There is a lot of talk about data and how important it is to keep track of this in order to be able to plan your business different strategies. – But what exactly is first-, second- and third-party data and why is it important that you keep track of it? Below we have briefly listed the different data types:
First-party data: Your own collected data.
Customer information collected from your own owned channels is your primary data. This data is usually based on information from previous purchases on the website or through membership via e-mail. First-party data based on email is also individual, which means a high degree of accuracy when you want to personalize your website or upcoming mailings of promotional offers.
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Second-party data: Someone else’s first-hand data
Secondary data is instead information that is either purchased or is an agreement between two companies that initiates cooperation between each other. For example, a food chain can collaborate with a delivery company, and then by exchanging data increase profitability. This type of data is therefore used when you want to supplement your own first-party data and reach out to new potential customers.
Third-party data: Data purchased from external sources.
This type of data is collected from sources that do not collect the information themselves. Instead, they buy first-party data from other publishers, and then package the information into different segments. These segments are categorized based on, for example, interests, demographics and user behavior. After that, the data insights are sold on to other companies.
In recent years, this has been a very effective way of targeting marketing. This is because the right message can easily be exposed to the right target group. However, third-party data cannot be traced to where the original source comes from, which has caused a problem, as this is not in line with the current GDPR law.
As more and more browsers now move away from third-party data, we are forced to find new tools to continue to stay relevant in our marketing.
With Strategic Audience Map, you can match your first-party data with market data in the form of Mosaic ™ Lifestyles – the leading market segmentation in the Nordic region. Strategic Audience Map analyzes your web traffic, your digital campaigns, your customers and then creates insights that you can use in your marketing – Completely without support from third-party data!
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