Part 2 – What does your DATA bring to the party
The data party gets interesting…
First-party data rocks, we know that – so imagine having access to someone else’s first-party data, therefore significantly expanding your outreach possibilities. Let’s break it down: You establish a relationship with a participating first-party partner (such as a vendor, retailer or publisher), and voilà…you have access to their quality first-party data.
Easier said than done? You bet. You’ll need a hand here to help create and foster these mutually beneficial relationships. Enter partners with exclusive access to second-party data. Companies with direct access to brands’ and retailers’ audiences, for instance, have the ability to manage assets, ask for permission grants, execute campaigns, and so forth, for the cooperative companies involved in the second-party data sharing relationship.
Today’s second-party data sharing leaders are doing exactly this, managing the process in a seamless and highly transparent way. In other words, these companies can either purchase first-party data directly from a data collector or work out a specific agreement that fits both parties allowing the secondary source to access that first-party data. Moreover, the cooperative relationship can be preexisting (a brand that already sells through a retailer) or entirely new (no clearly defined relationship…yet), in both cases, 2nd party data creates a new means for advertising revenue and greater brand awareness.
Second-party data can be used in much the same way as first-party data, only with second-party data you have access to more of the right data, as well as data that you simply were not able to access on your own. And just like with first-party data, second-party data is fully transparent, granting you the ability to choose the data source you deem relevant to your brand or campaign. Here’s an example: An appliance retailer utilizes 2nd party data to access the website browsing data of an appliance manufacturer, thus running targeted display advertisements to a wider and interested audience. The result is kind of a no-brainer: Targeting relevant shoppers increases the effectiveness and efficiency of their campaigns.
“You follow that guy from the website. But second-party is that extra spoke in the wheel. It opens up a lot more opportunity. It’s a good awareness driver. It’s just as relevant as first- and third-party data. They complement each other very well.” – Tim Trus, Director of Search & Media at Rosetta.
Exciting stuff, right? We certainly think so. But hold your enthusiasm until you’re fully caught up on the entire audience data story. The good news? You’re just one blog away. Stay tuned as we introduce the third and final data segment in part-three of the series.
Eager to lean more today? Easy. Access our complete eBook Not All Data Parties are Created Equal to explore:
- First-party, second-party, and third-party data
- The key differences between the three data sets
- Where each type of data comes from and how you can access the data you need
- The Pros and Cons of each type of data
- And most importantly – getting started with the data that’s right for YOU
Learn more about ownerIQ here.