As advertisers demand more information about the quality of the data they use, LiveRamp, an Acxiom company, has developed a data-scoring initiative to validate the quality of the data and audience segments that advertisers use.
The news, announced Wednesday, makes data technology company Lucid the first partner in this program. The company, which uses a survey-based method, will provide LiveRamp IdentityLink customers with an audience measurement system through its Lucid Data Score.
Lucid will score the data for accuracy against un-targeted audiences prior to being used by advertisers. Having a score allows marketers to validate their purchase and make an educated decision.
For now, the price of the data will not be based on the score, although this could change in the future. It will be up to the data provider, said Luke McGuinness, general manager of the LiveRamp Data Store.
“We’re looking to include a variety of data providers,” he said. “Some will be cookie-based and some mobile from a variety of different data types such as location or traditional demographics.”
The data scores are based on the accuracy rate compared with targeted consumers in the general population. For example, if 10% of the general population is in the market to buy a car and the data segment used by an advertiser performs at either a 50%, a 60% or a 70% accuracy rate, the data set is considered to produce a “highly accurate data segment” compared with targeting a consumer segment not using data.
(Originally posted on MediaPost, May 2018)