Data is very important for all the marketing activities today in Digital world. The kind of data used depends on the objectives of the campaign and the end goal of the marketer. There are 3 kinds of data 1st Party, 2nd Party & 3rd Party
1st Party Data
First Party data is the data collected by directly from the customers/consumers. It might be the Data from behaviours, interests & actions on your website or App. The data will include:
· Data collected on the CRM
· Data collected on the Social Channels like Facebook, Instagram, and Twitter etc
· When it comes to offline, the information collected via surveys, customer feedback and other customer information from your CRM.
As the First Party Data is collected from direct consumers the value of such data is much higher than the 2nd and 3rd Party data. As these data collected on the CRM and from directly provided by consumers, the data collection cost is nil to very minimal. Also Privacy concerns are very minimal as the data is collected directly from website/app.
2nd Party Data
Second Party Data is actually someone else’s 1st Party Data which they are ready to sell. Usually the seller collects the data directly from his audience and is from a single source. The data will include:
· Activities on the website/App
· App usage and similar parameters like time spent, number of times app opened in a day etc
· Social Channels
· Customer Surveys (Online & Offline)
3rd Party Data
3rd party data is the data bought from large data aggregators across various sources who pays to the publishers and other data owners for their first party data. Many companies sell this kind of data and it’s available through different platforms including data exchanges.
The aggregated data is then categorised on industry specific, audience behaviour/interest and demographic parameters (age & gender). And buyer is presented with the option to buy whichever category suits their requirements.