First-Party Data Mining
As the world of digital marketing becomes ever more complicated with new ways of buying and tracking, there remains a simple and sometimes overlooked way to drive success
Sadly, many marketers are still missing the business-driving power of the information they already have. While it’s easy to get excited about the latest optimization algorithm or media platform, first-party data remains one of the surest connections marketers have to current and potential consumers. Basically, for those not already tapping into this resource, it’s time to pay attention.
Before diving into the uses of first-party data, it’s key to define what it is and what it isn’t. First party data is collected directly from consumers and owned by a single company. Additionally, it does not necessarily require active consumer involvement or consent.There are many ways companies go about collecting it, but because the information comes directly from consumers, it is the most reliable source of audience intelligence. When a person does anything ranging from visiting a website to signing up for email newsletters or even submitting an address and payment information to make a purchase, a company should be integrating that action into their marketing strategy. Additionally, because no middle-man is required between the company and its audience to collect this information, then a marketer working for said company can be fairly confident these information sources are up-to-date and accurate.
This is in contrast to two other common sources of marketing information, second- and third-party data. Think of second-party data as utilizing someone else’s first-party data, with their consent. This happens most often when companies with similar interests and audience targets form partnerships to leverage each other’s intelligence. Third-party data on the other hand, is collected by independent companies and then sold to marketers in bundles. Depending on the source, it can be...