SAN FRANCISCO—The data validation-as-a-service offering Truthset has announced that its Truthset Data Collective is emerging from private beta with 20 founding members and a suite of products aimed to improving the quality of digital marketing data.
The Truthset Data Collective initially formed in response to number of alarming industry reports showing how deeply flawed and unreliable digital marketing data can be, the company said. Forrester reports show 37% of marketers waste spend as a result of poor data quality, 35% suffer from inaccurate targeting, and 30% have lost customers due to this problem.
Initially created as an exchange for a group of technologists led by former Nielsen executive Scott McKinley, Truthset Data Collective enables data providers to anonymously compare and benchmark all their data segments algorithmically against a comprehensive data pool. It is designed to capitalize on the growing demand by brands for a multi sourced and objectively accurate service to standardize demographic accuracy for audience targeting and media measurement, the company said.
“The current data ecosystem is built for scale, not accuracy,” said Scott McKinley, founder & CEO at Truthset and former executive vice president at Nielsen. “In partnership with the Data Collective, we’re proactively addressing up to $10 billion in waste due to data quality, by providing validation of privacy compliant identity and demographics that make for optimized ad decision-making across all audience sizes.”
The Truthset Data Collective can be accessed in four tiers of membership starting at free accuracy scoring and badging and working up to enterprise-level membership that enables advanced audience segmentation, modeling and more, Truthset reported.
”This group of Founding Data providers have showcased meaningful vision and leadership with their commitment to ongoing data governance practices. Their commitment has shown once again that as an industry, there is enormous value when we work together,” said Chip Russo, president & CRO at Truthset.
Truthset has validated more than 4.3 billion consumer IDs and 25+ attributes from the Data Collective, matching hashed email addresses against independent research panels and U.S. census databases. This generated more than 960 million unique email addresses, with probabilistic Truthscores across 25+ demographic attributes. These IDs and their associated Truthscores are available to match and score the accuracy of any first or third party consumer data set.
In addition to the Data Collective, Truthset is working with a variety of stakeholders across the supply chain including networks, brands and platforms, on such issues as data validation, audience building and measurement.
Truthset is also involved in data accuracy efforts by such trade organizations as Coalition for Innovative Media Measurement (CIMM), Association of National Advertisers’ Alliance for Inclusive and Multicultural Marketing (AIMM) and the Advertising Research Foundation (ARF).
