Report: 34% of Marketers Purchase Location Data, Only 20% ‘Very Confident’ of Accuracy
August 8, 2018 | Contributed by: Joe Morsello
Location data uses have expanded far beyond marketing, but the primary use remains audience targeting and consumer intelligence. Without massive audiences and in-house technical capabilities, many marketers are left to buy location data. However, many wonder exactly how accurate location data, and all purchased data, actually is.
A recent report from Lotame Research revealed that 34% of marketers purchase location data which was the second most frequently purchased data set behind demographic data (42%) and ahead of advanced demo data (28%), behavioral data (25%) and social influencer data (24%). Despite these data investments, only 20% are “very confident” with the accuracy of the data they are purchasing.
Many location data experts agree that there will inevitably be some data inaccuracies, but data providers need to develop processes and tools that help minimize this issue. In many ways this serves as the differentiating factor between data providers, and the assumption is that more accurate data will result in more compelling messages that drive more desired customer actions.
This data comes from a Lotame Research report, “The New State of Audience Data: Accuracy Matters,” which surveyed 300 brand marketers that purchase or use audience data. To access the graphic above, click here.