Study: Accuracy is the Most Important Factor for Marketers Buying or Using Audience Data
In a poll of 300 advertisers that buy or use audience data, data management platform Lotame found that 84% say the accuracy of the data is the most important factor in determining whether they’ll buy it and if they’ll buy more of it.
A staggering 90% of advertisers say they’d buy more audience data if they were convinced of its accuracy. As things stand, only 20% of marketers who marshal demographic data to better cater to their audiences reported being “very confident” about the accuracy of the data they use.
Other factors such as price and scale of the data purchased paled in comparison to accuracy. Fifty-five percent of marketers said they prioritize price, and 37% said the same of scale.
The most popular audience data bought by marketers is basic demographic data such as age and gender (42%). Geographic data followed closely behind with 34%, while other sorts of data such as advanced demographics, behavioral, and second- and third-party data grab the attention and dollars of about a quarter of the 300 advertisers polled.
The findings suggest that there’s still room in the market for companies focusing on proving the merits of audience data segments to win the hearts and minds of marketers.
Joe Zappa is Street Fight’s managing editor. Follow him on Twitter @joe_zappa.