A Forrester report reveals that 21 cents of every dollar of media spend is wasted. A quarter of the marketing campaigns are affected by poor data quality. Marketers can overcome poor data quality challenges by implementing a unified taxonomy from the beginning of a media campaign.
Wasted media spending due to poor data quality does not mean a campaign is a failure. It indicates there are inefficient processes within the execution of a media buy, costing time and money. As a result, campaigns do not achieve their actual return on investment potential.
It is critical to incorporate a unified data taxonomy from the beginning of a campaign to optimize time and media spend. Therefore, it is crucial to prioritize data integrity and manage it across stakeholders to ensure the true success of media buys. Hence, marketers must mitigate this possibility by defining data, establishing a consistent data taxonomy, and integrating a single source of truth across systems.
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