How well do you know your data? It’s an important and timely question. To date, there is no standardised measure of data quality. Instead, scaling across devices accuracy and efficacy are the most desirable measures of success, but if you dig deeper and start to ask questions, it can be much more difficult to define what quality data is.
As consumers of information, content, and products, we are in a constant state of data transmission. As marketers, we draw on locations, interests, friendship networks and personal details via login.
But… Do you understand your data? More importantly, is your data clean? No idea? Well, here’s our breakdown on data.
There are generally two methods of data construction. Data that comes from a single source – for example, data from a transaction, loyalty or credit applications. This data has the potential to be highly accurate and is often termed people-based marketing. When someone figuratively hands you their information, you’ve struck oil, they want your marketing and you want to give it to them.
However, the scale can be an issue depending on your segment size, the number of ad units available, and inventory requirements. Thus, the need for scale and the second variety of paid data, this is where ‘third party’ data comes in.
Third party data is often constructed from multiple sources. Data signals are collected, categorised and aggregated into an audience segmentation model. Examples of data signals include website interactions, mobile device location, online surveys of ad clicks. Regency and frequency of ones browsing behaviours is the most common method of qualifying intent to purchase. It can, however, be difficult to assess the data’s provenance. More often than not, the third party will not disclose the contents of its warehouse. Remember! Identity unlocks customer data.
Subsequently, the past 18 months have seen industry place a significant focus on quality assurance for digital inventory (ad impressions). Is your ad deemed viewable by an independent third party? Is it a human or a robot? Is it appearing on the website you think you are buying? All have made a valuable contribution to marketing effectiveness.
In 2018 we need to continue to build on this by increasing our focus on quality assurance for paid data. Data can be tricky, and understanding it can be even trickier…. Make sure your data is clean! And, if you need a hand, just drop us a line.