If Data is the New Oil …

We all know that crude oil varies widely in its quality based on density and sulfur contentamp8203Sourceamp160US Energy Information Administration based on Energy Intelligence Group International Crude Oil Market Handbookamp160If data is indeed the new oil it stands to reason that data varies in quality as well amp160So what are the equivalent axes that would determine high and low data quality amp160Unfortunately there are no simple answers amp160To give you an idea as to why here are just three axes that we regularly encounter when measuring TVvideo content and advertisingSurveybased vs passive behavioral data amp160Back in the day when detailed consumer information was hard to come by surveys were a fantastic way to gather information on consumer tastes interests and preferences amp160But these days embedded meters are tracking consumer behavior and in general are more dependable than survey results amp160For example a meter tracking what TV programs you watched will be more accurate than asking quotWhat program did you watch 10 days agoquot amp160As a result today39s best data practitioners generally prefer passive measures when they are available as selfreported data are regarded as more biasedPanel vs census amp160Again back in the day it would have been costprohibitive to gather information on every American so panels were created to represent the entire US population and statisticians determined proper methods to quotweightquot and quotbalancequot panel segments so they could properly be projected to the overall population amp160In today39s Big Dataamp160world panels are relatively more expensive and why query a small subset of the population when you can have cost effective information on everyone amp160For example many media researchers prefer to use the vast data from set top boxes or other census TVviewing data companies as opposed to smaller TV viewing panels although there continues to be debate here as panels typically have more granular personsbased data amp160Nonetheless the train has left the station and today best practitioners prefer census data even with its shortcomingsDeterministic vs probabilistic amp160quotDeterministicquot means that the specific ID being targeted is known factually to be a certain type of buyer either from the advertiser39s own records frequent shopper card data etc amp160quotProbabilisticquot means lookalike modelling ie it is not known whether the ID is a buyer but the ID either resembles buyers demographically geographicallyamp160or in terms of the websites they visit amp160Probabilistic represents the great majority of all programmatic digital buying 32Byear in US and still growing amp160Best practitioners greatly prefer and are willing to pay higher Data CPM for deterministic because probabilistic is merely lookalike modelling which with demographicsgeographics as predictors has been shown to be only 6 better than random Simmons quotEmpowering ROI With Psychographicsquot ARF June 2017As is clear from these three examples alone there is no absolute when it comes to assessing data quality amp160The good news is that numerous industry groups are embracing this challenge and are in the process of proposing data quality guidelines amp160Here are some of the most notable efforts in processThe Trust and Transparency Forum led by Andrew Susman and Mike Donahue amp160This group39s original meeting at the UN agenda was led by Jerry Yoram Wind a professor of marketing at The Wharton School of the University of PennsylvaniaA consultancy called JOLT is seeking funding from the ARF the ANA CIMM and the CRE to create data labels and recommend an approach for compliance and governanceamp160amp160The JOLT initiative is being managed by Jim Spaeth Alice Sylvester and Gerard Broussard amp160In fact Gerard Broussard probably started the current industry focus on this area when he wrote quotEnrichingamp160Mediaamp160Data Quality is Key Requisite for Maximizing ROIquot for CIMM in June 2015amp160 Once the industry data label is agreed JOLT will look to uncover the target segment offerings that most closely represent advertiser clients39 intended consumersThe Trustworthy Accountability Group TAG was created with a focus on four core areas eliminating fraudulent digital advertising traffic combating malware fighting adsupported internet piracy to promote brand integrity and promoting brand safety through greater transparency amp160AdAge recently reported that 49 companies have received TAG39s quotCertified Against Fraudquot sealThe Alliance foramp160Audited Mediaamp160AAM is launching AAM Quality Certification a programamp160developed to minimize digital ad fraud The program addresses fraud by differentiatingamp160good publishers by ensuring that they are doing everything they can to serve marketers39 ads only to humans The initiative has been developed with close collaboration and input from Dr Augustine Fou one of the industry39s most well regarded cyberfraud authoritiesRMT using its DriverTagsTM tech is working with MVPDs to derive psychological data from set top box data which multiplies the predictive power of probabilistic targets Full disclosure Bill Harvey is a principal in RMTLucid has devised a scalable method of reliably sampling any defined audience to determine the quotdensityquot of a given attribute amp160For example what portion of an quotauto intendersquot dataset really intends to buy an autoWhile it remains to be seen whether the industry will come together on these worthwhile initiatives it appears that the powers that be are anxious to selfregulate anticipating that sooner or later legislators will be demanding more accountability from the dataanalytics and advertising communityClick the social buttons above or below to share this story with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writers

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If Data is the New Oil …

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