Not all data is created equal – how to rebalance the marketing data mix
Third-party data is coming back – but how can marketers maximize consistent audience insight across the customer lifecycle?
First-party data is the engine – but you need other components to make it work
The internet has long been hailed as the most measurable marketing medium ever – but it’s also the most opaque in terms of how marketing messages are targeted at their recipients. The prime culprit – the third-party cookie – is being phased out and the use of third-party data is now tightly regulated, leading marketers to move away from using it. But has the pendulum swung too far?
Data is more critical to marketing success than ever before, offering insights across the consumer lifecycle that can make or break a campaign. But not all data is created equal. First-party data collection is a core strategic priority for many organizations. However, by putting too much emphasis on this, marketers are missing out on a wealth of permissioned third-party data still available.
A new report from Experian and The Drum explores how by using first- and third-party data together, marketers can achieve better customer understanding and more accurate targeting, as well as greater scale for their campaigns with greater efficiency, than they can with first-party data alone, which leads to better outcomes for the brand and the consumers they serve.
First-party data is the engine – but you need other components to make it work. You need third-party data to model out your first-party data. That’s according to experts from Lotame, Samsung Electronics Europe, Finecast, Arcelik Global, Nestlé and Experian – who provided their insights and perspectives to help shape the report.
Advertisers want to understand their customers (and potential customers) better, to communicate with them more effectively and offer better products and services. Agencies too want that understanding, but they also need to locate it in the broader context of consumer behavior. Hence planning and activation platforms need to understand what other data and insights are available to meet the demands of advertisers and agencies.
By incorporating third-party data, all parties can develop more rounded consumer insights to deliver more effective and efficient campaigns.
Fill in the form below to download the report and learn:
The important role that consistency, scale, activation and linkage play in a brand’s datasets
How third-party data can supplement and add value at each stage of the consumer lifecycle
How to combine contextual first-party data with external, third-party data to ensure a win-win for brands and consumers.
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Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence.Find out more