212 NYC: Second-Party Data Panel
Last week, ownerIQ sponsored 212’s first event of 2017 at Ignitionone in NYC.
This panel brought together the agency community to discuss a hot topic: Second-Party Data. The Q’s own Bob Scaglione gave a brief welcome and explained why second-party data should be part of every marketer’s agenda in 2017.
We were thrilled to have Susan Bidel, Senior Analyst from Forrester, as the moderator for this important topic which she covers extensively. Susan also focuses on monetization strategies for the full spectrum of digital publishers across platforms, including digital pure-plays and traditional publishers, both print and broadcast, with digital presence. She has a particular focus on data management and on fraud across platforms.
Panelists included Rich Sobel of Publicis Group, Haile Owusu of Mashable, Alex Block of Xaxis, and Guen Yi of Cadreon. There was a full house, with over 150 people contributing to the growing interest in learning about Second-Party Data and its benefits. The panelists started the conversation with how they use second-party in their organizations and all agreed that data is being used to drive marketing decisions and the need for access to quality data.
According to Forrester Research, second-party data is defined as: 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.
Then the group discussed the role of the agency when getting a second-party data strategy in place and the challenges around this. Panelists discussed how data can mean a lot of different things to a lot of different people, so to level set before brokering these relationships and getting a vendor involved, you must clearly know and understand the benefits of second-party data. Another potential challenge can be the legal issues surrounding a large deal. These challenges are easily handled when working with a second-party data vendor who can take the friction out the relationship.
What else is important for agencies when working on second-party data strategies and partnerships? Knowing what type of insights, measurements, and attribution you will have access to and having this information up front is important. Unlike other data types, second-party can be trusted from a verified source; you know exactly what you’re getting unlike with third-party data. The panelists were all in agreement that the industry is hooked on third-party data but for no valid reason and no access to transparent second-party data, which is increasingly more important for digital marketing success. One of the keys to second-party success is trusting the partner(s) with whom you are building relationships.
“Good quality data seems to work, and second-party data is good data that works” – Rich Sobel, Publicis Worldwide, North America
Thanks to the entire 212 community for being part of this great panel event and focusing on an important topic in the industry – data quality and integrity. A big thank you to Susan Bidel for driving an engaging conversation and the panelists for their thoughts as well as IgnitionOne for hosting.
If you are interested in having the Q talk second-party at your next event or panel, please reach out to events@ownerIQ.com.