Most businesses – both brands and agencies – recognize that to achieve greater ROI on marketing investments, they must get smarter about how they use data. It would be fair to say that marketers’ and advertisers’ use of data is evolving, and that there is a general awareness that there is room for improvement, both in data quality and application, such as for measuring advertising effectiveness. As companies continue to invest billions in technology to collect and house proprietary data, they need a way to tap into and leverage this investment, as well as enhance it.
Data quality is indeed important to building a complete customer view, with a business’s own internal customer data as the cornerstone, the core, to data-driven customer engagement. While a company’s own CRM data is truly first-party data, marketers face trade-offs between what they seek to learn about customers and the friction they add into the path to purchase.
We are seeing that marketers are increasingly building complementary data partnerships, and turning to trusted second- and third-party data sets.
Market research data companies that recruit and manage survey panelists collect information from verified, permissioned consumers, and manage it on independent platforms so that it is richly attributed and maintained.
Ultimately, quality depends on this kind of authenticity. Beyond data quality and a complete view of the customer, integrated data – across channels – is also crossing into the next frontier of cross-media ad measurement and effectiveness.
The two – data and channel – go hand-in-hand for accurate assessment and, therefore, optimization. In a world of heightened awareness about and concern over the proper use of data, particularly in a post-GDPR age, it has never been more important for marketers to find trusted partners to help educate them around the value of their data.