Today, we’re excited to announce the launch of LiveRamp’s data scoring initiative. This program will give marketers insight into the quality of third-party datasets before they buy.
By encouraging and supporting greater clarity and transparency across data sets, we aim to elevate ethical and accurate data, enabling marketers to deliver the most relevant and efficient advertising experiences to consumers.
Greater transparency, better campaigns
The topic of data quality has been in the spotlight recently, with marketers asking for more transparency and accuracy when it comes to sourcing their third-party data. The majority (62 percent) of marketers believe that improving marketing data quality is the most important objective of a successful marketing data strategy. Our data scoring initiative directly addresses this need by offering our clients a deeper understanding of the quality data offered in LiveRamp’s Data Marketplace .
Historically, the primary way to understand or interpret data accuracy has been through post-campaign verification of a limited set of attributes (e.g., age and gender). While hindsight is always 20/20, marketers deserve a way to gauge the quality and potential success of their data-driven campaigns before they buy.
That’s why we launched this data scoring initiative—to provide data buyers and sellers with the ability to leverage neutral, third-parties to assess data quality prior to running a campaign. Lucid is the first partner we are working with in this regard.
Our customers will now be able to compare accuracy scores derived from Lucid’s marketplace, which accesses millions of survey respondents to provide more information on the quality of the data segments they are accessing in our Data Marketplace
Lucid’s Rating System
As our launch partner, Lucid is able to validate our data providers’ audience accuracy. This capability empowers marketers to better understand the accuracy of their data and make more informed data buying decisions.
Lucid’s rating system generates scores based on three metrics:
- Segment Density: How much of a segment/campaign is actually in target
- Representative Sample Density: What the incidence of that target is in the general population
- Normalized Index: How much more effective the segment/campaign is relative to the general population
Advocating for data quality
We do not believe that any one company is positioned to determine the accuracy of everyone’s data, so we are embracing an approach that will allow our data providers to connect to an ecosystem of validation partners. Data owners will decide who they think is best placed to assess the accuracy of their data.
At an industry level, we’ve taken an active role with leading groups, such as the Advertising Research Foundation, DMA’s Council for Data Integrity, and the IAB Data Labeling Working Group, in order to deliver more solutions for quality, accuracy, and transparency of data for all. We believe that our commitment to driving improved customer experiences through data quality and transparency will result in better consumer relationships based on trust.
Data scoring is available for all existing Data Marketplace data providers. If you are a data provider, contact us to validate your segments. If you’re looking to buy data from the Data Marketplaceand would like to learn more, reach out to your account representative or contact us today.