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We all love data, but should we trust it?

(MARKETING) Studies are showing that data isn’t quite what you think it is.

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data trust

Looking at the numbers

Data is a major part of running a business. But how do you know for sure that your data is accurate?

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According to a study just released by information services company Experian Data Quality, businesses don’t always trust the accuracy of their data.

Instinct over integers

The report surveyed 1,400 data professionals in eight countries.

In the United States, 84 percent of businesses reported that data is “an integral part of forming a business strategy.”

However, over half of the organizations said that they didn’t necessarily trust their data for making important businesses decisions, instead relying on guesswork and instincts.

Working the numbers together

Organizations, on average, estimated that over a quarter of their data is inaccurate, and 73 percent of C-level executives said that inaccurate data was a hindrance to providing good customer service.

The study also found that 82 percent of businesses have “less than optimum data management practices.”

Part of the problem is that data management practices are inconsistent, and that different departments are collecting data separately and haven’t necessarily developed strategies to share information with each other.

IT on the frontlines

In the survey, 62 percent of respondents said that the IT department had the biggest influence on data-related decisions compared to other departments.

In lay terms, many companies leave the entire job of data management to the IT department alone.

And while your IT department might do a great job collecting data, it shouldn’t be up to them alone to interpret that data and use it to make decisions.
Thomas Schutz, senior vice president and general manager at Experian, said “The IT department may not always know the context under which certain data was created or acquired, nor do they know the intended uses for the data down the road.”

Everybody pulls their weight

Despite the overemphasis on IT, 70 percent or organizations surveyed said that they thought it was best for the business as a whole to handle data, with IT helping out as needed.

To learn more, read the full Global data management benchmark report.

#DetailIsInTheData

Ellen Vessels, a Staff Writer at The American Genius, is respected for their wide range of work, with a focus on generational marketing and business trends. Ellen is also a performance artist when not writing, and has a passion for sustainability, social justice, and the arts.

Real Estate Marketing

Instagram advertisers no longer required to have a Facebook Page

(MARKETING) Instagram no longer needs a linked Facebook page in order to use Instagram ads, is this a split in properties or is something else going on?

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Instagram ads

Instagram will allow new advertisers to create ads without linking to a Facebook page. It feels like this is a move Instagram should  have made a while ago, but better late than never right?

Instagram announced that the social media giant will now allow new advertisers to promote their business, product, or content without having to connect to Facebook.

Previously, Instagram had been adamant about linking business profiles to Facebook, so the change is sudden, and the motive is contentious, buttttttt we’re not gonna question it.

This move supports small businesses, so we’re all for it. Although this change may seem irrelevant, here are five reasons it is:

  1. Previously requiring users to link a Facebook account to their Instagram in order to run an ad is time consuming.
  2. Not everyone has or likes Facebook.
  3. Associating yourself with a Facebook Page creates an additional way for people to get in contact with you, which can make things messy… sometimes less is more.
  4. Creating a business profile without connecting to Facebook will allow more people access to the same great benefits of having a business profile (benefits include insights on impressions, reach, audience, and activity).
  5. Maybe this is the beginning of a separation between the two social media platforms resulting in other new, beneficial policies.

Some have speculated that the reasons Facebook may want to push this slight crack between its products is because of some of their failures recently and the very real possibility of their being broken up by regulators in the future.

Take advantage and quickly set up a business profile, this is a potential opportunity for businesses that are hurting to learn about their customers and promote themselves!

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Real Estate Marketing

Now you can send marketing emails directly from your Facebook page

(REAL ESTATE MARKETING) Facebook is testing a new set of email marketing tools for business pages. Now you can send marketing emails directly from your page.

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Facebook is testing new CRM email marketing tools with businesses. These features reportedly will allow businesses to send out messages directly from the Facebook platform, and track their performance. A user-friendly interface will allow small to medium businesses to upload contact lists and compose messages.

Word of testing of these tools spread after it was spotted by social media marketer Meg Coffey. She posted the screen shots to Twitter.

“Send marketing emails from your page? What new sorcery is this Facebook?! Have you seen this new feature where we can now send emails directly from Facebook? This is definitely new to me and only available on one account so far.”

From what we can see in the screen shots, it looks as if a blue pop up will appear on the left sidebar letting you know that the Marketing Emails feature is available to you. Once you click on that tab you get this notice:

“Reconnect with your email subscribers using marketing emails. Select your audience, customize your design, and track performance all in one place. Confirm your Page’s email address to get started.”

An email confirmation is required, and then you are prompted to add your contacts. A spreadsheet can be uploaded or addresses can be added one-by-one.

A Page Contact Terms of Service agreement prompt then comes up requiring approval before the feature is enabled, and asks for confirmation that the sender has permission to send promotional messages to those contacts.

In a message to Adweek, a Facebook spokesperson confirmed the test of the new tools:

“We’re testing new email marketing tools with a small number of businesses to help them more efficiently notify their customers of changes to their services and operations. We’re evaluating whether these tools are beneficial for people and businesses before deciding whether to expand it further.”

The test is said to be limited to small and medium-sized businesses at this point, and the simplicity of it seems to be geared towards businesses who do not currently have a robust email marketing solution. As the tests continue and more users interface with these tools the more we can expect to know about these features.

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Real Estate Marketing

Airbnb is meeting COVID-19 demand and adding tools to help

(REAL ESTATE MARKETING) Airbnb is changing it up to adjust to COVID-era circumstances- customers preferences have changed- longer stays, local stays.

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EU airbnb

Airbnb and other short term rental (STR) platforms utilizing the sharing economy previously reported an average stay in major US cities of less than a week prior to COVID-19. New reports, however, are showing a significant jump in stay length. 1 to 6 month rentals are now the norm, with some hosts fully transitioning to long-term bookings.

In a pivot responsive to the times, Airbnb launched new tools to accommodate more long-term stays. These tools- a new onboarding process specifically to help hosts expand listings to long term guests, and changes to the visibility of local listings in search results – come after rumors and anecdotal reports of declining numbers in the STR host supply base. Although a decline was rumored, the data shows only a 3% reduction in Airbnb listings since February, 2020.

Airbnb says these tools, however, will give hosts a chance to provide local accommodation. It claims that 80% of hosts now accept longer terms stays with a discount for stays of one month or more. Looking at a year over year comparison for the same period in April 2019, this year shows a 20% increase in long-stay bookings.

According to Airbnb, “We’re seeing a larger share of Airbnb guests booking accommodation in their own communities for all lengths of stays, whether that be because they require extra space for their families or a quiet place to work.”

Will Parry, COO of European property management company Altido, which has seen an identical trend to the US, says that while longer stays are on the rise he does expect to see stay lengths reduce as restrictions ease. “In our view, it is too early to say whether the pandemic will have a long-term impact on the average length of stay booked via Airbnb.”

However, Airbnb says: “We saw growing demand for this type of stay before the pandemic, and expect to continue seeing demand as we move forward.” As remote work becomes accessible to more of the workforce, the changes associated with becoming location-independent could have a ripple effect across the housing market, and for those with investment properties.

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