We live in a time of economic instability. In the UK, Brexit continues to add an unpredictability to the economy, whilst downturns in emerging markets and an increasingly complex geo-political landscape has impacted many sectors across the globe.
Unfortunately, with this uncertainty comes reductions in budgets. The IPA recently reported that UK companies had cut their third quarter budgets, the first overall decrease in seven years. Only digital marketing reported a budget increase, and market research budgets had dropped by a significant 17%.
Restricted budgets means return on investment has never been more vital, and this is where real-time insights providers have rushed to the aid of marketers to help ensure that we can reach the right people at the right time.
Real-time insights tools, connected with pre-profiled community databases, have been key in rising to the challenge of measurable return on investment. This technology not only ascertains the impressions a digital campaign received, but also the number of registered community members that viewed it. This invaluable and detailed personal data can tell us whether an advert hit the right audience or not and provide the information to take instant data-based decisions for the adjustment of media plans, by putting a ‘face’ on our audiences.
Not all data is good data
But while marketers should be taking advantage of these innovations, we also need to be aware that not all data is good data. It is in our best interests to make sure that the quality and source of the data being used is trustworthy and reliable. Key questions you need to ask about any data set should include:
- Where the profiling data was sourced
- How it was verified
- Whether the data points are sufficient to create a personal profile
- If these are data points relevant to a specific campaign
Most importantly, ask whether the people you survey are treated fairly. Good data practice, ethical data collection, and a great respondent experience are critical when it comes to getting the best data.
Adopt, assess, adjust
It is also essential that we understand, learn and make use of emerging technologies in the field. Thanks to tools that bridge real-time data with consumer profiling we have the power to take action using fresh and factual intelligence. Data is truly an asset across the whole campaign cycle when the right technology is in the right hands.