Although programmatic platforms are the ones that capture the attention of the industry today, it is the quality of the data that will define the ROI of companies.
However, many companies boast of being what is known as “data-driven” but, a Forrester study reveals that less than 0.5% of total data is actually analyzed and used.
There are those who think that being “data-driven” simply means using Google Analytics, but that is far from the truth. Companies that really care about data are constantly monitoring the flow of their traffic.
What's more, according to Richard Joyce, senior analyst at Forrester, in Adweek , “an increase of just 10% in data accessibility can mean more than $65 million in additional revenue for a company.”
So why don’t companies make data quality a priority if it austria phone number helps them maximize their ROI?
“Marketers who effectively manage data quality will have a competitive advantage,” Joyce adds.
“The value of analytics is in how you apply it,” says Michael Loban, CMO of InfoTrust.
Through better data quality, advertising can be measured more accurately resulting in better allocation of budgets and improved ROI.
Some are already beginning to make data quality a priority, such as Procter & Gamble, which requires third-party audience verification in all its investments in the digital environment, and agencies such as Group M, which requires establishing quality standards.
Thus, Loban offers 3 areas where the application of quality data leads to a better ROI:
1. Find the best customers
With digital analytics, companies can better understand the life cycle of their consumers, allowing them to identify the most profitable segments and invest in audiences that have greater value for the business.
2. Improve the value proposition
Through rigorous measurements, companies can find out which elements of their advertising message and value proposition resonate with their target audience and which do not.
3. Improve advertising campaigns
The best thing about having quality data is the ability to develop better data-driven advertising and marketing campaigns.