMP club.”
It’s a joke. A rather bad joke --- and, it's got me mad.
Quite coincidentally, one of our star performers, Maddie Rich made this video blog today -- on a very similar topic. The 20 second video is HERE:
I'm sad for the value that is being destroyed. I'm sad for companies that choose one of the "fakers" that I've described.
I'm sad for my bumper.
I'm sad that my cup of coffee this morning cost me $1000, instead of $1.75.
I'm sad for clients that go with a "faker DMP" because it's easy......but, they will not see the value of FROM THEIR DATA anytime soon.
"But oh -- we can retarget in our FAKE DMP....."
"You can fix the bumper for $500, or replace it for $1000 -- your decision."
That is what I heard from the repair guy at my car dealership... (which I drove directly to from the coffee place, cursing the whole way)
As the cigarette dangled from his mouth --- "You can fix the bumper for $500, or replace it for $1000 -- your decision."
I stopped to think....
Spending more initially requires thought, a commitment, and it allowed me to feel confident that every time I look at the rear of my car -- I will not be reminded of that cup of coffee......
A repaired bumper is not a NEW bumper. I spent the $1000 and got myself a NEW bumper....
Retargeting is not a new bumper. Retargeting is NOT a DMP. Retargeting is simply a fix...a tactic -- and, a piece a DMP.
Lyrics from a song I love:
"Birds of a feather are flocking outside
Like whippets they dance in a curly-queue dance
Of pulses and ringing and campfire chants
Of ritual drumming although at first glance
You thought you could run but you won't take a chance"
I want to move quickly away and distance myself from the fakers, in both business and life.....
But, sometimes you cannot.
So you get a new bumper, and call it a day.