Data Sharing Made Seamless
When it comes to perfecting your marketing and advertising campaigns, utilizing data – or rather audience data – remains a top priority. While paramount, reaching the right in-market consumer with your message is almost always a challenge. There’s often not enough first-rate and qualified data (ahem, first-party data). There’s often too much third-rate and obscure data (talking to you, third-party data). And there’s all too often a mix of both. To the point, knowing which data set to use to perfect your initiatives is flat-out confusing.
Second-party data, on the other hand, is a straightforward (albeit fairly new) concept and data strategy. And once you get the hang of it all, you’ll see why it’s fast becoming a big deal. But don’t take it from us.
Here’s a quick definition: Second-party data is when a retailer, brand, publisher, or marketer gains transparent access to the website audience data of another retailer, brand, publisher, or marketer for marketing purposes – to their mutual benefit. Okay, you think you got it – but truly “getting it” might take a bit longer. You see, you’ll need some guidance to help facilitate your data sharing partnerships.
So let’s get visual.
Figure A: Data sharing without a data sharing platform:
Figure B: Data sharing with the help of CoEx, ownerIQ’s Second-Party Data platform:
Without the help of a data sharing platform, it may be tempting to resist employing second-party data strategies altogether simply because the work involved will appear overwhelming and overly time-consuming. As Figure A illustrates, the data partner (a retailer or a brand), needs to set up a data relationship with the other data partner – no easy feat. Following, you’ll ideally need to know how your first-party data is being used by your partner, supply creative to each individual partner, and so on…Long story short, transparency and ease become huge, vexing issues.
On the flip side, Figure B demonstrates how data sharing using a second-party data platform alleviates headaches brought upon by the frustrating process of attempting to do the work on your own. With CoEx, a data partner simply adds their audience data to the platform, thereby setting up a network with X number of other data partners (retailers or brands). There’s no starting from scratch each time. Data partners can easily approve who they want to share data with or cancel partnerships if the relationship changes.
Of course, there are many other uses and benefits that go into such an involving system. Here are just a few of the most recent features added to CoEx:
More second-party data sharing
For second-party data sharing users, we’ve opened up our data sharing marketplace so you can now request partners who are not yet sharing their data through CoEx. Your request will go straight to the partner to let them know you are interested in using their audience. If they choose to start sharing their data through CoEx and approve your request, you’ll be immediately notified that their audience is now available for use. For those of you who decide to start sharing data through CoEx, you’ll already have pending partnerships in your inbox, ready for your review.
Campaign Settings and Inventory Management
In an effort to provide transparency and ease-of-use, we’ve updated our campaign creation workflow. No longer do you have to ask ownerIQ to fill in your objective goal, attribution model, look-back windows, or viewability goals – all are available for you to manage as you see fit (although our Client Services team is always happy to help).
We’ve also added a new Inventory Management section where you can create and manage lists of websites and choose to include or exclude them from your campaign.
Engagement Map (beta)
Get an interactive view of what your website audience shops for within the Qniverse. View the brands or products your audience is most engaged with and explore browsing behaviors to help identify co-branding opportunities and explore new product mixes. This feature is currently in beta and only available to a subset of users. If you are interested in seeing a map for your audience, please contact firstname.lastname@example.org.