Your Blueprint for Buying the Right Data
Buying data can be a complicated, frustrating, and lengthy process. But it doesn’t have to be! Understanding avoidable mistakes can save you and your team time and money.
If you believe in these all-too-common myths about buying data, you’ll settle for less. Your data will most likely be less accurate, less comprehensive, oversized, and overpriced. Read on to learn the tips and tricks data savvy buyers use to make a wise data purchase and uncover the top 5 mistakes you can avoid making as you search for the right data partner.
· MISTAKE #1 You consider too many data sources.
· MISTAKE #2 You believe digital behavioral data is always better.
· MISTAKE #3 You focus only on niche, industry-specific data points.
· MISTAKE #4 You believe you can only have accuracy or scale, not both.
· MISTAKE #5 You settle for a month-long, one-size-fits-all sales approach.
DATA BUYING MISTAKE #1 - You Consider Too Many Data Sources
There are hundreds of thousands of data sources available to your organization, including many that are unique to your industry. That can be exciting for buyers! With so many options available, the possibilities to solve real-world business problems can seem endless and exciting. Unfortunately, more choices don’t mean better results. It can be overwhelming, resulting in ‘analysis paralysis’ without a clear win at the end. Some sources have great data, but not enough scale. Some have great scale, but the data isn’t accurate. Some are great for digital media buying, but terrible for model building. Sorting through the details can be exhausting. Better yet, procuring more than one data source can mean extra work for internal teams and systems.
Top Tip: Focus your shopping list on providers who can deliver on scale, accuracy, and uniqueness.
DATA BUYING MISTAKE #2 – You Believe Digital Data is Always Better
Digital data can be powerful. It’s available in droves and often in real time. But on its own, it doesn’t necessarily deliver on context and accuracy. For example, is the person visiting the Ferrari website simply a teen dreaming of their future ride? Or is it a qualified buyer evaluating a realistic purchase? Digital behavior alone can be misleading if they aren’t linked back to real people. Incorporating offline data creates a significantly more robust view of each consumer. And whatever type of data you use, you need a foundation that can last beyond a single campaign. That’s why you need people-based data, not data limited to a certain device. Every year, there’s a new device, a new channel, and a new buying platform. By investing in a solid data foundation grounded in real people, you can connect digital tactics and behaviors back to real people and deliver real world results.
Top Tip: Ensure your data strategy is balanced with both offline and online data.
DATA BUYING MISTAKE #3 – You Only Focus on Niche Industry Specific Data
Every industry marketer needs specific data to achieve their goals. A robust dataset carries all kinds of unique variables, spanning many industry use cases. From cruise data for travel-focused marketers to donor data for nonprofits, the right data most likely exists, it can just be a challenge to spot at times. You also don’t need to sacrifice scale or accuracy to get those relevant data points! Don’t accept super low scale just to get your tailored variables. No one needs to make that trade off. When highly focused and specialized data is needed, it can be smart to connect with a data expert seasoned in your industry. Understanding the major sources for your category will help boil the ocean down to something manageable.
Top Tip: Streamline your data source by evaluating providers that can deliver on both key demographics & industry-specific variables.
DATA BUYING MISTAKE #4 - You Believe You Can Have Accuracy or Scale, Not Both
Media budgets directed by low quality data will fall flat, reaching people who shouldn’t have been included in the target. There is also the opportunity cost of the people who should have been included in the target but were not. Many companies are making smart moves to invest in data science and analytics resources for their organization. But even with the best talent, if models and analysis are executed on inaccurate data, the results will fall short. High quality data without scale is just as frustrating. “The campaign worked perfectly! Too bad there were only a handful of people to reach.”
Top Tip: Ask potential data providers for third party testing results to verify accuracy and scale.
DATA BUYING MISTAKE #5 – You Settle for a Months-Long One Size Fits All Scale
Most data companies make buying data a painful experience. Impossibly long contract processes are frustrating—and they delay your campaigns and keep you from moving forward. Plus, bloated packages include a bunch of unnecessary variables or individuals that are not going to move the needle for your business. But despite what folk tales may say, the harder road doesn’t always lead to a better destination. Sometimes you end up on the other side, bruised and worse for wear. Finding a vendor that will “cross all the t’s, and dot all the i’s” is certainly a requirement, but after thousands of executed agreements, contracting for data doesn’t need to be painful.
Top Tip: Ask a potential data provider how long their contract process typically takes. Even ask for a sample contract.
About Speedeon Data
At Speedeon, we empower marketers to unlock their full potential by leveraging the power of data. Our comprehensive suite of services includes robust third-party data, cutting-edge analytics, and on-demand modeling solutions. With hundreds of actionable data points, including life event triggers and intent data, on over 220 million individuals, brands can better understand customers and find more like them. Whether through a self-service audience platform like Audience Maker or a customized data solution, we make it easy to unlock timely, actionable insights and launch targeted omnichannel campaigns. For more info visit https://speedeondata.com/.
