As part of ongoing improvements to measuring and understanding consumer behaviour, emma (Enhanced Media Metrics Australia) and data consultancy DBM have formed a strategic partnership to create a new product combining the financial attitudes, intentions and actual behaviours of consumers with demography, lifestyle and media consumption data.
The new partnership will allow for even greater data accuracy and additional insights into the finance category.
Banks and other financial institutions are important customers, making up approximately 7.5 per cent of news media revenues. Banks need high-quality research insights into how their customers (and the customers of other financial institutions) rate their products and services. They also need this sort of data to understand Australians’ sense of financial wellbeing and confidence.
DBM, a research consultancy firm in Melbourne and Sydney, was established in 1992 and today is among Australia’s top market research firms. Using advanced design and modelling expertise, the firm has developed a strong reputation that has seen its services engaged by all major financial institutions in Australia.
DBM is the company behind Consumer Atlas, Australia’s largest retail financial services research program. Consumer Atlas surveys 62,400 Australians every year to develop comprehensive data that is both representative and reliable. A major strength is the accuracy and reliability of the data, as evidenced by its close alignment with official statistics from the RBA, APRA, ATO and ABS, while other providers of the same research are, on some metrics, underestimating figures by up to 50 per cent.
Why is the data more accurate? Dhruba Gupta, Managing Director of DBM Consultants, says it’s all about capturing representative samples and “asking the right questions”, as well as a whopping 60,000 data points per person extracted through detailed analysis of survey results.
Methodology is central to what makes DBM’s process different. While participants in other surveys must complete in-person surveys, DBM instead reaches out to potential interviewees by phone (including mobile) and then directs them to complete a questionnaire online. The short format of the survey (around 30 minutes) is designed with the average Australian’s busy lifestyle in mind.
About the partnership
DBM hopes to “build a data ecosystem” with emma to better understand the relationships between customers and brands, and become the gold standard currency of customer metrics and insights. Gupta hopes that the partnership will enable news media brands and financial providers to “speak the same language.”
The partnership will see key benefits to news brands. From an editorial perspective, news media teams able to access better insights, content and data diagnostics. This will be particularly useful for business and financial editorial.
Ultimately, being able to combine audience data with financial survey data helps both parties plan and execute media campaigns and develop editorial insights grounded in accurate research.
For brands’ sales and marketing professionals too, the benefits will be numerous. Teams will benefit from increased understanding of the financial landscape and trends, and from access to data diagnostics and bespoke reports. In addition, news media brands will find new opportunities through being able to access same data being used in the financial industry, allowing more tailored advertising solutions for key financial customers.