Save on Spend: Reduce Wasted Marketing Spend
How much do you spend on your marketing campaigns? How much of that budget is wasted spend?
It’s scary to think that thousands of marketers across America are wasting their marketing budgets on inaccurate data which leads them to reach people outside of their target audience. At LBDigital, we’re on a mission to help marketers save on spend and improve their marketing ROI by reducing the inaccurate data they use in their marketing campaigns.
Why is Marketing Data Accuracy Important?
Gone are the good old days when a mass-marketing campaign sufficed. In this age of data, consumers expect marketers to be more targeted in their messaging and delivery. In fact an Adlucent study showed 71% of consumers prefer personalized ads. That means becoming more granular with your target audience, sending messages that are relevant and timely. Of course, what underpins this marketing approach? Good quality, accurate and compliant marketing data at scale.
Unfortunately, not all of the marketing data out there on the market is accurate, leading to disastrous results. In a recent Forrester Study, 37% of surveyed marketers cited wasted media spend as the highest ranked consequence of poor data quality, 35% raised the issue of inaccurate targeting, and, even more worrying, 30% said poor data quality had led them to lose customers.
Wasted Spend in Practice: How Much Are You Wasting on Marketing Data?
Let’s look at wasted marketing spend in practice. Take, for example, a marketing campaign to young adults aged 18 to 24. You may understandably think that when you select this age bracket with your data provider, you would only be provided with data in this target audience. However, Truthset, an independent data evaluator, calculated that on average, data providers only achieve 49% accuracy in determining consumers that fall into this age range. 49% - that means over half of your marketing budget could be being spent on marketing data which is outside of your target audience.
How does LBDigital differ from other data providers?
Luckily LBDigital isn’t just any data provider. We pride ourselves on the multiple steps we take to ensure data accuracy, hygiene and validation. In fact, our data was recently tested by Truthset and we were found to have the most accurate and scalable data of leading data providers.
“Better quality data leads to more people in your target audience seeing your advertising, more efficient spend, and higher performance in terms of outcomes and ROI. Data providers and brands working with Truthset are learning how to find the most accurate data, and ultimately how to save money while increasing their effectiveness.”
In particular, Truthset found* that:
LBDigital’s age data is extremely accurate, especially in the young adult 18-24 age range, in which we were awarded a Truthscore Index of 156. This means that LBDigital is 56% better than average at identifying young adults aged 18-24.
LBDigital ranks 1st for their location data compared to other data providers, in identifying a consumer's state or region in the US.
LBDigital has exceptionally accurate data for household income, performing extremely well at identifying households with an income between $50k - $100k with a Truthscore Index of 115. This means that LBDigital data is 15% more accurate in that income range. Income level of $100k+ also scored very high.
LBDigital has excellent scale and accuracy of race and ethnicity data, particularly for consumers of African American, Hispanic, and Asian ethnic backgrounds, with a Truthset index of up to 110. This means that LBDigital is up to 10% better than other data providers at identifying the ethnicity of consumers. In addition, our scale in this area was dramatically higher than other leading data providers.
How To Improve Your Marketing ROI in 2021
It's quite simple really - you need to prioritize accurate data. Ask yourself: why am I continuing to throw away valuable marketing campaign dollars on sub-standard data? If there’s one new year’s resolution you make for your marketing in 2021, choose to save on spend and say no to inaccurate data.
If you’re ready to test quality data in your next campaign and see the difference it could make to your ROI, get in touch with us! We live and breathe data and would love to help you reduce your wasted marketing spend.
*Source: Truthset, Q4 2020 Attribute Scoring Report
