Why You Need Second-Party Data in Your Digital Marketing
ownerIQ offers transparent data solutions powered by the largest second-party marketplace of consumer shopping and purchasing behavior. ownerIQ is included in Gartner’s “How to Put Second-Party Data to Work for Marketing” Report. According to the report, ownerIQ is listed in the Private Marketplaces category. Private Marketplaces as stated in the report “help multiple companies share data with one another efficiently by helping the participants establish standard operating processes.”
ownerIQ’s proprietary audience platform that supports our second-party data marketplace is CoEx. It is the driver behind the largest transparent data economy. Over 800 Retailers, brands and advertisers benefit from ownerIQ ’s marketplace by partnering or activating media. Our second-party data marketplace provides transparency to retailers and brands to make their data more relevant and effective. As noted in the Gartner report, “a private marketplace may operationalize financial terms set by the data provider, including billing and collections.” CoEx is where all second-party relationships take place. You are able to request audiences to target, approve requests, search for retailer and brand audiences to target and identify the most responsive and most active partners. With CoEx you know the EXACT audiences you are targeting, giving you choice and transparency in your digital advertising.
According to the report “How to Put Second-Party Data to Work for Marketing” examples of marketing goals and Use Cases Enabled by Second-Party Data are:
Find prospects and turn them into new customers.
-Build awareness for a new product, service or company.
-Generate demand for a product or service.
-Predict prospect propensity to convert.
-Find in-market prospects.
Retain and grow current customer base.
-Predict customer lifetime value.
-Predict customer in-market status.
Predict likelihood to respond to offer.
Increase share of wallet.
Optimize advertising and marketing messages.
-Target advertising or messaging at specific segments.
-Trigger an offer or message based on an event.
-Measure effectiveness of advertising campaigns.
-Customize creative messaging.
Start with a trusted partner: In the report, “How to Put Second-Party Data to Work for Marketing” published August 2018, Gartner recommends, that marketing leaders responsible for data and analytics should, “Start with a trusted business partner. To maximize the odds of success, work with your existing suppliers, customers or partners.” We believe ownerIQ is this trusted partner.
Find an expert: In addition, Gartner recommends that marketing leaders should, “Engage a neutral third-party expert to handle the technical and operational aspects of secure data matching and compliance.” We believe ownerIQ is that expert.
Looking to get started on your second-party data strategies, reach out today.