Page 13 - Engage -- no.12 -- Spring 2018

Spring 2018
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FIRST-PARTY DATA
SECOND-PARTY DATA
THIRD-PARTY DATA
spaces and sharing similar audiences make for great second-party data partnerships. For example, if you are in the landscape business and team up with a company that provides pool maintenance services, the information shared between your organizations could be highly valuable for both parties involved.
An appliance retailer could contract with a second-party data collector to access the website-browsing audience of an appliance manufacturer, placing retargeting display
ads to an already-interested audience.
By pulling second-party data via Google AdWords, you can provide key terms based on user actions throughout Google Search. This type of information is unique to your company; however, it comes to you via an outside source—Google. You can use several mechanisms to collect and use second- party data, each requiring different levels of investment of time and resources.
Word to the wise: don’t throw caution to the wind! Second-party data options and
opportunities can be a legal minefield, requiring deep levels of knowledge to navigate privacy compliance. Look to the experts for help.
Second-party data can have mid- to high- range relevancy, scalability, and transparency, depending of course on the accuracy of the data within the partner organization.
3RD-PARTY DATA
Although much more commonly
discussed than second-party data, many marketers miss out on fully leveraging third-party data. Third-party data comes
from compilers such as Acxiom, Epsilon,
and Experian and originates from a variety of places, including surveys, panels, opt-in online tracking, cookie-based tracking, registrations, public records, and offline transactions.
This data is extremely useful for a variety of marketing tasks and can significantly improve the ability to make thoughtful evaluations. By allowing the marketer to apply audience-based demographic look-alikes and access dozens of consumer- and business- demographic overlays, today’s marketers
can use data analytics to create database segments and entirely new target audiences.
While many reputable companies are gathering and offering third-party data, buyer beware: you can and should ask questions before making a purchase. To find the best third-party data partners, consider the following questions: How do they collect data? Is the data cookie-based only, or do they have access to offline activity? Is the data extrapolated? How many times does a user take action in order to fall into a segment, and how recently does the action have to be taken for them to be documented and collected? How fresh is the data?
Third-party data scores high in reach and scalability but lower in relevancy and transparency.
BRINGING IT ALL TOGETHER
Most marketing executives strongly agree that data-driven marketing is crucial to success, and with these handy tips, you, too, can start using first-, second-, and third-party data to your advantage.
While the availability of more data
than ever before is changing the marketing landscape, we leave you with this one thought: remember the customer. Every step you
take toward implementing a data-driven approach should create a more simplified
and customized buyer’s journey. With this in mind, use data to create a more relevant and personalized experience, and your campaigns will be exponentially more successful!
By the way, have you been wondering how popular data-driven marketing is? According to the 2017 DMA Statistical Fact Book, 966,000 jobs have been created by the US data-driven marketing economy! n
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