At some point along the way in our onboarding and implementation phase with our DMP clients, we always have a discussion around the trustworthiness, and therefore, the quality of the data. As you are probably already aware, Lotame offers both a data management platform (DMP) as well as a third-party Data Exchange (LDX). In addition to purchasing Lotame branded data inside the platform to scale campaigns, we have also partnered with over 40 data providers whose branded 3rd-party data is also available for purchase in the DMP.
Lotame’s goal is simple: to increase the availability of a client’s first-party data with our superior data collection methods, and also providing the ability to organize and comprehend the 3rd-party data that is available. But when faced with 40+ brands of data providers in Lotame’s DMP alone, the differences can be cloudy, and sometimes even opaque.
To help our clients make sense of this data, we have created a list of important questions to ask your data provider when deciding which vendor to select for your digital campaigns. These questions are suggestions you may want to ask to be sure that you understand the quality of the 3rd-party data you are purchasing.
1) What are your core verticals/categories?
There are as many interest categories or verticals as you can dream of with third-party data, but not every data provider offers every one. Some examples include past purchases, purchase intent, health and medicine, interests, or entertainment. If you are looking for a niche segment, you need to find out how granular are the segments. Does your third party data provider offer multiple data types within a specific category?
2) What can I learn from this data?
What is the takeaway from this data that I am purchasing? How does it match up against the branded data for further campaign strategies? You need to understand your campaign goals in order to be able to ask the right questions.
3) Where was the data collected?
What is the source of this data? Is the data collected Offline vs. Online? Is it sourced directly from another party, or has it been sent through a chain of different providers?
4) How do you process/qualify your data?
Working with offline verification tools, data being validated by the purchases a consumer makes directly with each marketer, campaign success, and comparing to “truth sets” such as the US Census and trusted sources like Nielsen DAR and Comscore VCE.
5) What % of your end product is modeled vs. verified?
Is the data that you are receiving 100% verified, or is it modeled? If so, how might that impact the quality? If it is modeled, what are the primary variables that are being modeled against?
6) What aspects of your data are offline?
Was the data onboarded (meaning offline data brought online)?
Lotame’s client success team is always working to help clients filter through that fog and make sure the data fits their use cases. We recommend spending some time getting familiar with the 3rd-party data providers that you use. Reach out to your data sales reps for a holistic understanding, not only of their data offerings, but of their collection and cleaning practices. Knowing the answers to the questions above will immediately lead to a more curated and targeted experience within the DMP and third-party platform experience.
Data is so diverse across providers and industries, that the answers to these questions are not always given or clear. Lotame does our best to make sure your questions never go unanswered. As the industry grows and data evolves, these relationships and understanding of providers will be crucial to effectively navigating those future waters.
LDX data can be purchased through the Lotame platform and in various DSPs and Ad Exchanges. If you would like to learn more about the Lotame Data Exchange, please reach out to us; we’d love to help. You can reach us at DataSales@lotame.com.