Marketers’ trust in third-party data is low, often because the knowledge of how it is collected and stored is harder to come by. How people, and indeed marketers, think about their data and privacy has fundamentally changed. There have been significant shifts happen in our industry because people have lost trust in how some businesses use their data. So how are marketers navigating this space, at a time when data forms the lifeblood of all modern business?
Comscore, in partnership, with The Drum has launched a whitepaper exploring the importance of trusted data. The whitepaper report is based on Comscore research about how people’s trust in data has changed over the past year and what are the possible implications of using bad data? And why is it important to make the right partnerships between marketers and advertisers when it comes to data?
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“GDPR, the Cambridge Analytica scandal, and other recent events have brought greater scrutiny to data usage. Some marketers might be apprehensive about using third-party data sources due to issues around trust. However, are there too many gaps in their first-party data to tell the whole story?”, said Michael Craig, vice president, sales UK, Comscore
Some of the key findings of the report include:
i. Unsurprisingly, marketers place the most trust in the data generated by their own companies. But they often need to augment it with third-party data in order to fill gaps or validate what they collect themselves. However, a quarter of those who use third-party data use it because they don’t trust their own company’s data.
ii. As regulation of data is increasing, so is the overall level of trust in data. However, it’s also true that more experienced marketers are more skeptical about data than their less-experienced colleagues. This could suggest that experience with data really is a key factor for how much trust marketers have in it.
iii. A third of marketers said their trust in data had not changed in the past year because “nothing has changed” in the data landscape. That’s despite high-profile scandals, like those involving Cambridge Analytica and Facebook, and the introduction of stricter rules around data use, including Europe’s General Data Protection Regulation (GDPR).
iv. Startlingly, a fifth of marketers believe that there would be “no significant impact” if they used poor quality data.
“It’s a concern for the industry that 20% of people said nothing too impactful would happen as a result of using bad data. This should be 0%. Regardless of your role, data quality matters,” said Ian Essling, senior director, survey insights, Comscore
The report, which examines marketers’ trust in data, is based on a survey done by Comscore earlier this year. For this research, 563 marketing professionals were asked a variety of questions. They included how much marketers’ trust the different kinds of data that they use, how that trust has changed over the past year and what they believe would be the implications of using poor quality data.