When you're putting together marketing reports to share with your team, with your C-Suite, or with your clients, accuracy is incredibly important. After all, what is a marketing report without accuracy? You may as well have not even wasted your time.
How do you know if your marketing reports are accurate or not? You certainly want to be presenting real information from your marketing efforts so that you and your team know if the strategy or campaign has been working.
This is where data quality comes into the picture.
The fact of the matter is that marketing decisions based on inaccurate data could be even worse than marketing decisions based on no data. This is why it's absolutely essential to have quality and accurate data when putting together your marketing reporting.
As a rule, marketing data is generally between 10% and 20% accurate. Less accurate data simply doesn't perform, and more accurate data results in a decrease in audience size. This is the case for internet data, mobile data, and mailing list data.
Even gender data is only up to 75% accurate.
So how do you work to combat that?
First of all, start by utilizing digital ads. Facebook ad targeting is incredibly accurate. Although there are still issues when it comes to bots and fake profiles, if you create an ad targeting women on Facebook, that data is about 99% accurate. That's a far cry from only 20%, right?
And Google is similar. Although their data isn't quite as accurate, it's close.
This is because a lot of the data that online companies have is self-produced, meaning people are putting this information about themselves out there. They've got their own gender, age, marital status, and location right on their Facebook profiles, making it extremely easy to accurately target them in your ads.
This is causing other marketing data companies to have to work harder in improving the quality and accuracy of their data. After all, 20% accuracy has gotten them this far, but that isn't enough anymore.
Your marketing reports depend on where you get your data, how accurate your advertising platform data is, and how well you represent that data within your report. Ensuring that you're collecting data from more accurate and reliable resources is step number one.
After that, you want to be sure that you're representing your results correctly. Make sure you're assigning the correct names to each value and that you're not inflating results or leaving out pertinent information simply because it doesn't look good.
Creating an accurate marketing report is the best way to offer quality insight into your marketing efforts and let your team know if the company needs to rework its marketing budget, campaigns, strategy, and more. It all starts with quality data.
Utilizing a data management system that cleanses and updates your data regularly helps to ensure that your data quality remains high. To learn more about data quality and cleansing, contact us to request a free demo of our data management solution.