Home Data Developing A Data Strategy Is A Lot Of Work – But The Juice Is Worth The Squeeze

Developing A Data Strategy Is A Lot Of Work – But The Juice Is Worth The Squeeze

SHARE:

Mindshare Chief Data Officer Rolf Olsen and Oleg Korenfeld, EVP of ad tech and platforms at Spark Foundry, will speak at AdExchanger’s upcoming PROGRAMMATIC I/O New York conference on Oct. 25-26 in a presentation titled “Data Accuracy and the DMP.”

Partnering with a data management platform doesn’t count as a data strategy, said Rolf Olsen, chief data officer at GroupM agency Mindshare.

“An internal data strategy is often the missing piece,” Olsen said. “You may have a bunch of CRM data, but you also have to think about how accurate and reliable it is, and that’s often about a lot more than just signing a contract with a DMP.”

Inaccurate or stale data can lurk in any file – and that becomes an even greater risk when partnering with data providers.

Advertisers and their agencies need to interrogate the data and the third-party data providers that serve it up, even before testing it.

But there’s no simple way to validate either first- or third-party data sets without actually doing the test, said Oleg Korenfeld, EVP of ad tech platforms at Publicis media shop Spark Foundry, which recently rebranded from Mediavest.

“We can’t know what makes one audience pool perform better than another until we try it out,” Korenfeld said. And testing can be expensive because it requires advertisers to spend money on media anyway.

So before the trial-and-error part, Korenfeld approaches data partnerships with a lot of skepticism. He and his team ask a long list of questions. Even a marketer’s own CRM file should be questioned and probed for weaknesses.

“If it’s our client’s data, we want to know how it ended up in their CRM before onboarding it,” Korenfeld said.

And third-party data providers get the brunt of the interrogation: Where did the data come from? How fresh is it? How often does the provider refresh it? Why did certain people end up in a particular segment? Was the segment created probabilistically or deterministically?

At Mindshare, for example, Olsen has come across “fishiness” around geolocation, which has so many providers “with varying degrees of accuracy.”

Subscribe

AdExchanger Daily

Get our editors’ roundup delivered to your inbox every weekday.

“Say we’re talking about a mall,” Olsen said. “That means you need to account for both the physical location and the fact that there could be several floors in the building. That’s why it comes down to understanding where a signal is coming from.”

Data strategy is a combination of asking the right questions to vet partners and conducting an ongoing process of test-and-learn.

“As you move from exploration to testing, you often come across challenges with the data you may not have expected, which is why you have to experiment to find the nuggets of data that are most appropriate to the client,” he said. “There’s a lot of work that goes into making data as efficient as possible.”

Getting dirty with the data is expensive and it’s not easy, but that’s the only way to home in on quality before moving onto the next step of joining data together from different databases to create a fuller view of the customer, Olsen said.

“Even if your data strategy is sound, you increasingly need to think about how to aggregate and connect your data,” he said. “It’s not cheap, but the juice is well worth the squeeze.”

Must Read

Scott’s Miracle-Gro Is Seeing Green With Retail Media

It’s lawn season – and you know what that means. Scott’s Miracle-Gro commercials, of course. Except this time, spots for Scott’s will be brought to you by The Home Depot’s retail media network.

Walled Garden Platforms Are Drowning Marketers In Self-Attributed Sales

Sales are way up; ROAS is through the roof across search, social and ecommerce. At least, that’s what the ad platforms say.

Comic: Working Hard or Hardly Working?

Shadier Than Forbes? Premium Publishers Are Partnering With Content Farms To Make A Quick Programmatic Buck

The practice involves monetizing resold subdomains jammed with recycled MFA articles produced by notorious content farms.

Privacy! Commerce! Connected TV! Read all about it. Subscribe to AdExchanger Newsletters

Adalytics Claims Colossus SSP Is Misdeclaring IDs In Its Bid Requests

Colossus SSP, a DEI-focused supply-side platform owned by Direct Digital Holdings (DDH), is the subject of Adalytics’ latest report released Friday. It’s a doozy.

The Trade Desk Reframes Its Open Internet Vision As ‘The Premium Internet’

The Trade Desk is focusing beyond the overall “open internet” and on what CEO Jeff Green calls the “premium internet.”

Comic: Welcome Aboard

Google Search’s Core Updates Are Crushing Sites And Reshaping The Web

Google Search, the web’s largest traffic and revenue generator for two decades, is in the midst of sweeping overhauls that have already altered how users are funneled around the internet.