When setting up your mobile campaigns, it is important to understand the differences between types of data and how they can be used to reach your marketing goals.
First Party Data
First party data is data you have collected about your customers on your own and is usually the best type. It can be in the form of behavioral data that you collect and analyze or demographic data that is provided by the user themselves. Often, this type of data can be gathered from website visits on a mobile device or interactions on various social media sites.
After better understanding your users wants and needs, you can adjust your campaign accordingly. This can be highly successful when using first party data that reflects a higher than normal amount of traffic in a specific geographic location.
First party data allows for retargeting, meaning targeting customers whom have already shown an interest in a product. For example, Amazon uses first party data to display what customers may want to by based on things they have bought or viewed in the past.
Second Party Data
Second party data can be purchased or retrieved from a similar entity or through media buys. It is any data that is gathered along the media buying process. This data often includes device model, location of user or software version. This data is often valuable when segmenting audiences into targeting categories.
If you are trying to market a high tech product towards a wealthier, in-the-know type of audience, second party data would help you to target your advertisements to those with high end devices that are using the latest software version.
Third Party Data
Third party data is purchased from data management platforms (often called DMPs) and then sold to marketers and companies. A couple examples of DMPs that sell this type of data on a massive scale include BlueKai, eXelate, Peer39 and Nielson.
Third party data is expansive and useful for targeting based on consumer behavior and demographics. Due to the wide range of data, marketers are able to get well rounded insights into the effectiveness of their campaigns. It is important to remember that this data is available to everyone – including competing marketers.
We hope that you leave our blog today with a better understanding of how marketers gather their data and how the RAIN team analyzes each type to choose the best for your campaign!