Having pivoted from a location-centric social app of sorts to a location intelligence platform, Foursquare has positioned itself well to offer brands attributable marketing success and verified data points at a time when concerns about both data quality and privacy are as widespread as ever. Foursquare says it throws out about 80% of the third-party data it consumes, an act intended to preserve the quality of its largely first-party data store.
By defining their organizations’ definition of “accuracy,” allocating marketing resources to external solution providers that can provide unique data sets pulled from mobile phones, and ensuring all data is as up to date as possible via location-based approaches, marketers will begin to see an improvement in the quality and transparency of the data they purchase.
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In what the company is touting as a breakthrough for the programmatic advertising industry, a new service will use carrier data to verify the accuracy of mobile data at the supply level. Called Emodo Supply, the product will be offered by telecom giant Ericsson’s mobile advertising platform in partnership with programmatic trading company Axonix.
When selecting data for mobile campaigns, don’t base your decision solely on claims about precision or how many decimal places appear in the coordinates, and definitely don’t mistake precision for accuracy. Precision is important, but the value of precision hinges on data accuracy.
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.