Scott McDonald, ARF President & CEO – We find ourselves in a situation where marketing is increasingly data driven but where we don’t have any clear measures of the quality of the data underpinning that marketing.
We need much better standards around data quality to provide better guidance to the market. An unambiguous rating system that can offer an independent ‘grade’ on the quality of data sold for ad targeting, might be possible in the next two years.
It is a distinction between transparency and some scale of quality.
Howard Shimmel, CRO, Turner Broadcasting – There is no business growth without good data.
If the data is a little wonky you can miss the upside (of revenue).
Vendors need to these advanced data sets accredited and validating them post campaign.
Jonathan Steuer, CRO Omnicom Media Group – In a multi-media environment, data errors get multiplied.
You want to know what’s in it (the data) and the best metaphor we have for that is the FDA and food labels – you know the list of ingredients, the number of calories, the calories from fat, etc. (note – this may become an industry initiative).
Pete Doe, CRO Clypd – Is your data as accurate as you think it is? Is it fit for purpose – if you are planning millions of dollars on advertising (the data) the better its quality should be.
Abby Mehta, Senior VP, Marketing Insights & Media Analytics, Bank of America – We need to know our audiences well, the need state, the mind state, and that’s where data come in. We don’t have a lot of chances to get this right.
We need a framework of auditing.
(The session that followed was a continuation of the topic, but with other other industry leaders, will be featured in the October 12, 2017 issue.)