When it comes to transactional data, businesses have a lot of valuable information at their disposal. This data can be used to improve customer loyalty, better target marketing efforts, and increase sales. However, transactional data alone is not enough to provide a complete picture of the customer.
In order to get the most out of transactional data, businesses need to supplement it with 3rd party data. This data can be used to fill in the gaps and provide a more complete picture of the customer. With 3rd party data, businesses can better understand customer behavior, preferences, and needs.
Transactional data is the key to unlocking the value of 3rd party data. By combining transactional data with 3rd party data, businesses can create a powerful marketing tool. When used together, these two types of data can provide insights that would be otherwise unavailable.
If you’re looking to add 3rd party data to your transactional data, there are a few things you should keep in mind.
- First, make sure that the data is of high quality.
- Second, ensure that the data is relevant to your business.
- Third, be sure to use the data in a way that complies with privacy laws and regulations.
When used correctly, transactional data and 3rd party data can be a powerful combination. By leveraging both types of data, businesses can gain insights that would otherwise be unavailable. With this information, businesses can improve customer loyalty, better target marketing efforts, and increase sales.
Examples of transactional data:
- Customer purchase history
- Online transactions
- Website clickstream data
- CRM data
Examples of 3rd party data:
- Demographic data
- Psychographic data
- Behavioral data
- Social media data
- Market segmentations
When combining 1st party data with 3rd party data you are able to leverage your 1st party data into a bigger context. That means that your (often smaller) sample of data will become your core data in the bigger pool of 3rd party data. And from this sample you can make better decisions on how to use the 3rd party data that is available at a larger scale.
How 1st and 3rd party data can be used in combination
- Facebook Lookalikes
- Geographical market data
- Mosaic Lifestyles segmentation
- Customer surveys scales into the whole customer base
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