Whether its lead generation or purchase orders online, the data you collect are important and incredibly valuable not just for your marketing department but your entire business. Data can be collected in many different ways and from many different sources.
Most data are broken down into two categories: first-party and third-party. Both can be worth there gigabytes in gold if used properly. In the past, Farfetched Studios has explained why this data are important. But how exactly are these types of data defined?
You know it, and you love it. The “know it” part is actually important to first-party data. The first-party in this case is the publisher.
With first-party data, you know where it was collected, what the data are and, more often than not, when it came through. According to AdMonsters, first-party data can be collected with http cookies using home-made pixels; pixels from SSPs, DSPs or data services providers; or a pixel from an integrated data management platform.
First-party data are also gathered from any customer relationship management (CRM) software or even offline data. As leads and potential customers fill out online forms, your data batch grows as well. Making sure that your lead forms are appealing and active will help make the difference.
With those lead forms come great responsibility. With potential customers giving important information such as email addresses, they will want something in return, such as newsletters or even purchase orders.
While first-party data is more of a hands-on approach that may be collecting data one at a time, third-party data are similar to the big-box stores. With third-party data, you purchase this data in bulk and is much less exclusive.
However, the demographics and search interests are more refined. While your first-party data generally waits for whoever wants to give it, third-party data might be only from males age 25 to 49 who like pickup trucks. Yet you might not know how fresh the third-party data are. It could be helpful for campaigns geared toward certain demographics. Monitoring these data is key.
We could go on for days about all the types of data, but we hope this quick post gives you a simple understanding. The next time you hear first-party or third-party, now you’ll know!
To learn about how we can effectively manage your first-party AND third-party data, contact Farfetched Studios, a St. Louis marketing agency, online!