Although marketers are invested in purchasing demographic data to reach out to their target audience, research shows that they are not entirely confident in the information they receive.
Lotame recently published “The State of Audience Data Research Report” and found that when purchasing demographic data, accuracy is “very important” to the majority (84 percent) of marketers. However, just 20 percent are “very confident” in the data accuracy of their purchased data. Approximately 68 percent are only “somewhat confident.”
About 65 percent of marketers claimed that they would be willing to spend 5 percent or more than what they are currently spending on data for information of higher quality. Twenty-five percent would be willing to spend 10 percent or more than what they are investing at the moment.
“As audience data’s importance continues to grow, sophisticated marketers are becoming more interested in the quality of data to ensure they are making the right business decisions while reducing wasted ad spend,” said Jason Downie, Chief Strategy Officer at Lotame.
Marketers Fail to Leverage Customer Data
In addition to struggling with poor data hygiene, previous research indicates that marketers are overall failing to leverage the customer data at their fingertips.
Forbes Insights and Treasure Data recently conducted the “Data Versus Goliath: Customer Data Strategies to Disrupt the Disruptors” report and found that just 13 percent of companies express the highest level of confidence that they’ve taken the necessary steps to make the most of customer data.
Only one-in-five executives consider their companies to be leaders in customer data management. One-in-four say they are able to fully leverage data that is available to them.