How fresh (or stale) is that demographic data? Data management platform (DMP) Lotame released a study on data quality, finding that 90 percent of marketers would use demographic data more often if they had confidence in its accuracy.
The study is based on a survey of 300 brand marketers that purchase or use first-, second-, or third-party data. While 90 percent of those surveyed say demographic data is valuable, they’re frustrated by the quality of the information they buy. Most often, marketers purchase standard age and gender demographic data, but they question how often sellers refresh their inventory. That’s because after running campaigns on purchased data marketers don’t see a lot of success. Data needs to be constantly refreshed to be valuable: Just because someone was in the market for a car last month doesn’t mean they’re looking to buy one today.
Marketers need to have a clear campaign goal in mind when purchasing audience data, Lotame cautions. Asked what metric they most often use to judge the success of their campaigns, 67 percent of marketers said click-through rates, and 45 percent said awareness. Only 33 percent said they look for video views, putting that farther down on the list.
“There are many factors that play into campaign success and data is most certainly one of them,” says Ryan Rolf, vice president of data solutions at Lotame. “Targeting the right profile ensures greater efficiency and effectiveness, but many marketers are wary of the quality of the data they’re using. As an industry, we need to start looking at data quality as data accuracy to help drive overall campaign performance.”
A majority—57 percent—of marketers answered that audience data was very valuable for them, but only 14 percent said their audience data buys were very successful.
For more on the importance of accuracy in data, download “The New State of Audience Data” for free (registration required).