The Second-Party Data Sharing Payoff
It should come as no surprise that ad and marketing leaders are bullish on second-party data considering the potential benefits. If you’re not caught up on second-party data and all the transparent goodness it has to offer, here’s a quick eGuide that’s sure to help. But there are plenty more advantages worth noting.
In fact, according to a September 2016 commissioned study conducted by Forrester Consulting on behalf of ownerIQ, The Era of Second-Party Data is Here, the upsides to second-party data sharing include an improved ability to…
- Identify and target prospects
- Grow sales
- Increase product sell-through
- Execute more effective campaigns
Let’s get a little more specific. Here’s how retailers and brands are benefiting from second-party data sharing:
Sell-through is No. 1 for retailers.
Fifty-six percent of retailers identified an increase in product sell-through as the top benefit of second-party data sharing, followed closely by an increase in sales (54%), an improved ability to target customers (50%), an increase in ROI (48%), and more efficient marketing or ad campaigns (42%).
Brands value campaign efficiency.
Increased campaign efficiency was the No. 1 benefit for durable goods organizations, cited by 52%. Improved sales (48%), increased sell-through (42%), and greater ability to target (40%) and identify new or potential customers (40%) rounded out the top five benefits for brand advertisers and marketers.
Interested in getting started with second-party data? Learn more about the data set’s benefits (and must-know challenges) in this latest study.
Included in this post are some key takeaways from a September 2016 commissioned study conducted by Forrester Consulting on behalf of ownerIQ.