The Era Of Second-Party Data Is Here. Where Do YOU Stand?
Included below are some key takeaways from a September 2016 commissioned study conducted by Forrester Consulting on behalf of ownerIQ.
In the age of the customer, successful advertisers and marketers invest time, effort, and money in learning as much as possible about their consumers in order to build a sustainable relationship that delivers results immediately as well as over time. That accumulation of knowledge, which includes habits and preferences as well as demographics, is especially challenging to develop as consumer media habits evolve, adoption of mobile devices continues to rise, and social networks have an impact on traditional marketing strategies. It is formed from first-party data, the sort of data that is the result of a one-to-one relationship between a company and its customers.
When first-party data sets are too small to scale, second-party data deals with complementary retailers, brands, publishers, or marketers can extend and enhance reach. What’s second-party data you ask? Here’s a simple definition:
Second-party data sharing 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. This last part is key. It speaks to the data set’s unique value, allocating the advantages in various ways.
Moreover, 85% of retailers and brands will have second-party data integrated into their overall marketing strategy within twelve months. That’s BIG.
Thus, today’s digital marketers and advertisers are already thriving in the era of second-party data. And these savvy second-party data pros are fast on their way to becoming experts – it’s only a matter of time.
Here’s some more data for thought…
- 96% of marketers with a second-party data strategy today consider it valuable or very valuable to their overall marketing strategy
- 33% of respondents with a second-party data strategy will expect their agency to assist them in brokering these partnerships in the future
So where do you stand?
Download this FREE study, The Era of Second-Party Data is Here, a September 2016 commissioned study conducted by Forrester Consulting on behalf of ownerIQ, to uncover must-know second-party data strategies, challenges, and benefits.