Data Accountability – The IPA and ISBA recently issued their call to action for data users in the media industry. The new report ‘A Matter of Fact’, from two of the largest advertising bodies in the UK, addresses an issue of rising concern for all in the media space, trustworthy data.
We’ve all seen the headlines this year and Facebook overestimating key video metrics, as well as Google serving ads alongside inappropriate videos across YouTube, trust and data are key challenges for marketers in the media space today.
Investment in media advertising isn’t slowing down, reaching £21bn in 2016 according to the report, and with the dependence on data to justify this spend, accountability has never been so important.
First party data is without a doubt the most trustworthy source, so choosing a data partner who can provide validated, highly qualified, first party data is extremely important. If you don’t have confidence in your data, then your company risks damaging their reputation. It is easy to access data from quick opinion polls and aggregators but without validating who is behind the data and whether the data can be trusted you can get yourself into some sticky situations.
The IPA and ISBA call for accountability and a uniformed standard for advertising data particularly around audience data. The report identifies 8 key questions for businesses to ask themselves when considering whether their data is trustworthy. When you ask yourself these key questions, are you confident your data provider can answer them honestly:
- Who gathers the data?
- How is it gathered?
- How is it processed?
- What quality-control processes are used?
- What universe does it represent?
- How is media exposure defined?
- Do those definitions comply with agreed industry standards and guidelines?
- Has the data been independently audited?
This is an exciting time for the media industry, with more investment and exposure than ever before, made possible by advancements in technology and changes in consumer behaviour. If this growth is to be sustained, then the industry needs to be confident in its data to justify its position at the forefront of marketing.
