Truthset, the leading data validation-as-a-service offering, today announced the Truthset Data Collective is emerging from private beta with 20 founding members and a suite of products aimed to help all participating companies and the industry at large transact on data with the highest degree of accuracy and quality possible.
The Truthset Data Collective initially formed in response to a growing number of alarming industry reports in recent years showing how deeply flawed and unreliable digital marketing data can be. 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. The company realized a glaring industry need - as marketing was becoming far more data-driven, brands increasingly needed a multi sourced and objectively accurate service to standardize demographic accuracy for audience targeting and media measurement.
“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.”
That functionality resulted in Truthset Data scoring systems trusted broadly throughout the industry and led to the development of a host of features that data providers use to ensure data accuracy, differentiation, and actionability. 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.
”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 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, powering everything from data validation, to audience building and measurement. Truthset also plays an integral role in data accuracy movements from trade organizations such as Coalition for Innovative Media Measurement (CIMM), Association of National Advertisers’ Alliance for Inclusive and Multicultural Marketing (AIMM) and the Advertising Research Foundation (ARF).
Commentary from Truthset Data Collective Members
Lindsey Kaiser, Chief Product Officer, Speedeon: “What Truthset is bringing to the industry is invaluable. As a data provider, it gives us a better understanding of where we can put our resources to work to provide brands and marketers better data. Until Truthset, there wasn’t an industry wide entity that could help with that. It really has changed the game.”
Amy Benicewicz, President at LBDigital: “Working with Truthset for the past two years has enabled us to score and quantify the accuracy of our data. We have learned some things about the quality variations of different sources that have helped us to fine-tune our audiences and data offerings. LBDigital is very proud of the high quality data we provide for all channels and commend Truthset for shining a light on the importance of accurate data.”
Lindsey Schuh Cortes, CEO at Statara: “We’re excited about the opportunity the TruthSet Data Collective provides us. Never before have we been able to compare the accuracy of our datasets to those of our partners and competitors. This will help make us better, improve our industry, and create better experiences for our customers and the end-consumer.”
Donna Hamilton SVP of Data Strategy at Alliant: “Brands, agencies and publishers don’t always have the luxury to see what goes on behind the scenes at their data partners. Over the past two years with Truthset we've leaned into providing increased transparency, and used the collaborative insights to identify opportunities for improvement. This resulted in refined audience development processes and ultimately better performing solutions for marketers and advertisers. We’re proud to be a founding member of the Data Collective and look forward to raising the threshold of data quality for everyone in the industry.”
Robert Rose, CEO at BRIDGE: “We commend Truthset for ushering in a new era of transparency for marketers. Marketers no longer need to fly blind and will know, upfront, the quality of data they are paying for. We've worked with Truthset as a founding partner for the past two years to score the accuracy of our data and boost our data offerings. We take pride in the quality of our data, not only because it's what our company is built on, but because it helps marketers and local businesses perform better and save money by reaching real people at an individual level.”
Ben Goldman, SVP of Business Development at Anteriad: “The Truthset data collective has helped Anteriad highlight, improve and analyze our data so we can deliver high quality audiences to our clients. One unique example of success for us has been the ability for Truthset to help us highlight our B2C data when in many cases we are better known for our B2B assets. With Truthset, we have been able to showcase our full data asset with confidence that we are delivering quality audience solutions to both our B2B and B2C customers."
Vince Cersosimo - CEO, Webbula: "At Webbula, we're committed to truth in data. And that's why Truthset has become such an important part of our mission. With their dedication to accuracy and transparency, they've helped us not only verify the integrity of our data but also approach potential clients with confidence backed by unparalleled accountability. We're proud to be a founding member of The Truthset Data Collective and look forward to continuing our partnership."
Stacey Girt, EVP Alesco: “We have always been committed to data transparency and have fostered a culture of continuous improvement to create better results for data consumers. Being part of the TrusthSet Data collective allows us to benchmark our offerings against some of the industry’s best, providing us with key insights to make our data even stronger.”
Michelle Taves, CEO, V12, a Porch Company: “Data privacy is very much top of mind for consumers today and they are increasingly demanding transparency in how companies are using and sourcing their personal information. As the industry moves towards an increasingly consumer-centric privacy environment, we are thrilled to be working with Truthset who is setting the gold standard in data quality and transparency for our industry.”
Jessica Vasquez, VP of Data Operations, Stirista: "Stirista was built on the principle of having the most accurate data possible, and its importance to both marketers and consumers. By partnering with TruthSet, to have our data scored independently, we're happy to do our part in raising the level of data accuracy for the entire industry"
Chris Alewine, Chief Data Officer, Audience Acuity: “We have found Truthset to be an invaluable partner and tremendous resource for not only measuring our data accuracy but also as a means to confidently secure new business knowing precisely how our data stacks up versus the rest of the industry.”
Brian Hogan, President, Data Solutions at Fluent: ““As a founding member, we are encouraged by both the growth of the collective over the last two years, as well as the increase in client demand for validated data. With significant scale and a unique approach, Truthset has enabled data providers to hold each other accountable, increasing quality across the industry. In a crowded space, Truthset helps Fluent reinforce the value of its first-party, declared data to advertisers in search of more effective audience targeting solutions.”