Originally appeared in MarketingProfs
We all understand the importance of data quality. Metrics like third-party validations, match rates, and accuracy scores help us assess data quality on its own terms. Yet too often, organizations struggle to connect high-quality data with real-world business outcomes. How does data accuracy directly impact the ability to reach target audiences and campaign performance?
Scale and cost: The tradeoffs of accuracy
Marketers are frequently incentivized to prioritize broad reach, even at the expense of precision. This often leads to decisions driven by short-term gains—reaching more people at a lower cost. The temptation is deceptively straightforward, but deep down we know overly simplistic approaches are likely to fall short.
Cheaper data solutions, even if they seem to provide greater reach, mask a deeper issue. The data may not be accurate. In fact, the initial savings from cheaper data typically result in higher long-term costs due to inefficiencies and waste that are hard to track. Unless you’re carefully evaluating your campaign results, it can be difficult to see where the inefficiencies are creeping in.
The hidden cost of inaccurate data
Programmatic platforms make it easy for mistargeted impressions to slip through unnoticed. Common issues include:
Stale data, where consumer behaviors and locations have changed but the data hasn’t.
Inactive signals, where you think a digital identifier like a device ID is addressable, but the device hasn’t been used in months.
Disparate or duplicative data, where you think you’re reaching three people but in fact it’s just one person who you’re frequency bombing. Nobody likes getting the same ad over and over again. It’s like if your co-worker messaged you “hey” five times in a row.
Direct mail waste is tangible: towering stacks of returned mail serve as undeniable reminders of inefficiency, not to mention the financial costs of wasted postage. Digital campaigns, by contrast, often obscure their inefficiencies within complex programmatic platforms or impression reports. It’s like watching a gust of wind scatter piles of paper into the ether—it’s hard to track and quantify.
As a result of these data inaccuracies, brands mistakenly assume they’re optimizing their budgets when, in fact, they’re hemorrhaging money and reaching the wrong people with a message they don’t care about. It’s a marketer’s nightmare scenario.
The perceived savings from cheaper, less accurate data turn out to be an illusion.
The compounding effect of inaccurate data
Consider a situation where an inaccurate insight or signal prompts a brand to adjust its targeting toward an underperforming segment. Each new campaign uses this flawed data to guide its optimizations, amplifying the waste. What starts as a minor inefficiency quickly becomes a significant budget drain, funneling resources into segments that aren’t delivering.
If you bake a cake but use salt instead of sugar–each new ingredient only makes the final product more unpalatable. With ad targeting, the feedback loop created by optimization tools exacerbates this issue. Decisions are made based on misleading metrics, perpetuating flawed strategies and causing brands to over-invest in underperforming tactics. Without scrutiny, brands risk building entire strategies on fundamentally flawed insights.
The value of investing in the highest quality data
With accurate data, brands can zero in on the right audience. This is particularly critical in lookalike modeling. By enriching customer files, brands can understand the nuances of who their best customers are—and how to find more of them. Tailored messaging, based on a consumer’s actual behaviors and interests, deepens engagement. Conversion rates rise as campaigns meet customer needs.
Accurate data also provides insights that aren’t immediately obvious. Sometimes, seemingly minor behaviors or unexpected demographic segments can emerge as key drivers of conversions. It’s like finding the one avocado at the grocery store that’s perfectly ripe…you’re well on your way to delicious guacamole.
To truly grasp the impact of data accuracy, traditional validation metrics such as third-party assessments (e.g. Truthset) should be paired with other performance indicators that show you how well data reflects actual consumer behavior. With this complete picture in view, the choice is obvious: quality data is worth the premium.
Acting on what the data tells you
Collecting accurate data is just the first step—the real challenge is having the ability to act on what it reveals. Many brands enter campaigns with preconceived notions about their target audience, only to find the data tells a different story. Ignoring these insights stifles growth. The value of data-driven marketing lies in trusting the insights and adapting strategies accordingly.
How to test if your current approach is working
We understand that changing data providers can feel daunting, but there are low-lift ways to explore whether your current approach is truly delivering. Test the waters by selecting an Experian Audience on a major platform or building a custom audience to see how your campaigns perform. Alternatively, collaborate with Experian’s insights team to gain a deeper understanding of your audience and determine if it aligns with your current strategy. It’s a small step that could lead to a big impact.
Get in touch with our team today
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NEW YORK, May 4, 2016 /PRNewswire/ – Tapad, the leader in cross-device marketing technology and now a part of Experian, has been honored with two iMedia ASPY Awards. Announced on May 3rd at the iMedia Summit in Lost Pines, TX, Tapad's 2016 ASPY Awards include "Best Customer Service" and "Best Mobile Partner." In 2015, Tapad's proprietary technology, Tapad Device Graph™, was named "Best New Media Innovation" and Tapad employee Chris Martin was awarded the "Rising Star Award." The iMedia ASPY Awards – determined exclusively by agency votes – recognize the industry's top marketing technology, media companies and publishers for outstanding service to agencies. The award for "Best Customer Service" recognizes Tapad's client services team and their dedication to helping agencies fully understand their consumers' behavior and achieve the best cross-screen campaign ROI through Tapad's Campaign Pulse and TV Pulse analytics reporting. The "Best Mobile Partner" win recognizes the abilities of the Tapad Device Graph™ to deliver unified cross-screen solutions for the company's partners. "We are privileged to have a talented and dynamic group of people on our client services team, and we are honored to be recognized by iMedia Connection and our agency partners," said Tapad Founder and CEO, Are Traasdahl. "We have always strived to provide the best solutions and the best customer support, so it's extremely gratifying to be rewarded for our efforts. If our clients and partners are happy, we are happy." For more information on the iMedia ASPY Awards please visit: http://aspyawards.com. Read the full press release here. Contact us today
Cross-screen marketing tech firm, Tapad, drove unified campaign; partnered with Statiq to measure cross-screen impact on in-store visits LONDON, March 8, 2016 /PRNewswire/ – Carat North completed the UK's most comprehensive digital campaign with Tapad, the leader in cross-device marketing technology and now a part of Experian. Coupled with location-based audience data from Statiq, this marks the first time a UK-company has measured the impact of unified, cross-screen campaign on in-store visits. Carat North served display and video ads to grocery shoppers for the leading retailer ASDA from August through October. During the campaign, Tapad utilized Statiq's audience data to measure which users visited a store after being exposed* to the campaign's ad on multiple devices. The digital campaign demonstrated a lift of 59% for in-store visits when users were exposed to ads on three devices over people who were shown an ad only on onescreen. Those who engaged with the ad were also 411% more likely to visit an ASDA store. Of those who were exposed to an ad, 248% were more likely to visit a store. Impressions served to mobile devices saw the highest success rate with an in-store visit lift of 67%. The campaign leveraged Tapad's proprietary technology, The Device Graph™, which Nielsen confirmed Tapad's cross device accuracy to be 91.2%, to serve ads sequentially on connected devices belonging to the same user. CARAT NORTH: "The ability to know which devices belong to our customer, coupled with the ability to deliver the right ad, and right message, wherever they are and on whatever device they're using, has been something this industry has long needed," said Steve Thornton, Digital Account Manager, Carat North. "We're impressed with the results that have come from the work with Tapad and Statiq for this media-first, and look forward to continuing to offer these solutions to clients like ASDA. Matching unified cross-device capabilities with real insights on campaign performance is an invaluable advantage in the marketing world." TAPAD: "This campaign is a perfect example of the capabilities of cross-device advertising," said Are Traasdahl, Founder and CEO, Tapad. "In addition to reaching users across devices, we're able to analyze campaign results and determine how different combinations of ad exposure, creative type or view frequency affected their decision to visit a location." STATIQ: "As a location data specialist, Tapad is our ideal partner – they are an industry leader and by working with them we are able to determine the impact unified messaging has on real world consumer behaviours," said Dean Cussell, Co-Founder of Statiq. "We believe this type of analysis will significantly aid brands in optimising future ad spend." About Carat North Carat North is a leading independent media planning & buying specialist in digital and non-traditional media solutions. Owned by global media group Dentsu Aegis Network, the Carat network is more than 6,700 people in 130 countries worldwide across 170 cities. Carat defined the sector when established as the world's first media independent in 1968 and is now Europe's largest media network, a position held for more than 15 years. For more information visit www.carat.co.uk About Tapad Tapad Inc. is a marketing technology firm renowned for its breakthrough, unified, cross-device solutions. With 91.2% data accuracy confirmed by Nielsen, the company offers the largest in-market opportunity for marketers and technologies to address the ever-evolving reality of media consumption on smartphones, tablets, home computers and smart TVs. Deployed by agency trading desks, publishers and numerous Fortune 500 brands, Tapad provides an accurate, unified approach to connecting with consumers across screens. In 2015, Tapad began aggressively licensing its identity management solution, the Tapad Device Graph™, and swiftly became the established gold-standard throughout the ad tech ecosystem. Tapad is based in New York and has offices in Atlanta, Boston, Chicago, Dallas, Detroit,Frankfurt, London, Los Angeles, Miami, Minneapolis, San Francisco and Toronto. TechCrunch called the powerhouse Tapad team "a hell of a list of entrepreneurs who created some of the most valuable online advertising companies of the last decade." Among Tapad's numerous awards: EY Entrepreneur of The Year (East Coast) 2014, among Forbes' Most Promising Companies two year's running, Deloitte's Technology Fast 500, Crain's Fast 50, Entrepreneur 360, Digiday Signal Award, iMedia ASPY Award, and a MarCom Gold Award. Read the full release here. *Tapad utilized Statiq's audience data to measure which users visited a store during, or within one month of, being exposed to the campaign's ad on multiple devices. Contact us today