Truthset, the first company to measure the accuracy of record-level consumer data, is officially announcing the results of its ground-breaking research on multicultural marketing data, produced in partnership with the Alliance for Inclusive and Multicultural Marketing (AIMM), a dedicated arm of the Association of National Advertisers (ANA), and Sequent Partners. The initial benchmark utilizes data insights conducted in Q3 of 2020, with the participation of top data providers including Acxiom, V12, Bridge, Throtle, Speedeon, and Webbula. In Q4 2020, Infutor, LB Digital and Onemata joined the Q4 data participants. The study presents a transparent perspective on the availability of quality multicultural targeting data, via the lens of both accuracy and coverage.
According to a 2019 study from the AIMM, an estimated 40% of the US population identifies as multicultural. However, only 5.2% of advertising & marketing spend targets multicultural consumers, mainly due to low buyer confidence in the available data. Truthset engaged with AIMM to partner on a benchmarking exercise designed to increase buyer confidence in multicultural data quality, sparking more significant investment and ensuring better campaign outcomes. Truthset’s 100% independent methodology measured participating providers’ data sets against one another, assessing accuracy at the record level for multicultural attributes and scoring for quality and coverage.
The results indicate that the accuracy of multicultural attributes, when available, is better than expected. However, the coverage of these consumers in digital data sets is so poor that the majority of US multicultural consumers are virtually invisible.
Truthset, founded in 2019 by industry veterans from Nielsen, Salesforce, LiveRamp, and Procter & Gamble, creates the single, independent, and unbiased standard of truth for consumer data the industry has needed for so long.
“Not all data are created equal, and that’s especially true in the case of multicultural targeting,” said Truthset CEO Scott McKinley.
“The compounding of error and lack of true representation in multicultural data sets degrades performance and diminishes buyer confidence, forcing marketers to lose budget and opportunities to connect with multicultural consumers. We are honored to partner with the AIMM on this important research and play a key role in creating greater transparency in the data ecosystem. A clear assessment of data accuracy at the record level enables marketers to invest with confidence in pursuing these extremely important, fast-growing segments of the US population.”
“Accurate cultural portrayals enhance brand connections at a deep human level,” said Carlos Santiago, co-founder of AIMM. “High-quality data is the key to that cultural accuracy in both targeting and messaging. Equally important is understanding the availability of multicultural data at the same time. Truthset’s partnership was invaluable in establishing these much-needed benchmarks, and we look forward to seeing how they influence multicultural spend and campaign outcomes in 2021.”
Truthset, AIMM, and Sequent Partners will regularly partner and explore more deeply the availability of multicultural targeting data, inviting more data partners to participate, and going beyond the surface level of multicultural populations. In 2021, they will team up to continue releasing the established benchmarks, as well as investigate language preference, acculturation status, generational differences, and more.
To access the results of the full study, you can download the Whitepaper here: https://www.anaaimm.net/ebooks/addressing-biases-in-multicultural-inclusive-identity-data
About Truthset Truthset is a data intelligence company focused exclusively on validating the accuracy of consumer data. The company helps companies build trust in data, and improve the performance of any data-driven decision. Truthset does not sell data and is not a data broker; it compiles a likelihood of truth for any individual record that can be used to validate the accuracy of data and power more accurate consumer interactions. To learn more about Truthset, please visit Truthset.io.
About the ANA AIMM The ANA’s Alliance for Inclusive and Multicultural Marketing (AIMM) mission is to be a powerful force prioritizing diverse consumers and advancing inclusive and multicultural marketing to achieve business growth and equity for all. Established in 2016, AIMM serves over 130 advertisers, ad agencies, media, data/research companies, nonprofits and trade associations, representing over 2,000 brands. As a collective power investing more than $207 billion in marketing and advertising annually, AIMM tackles industry-wide barriers, providing effective solutions and educational platforms. AIMM addresses systemic inequities in marketing through its 7-point Diversity, Equity, and Inclusion Pledge, advances #SeeALL -a powerful movement encouraging marketers to genuinely reflect all cultures, races, identities and abilities, and guides decision makers through the Cultural Insights Impact Measure™ (CIIM™) tool, that gauges ads’ and shows’ level of accurate portrayals and cultural relevance and its impact on brands’ growth. To learn more about AIMM, please visit anaaimm.net.
About Sequent Partners
The Sequent Partners are highly respected research industry leaders and entrepreneurs, who have held leadership positions at J. Walter Thompson, General Foods, Leo Burnett, FCB and Y&R, BASES, and recently, RealityMine. They are past Chairman and President of the Advertising Research Foundation. They bring to this project deep expertise in advertising and media research, digital technology, measurement and econometrics. To learn more about Sequent Partners, please visit sequentpartners.com.