Why should marketers care about data quality?
The fundamental evolution in display advertising, ushered in by real-time bidding (RTB) technology, is the concept of buying audiences as opposed to ad spaces. Armed with audience data, you can target ad viewers for example at a demographic, psychographic, and behavioral level, resulting in highly targeted ad campaigns that are also more relevant to the target audience. In today’s competitive business environment, marketers must have access to “the right data at the right time” in order to be effective. But the world is full of data and how would marketeers know what data is high quality and worth to invest?
The key question to ask is, what is the source of the audience data?
Not all data is created equally. The quality and breadth of the audience’s data is critical to the success of your digital advertising campaigns. Before working with a data provider, you need to ask where they derived their data from. Unfortunately, there are examples of data usage, where even the data source doesn’t know that they are providing data. It’s not fair or transparent and the reliability of the quality is highly questionable, if the source is hidden. Markets are different so usually it’s more reliable to use local providers.
Secondly it’s good to know how the data is collected and how the segments have been created. It is much easier to evaluate the quality of the data when you know how the data is collected and what the specific segments include. It is also very important to know how fresh the data is? “The right data at the right time” and some time it should be in real time. It also affects the quality of the data if the data was collected too long time ago. If you’re interested in golf players of a certain age group, this data can easily be derived from sources up to 90 days. But if you’re looking for last minute travellers, your data source should be able to deliver fresh data of only a few days or in real time.
Of course, the most interesting thing about the ad campaign is to know how data works? When customers are segmented, it’s easier to start by utilizing data that goes along with segments. But it is not always that simple. One way to find the best data most suitable for your advertiser’s needs is to create more than one test campaign with a smaller budget and compare the campaign’s performance with other campaigns.
Good data means less money wasted
The primary reason for all advertisers to exercise good a data quality is the most important: money. Good data means less money wasted on the wrong audience and less money spent on trying to fix the issue later on. Plus, you’ll spend less money and efforts searching the right data. And what’s more, good data will lead to better conversion rates, faster. This way you can quickly find out what is working, what isn’t and then choose to spend your marketing and operational budgets more wisely on what counts and what works – first time.
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