Study Finds Nearly 8 Out Of 10 Marketers Claim Lack Of Visibility Into Data Sources Has Negatively Affected Their Digital Campaigns
ownerIQ, the leading second-party data solution powering the largest transparent data economy for retailers and brands, released a new research study conducted by Forrester Consulting and commissioned by ownerIQ in partnership with Universal McCann. The Data Transparency thought leadership paper (TLP) focuses on the growing importance of data strategies and transparency for digital marketing and advertising campaigns.
According to the study, 67 percent of marketers feel that the advertising/marketing industry as a whole is not doing enough to address the sharing and transparency challenges associated with audience data and $11 billion of wasted dollars on the line due to questionable data.
As the use of audience data becomes mainstream, marketers struggle with the issue of transparency. The study found that marketers want more from their data providers, with 75 percent of them reporting a lack of transparency into data sources.
Specific findings include:
- If data quality and transparency issues aren’t addressed, dollars wasted on low- or no-quality display ads will grow to $10.9 billion by 2021.
- Transparency is critical – When purchasing data for digital marketing and advertising campaigns, 80 percent of marketers think it’s important for providers to provide information around data quality
- The demand for more visibility – 85 percent of marketers think the lack of visibility into data used to define audiences poses a challenge to their ability to effectively put data to work
“The data market is evolving to demand transparency. We provide a platform for second-party data sharing where marketers can maximize the value of transparent and relevant data, and this report reaffirms that need,” Jay Habegger, CEO, ownerIQ said.
Data use is on a positive growth trajectory over the next two years, with most of the growth expected in shared or second party data. Successful campaigns are increasingly being fueled by robust data from trusted business partners. As the use of this data continues to become more mainstream, marketers will become more confident in the accuracy of their audience targeting, according to the study.