Mobile marketing can be tricky, especially when valuable sources of data are overlooked. With three types to consider – first, second and third party – this aspect of marketing isn’t as black and white as you thought.
Understanding the behaviours and habits of your audience is only possible by leveraging all three. This varied intelligence should provide the fuel for a winning mobile campaign that keeps users engaged and coming back for more. Here’s a quick guide on how to utilise each one.
First Party Data
Often considered the most valuable form of data, first party is defined as that information which you’ve collected yourself. In regards to mobile advertising, this is usually gained from analytics platforms and other forms of online performance tools, as well as CRM systems.
Due to the nature of this data, it gives powerful insights as your focussing on existing users that are attracted to your site. Information can be leveraged to increase conversions of these users through site and CRM retargeting.
Major sites such as Amazon use first party data with unbelievably effective results. By harnessing the past purchase history of customers, sites can provide personalised recommendations for other products. It goes without saying that those adverts which have a personalised touch, give the best conversions.
Second Party Data
The results from first party data are impressive, but for reaching new and untapped audiences, second and third are most valuable.
Regarded as the next best thing, second party data is basically another person’s first party data. It can be difficult to commoditise but usually requires an arrangement which is mutually beneficial for both parties.
As an example, a luxury jeweller may share customer data with a high-end fashion blog, and vice versa. Due to the demographic overlap, both parties can glean new consumer insights. It’s a great way to extend your reach on the web, and access a limitless audience.
In order to gain second party data, you’ll have to be proactive in your approach. Start by contacting other companies, blogs and information networks within your industry sector. Once you’ve established a meeting, you can discuss the benefits of this shared information. You may be surprised at those organisations willing to provide their first party data in return for yours.
Third Party Data
The broadest of the three is defined as third party data which is sold by large data collection companies. It gives access to huge volumes of information which provides a good overview of behavioural and demographic buying trends. Not only can this be used for contextual marketing and audience targeting, it can also be harnessed to remove bot traffic.
Although the sheer quantity of information is exciting, it’s important to realise that this data will also be available to your competitors. Therefore, third party data doesn’t provide a unique advantage, but nonetheless shouldn’t be overlooked.