Smart buyers should know that the digital audience data can make a big impact on the performance of a marketing campaign. When data is secure, fresh and relevant in nature, it can give you a measurable amount of benefits in KPIs. But if you fail to gather the right data or it is mediocre, it will cost you extra through your advertising budget and in even worse circumstances, your relationship with the client. One of the leading database providers, Binary Clues says that there is inaccuracy even in the best updated data. All data can have degrees of inaccuracy and some data may even get outdated the very second it's created. While there are tools available for evaluating demographic data, its quality and validation are the major bonus. They go beyond basic age and gender targets.
The good news is that there is a lot of fresh and clean data out there and recognizing it can be easy, you have to simply ask the data provider a few simple questions.
1. What's your primary business model and How is data a core component to you?
When a data provider is critical to their business operations, its maintenance will be as important to them as it is to you. There are instances when such providers buy data just to turn it for profit and thus scale will probably take priority over quality. The less important the data is in their driving revenue, the more lazy they're likely to be in terms of their hygiene standards.
2. Are You Legit?
All prospect data used for digital targeting must be properly legalized and should be authentic. Data that is not properly authoritative is a deal-breaker. Using it could damage your business reputation and in even worse scenarios can turn into a legal concern. Providers should also comply with the Data Guidelines for Ethical Business Practices.
3. How involved are you in the business?
Every data provider should be currently the members of Data & Marketing Association which is a division of the Association of National Advertisers and the Interactive Advertising Bureau. Data providers that serve on the Board of Directors of either organization get points based on their marketing values.
4. Where was the data sourced from and what measures did you take to identify it?
It is just a matter of what you are looking to achieve and that is if raw data can be trusted or not. The greatest benefit of online sourced data is that If you need the ability to respond to something the time it happens, digital way is your only option. Well in some cases real-time also refers to no-time for the checks and balances that may strengthen the quality and predictive nature of the data.
5. Have You Modeled Your Data?
Whether or not, if a model was used then it doesn't clearly reveal anything about the quality of the audience.You'll need to acknowledge why it was modeled and specifics about the source and strength of the signal data to understand more about the audience.
6. What is Your objective with the modeled data?
Modeling is the process of using algorithms and multiple data sets which are used to make predictions. In the digital platforms or market, this typically refers to how likely a consumer is to get interested in the business. Providers group consumers with the highest liking of getting into similar audience segments.
Conclusion:
Putting up questions is necessary for choosing a good database provider. Binary Clues says that it is evident and the idea is to make sure that we are using the authenticated application to fulfill our business needs.