OVERVIEW
Data: everyone talks about it, and everyone uses it. With Google’s plan to phase out third-party cookie tracking, it’s important to understand the different types of data. Most marketers are familiar with first-party data and third-party data, but did you know second-party data exists? This article will define the different types of data and explain how they’re used in B2B marketing strategies.
FIRST-PARTY DATA
First-party data is a hot topic right now due to its ability to generate reliable and accurate targeting results. First-party data is the way of the future as major web browsers move away from third-party cookie tracking. Data is collected directly from the source through a subscription or opt-in framework in which the user volunteers some information in exchange for content or a free trial, etc. This data is tremendously valuable as privacy regulations continue to emerge and public awareness about cybersecurity increases. As marketers continue to collect and add data points to each profile, every record is backed by intent, which helps to inform future marketing campaigns. These campaigns are designed and shaped by data, which results in a true data-driven marketing strategy.
With each passing day, consumers expect to see ads that are relevant to their needs, and first-party data allows companies to understand intent and consequently cater to those needs. By combining first-party data with an all-in-one marketing solution, companies can reach truly targeted audience sets and track engagement as prospects continue to self-educate and self-nurture. This results in high-quality, engaged leads.
FIRST-PARTY DATA IN ACTION
Last year, Selling Simplified engaged with Dynatrace, a global leader in observability, AIOps, and software intelligence. The company, historically known for application performance monitoring, was looking for a vendor that could generate leads from niche audiences, provide an innovative approach to content syndication, fulfill ABM matching, and generate MQLs through an advanced digital platform.
By leveraging Visionayr, Selling Simplified was able to reach Dynatrace’s niche audiences across North America and increase MQLs by 30% over the course of 9 months. As users interacted with each piece of content, Visionayr tracked engagement and captured intent within the user records. With this valuable information, Selling Simplified delivered 1600 net-new leads to Dynatrace, yielding 3,180% campaign. This allowed Dynatrace to amplify their data-driven marketing strategy and inform future campaigns.
SECOND-PARTY DATA
Second-party data is the least understood and most uncommon type of data. If a company with first-party data wanted to share the information with a trusted partner, it becomes second-party data for that partner to use in its targeting efforts. In another words, second-party data is the “data that users aren’t giving you directly, but that you’re obtaining through a direct relationship with another entity” 2. This is tremendously valuable data because it offers the quality—and to some extent, the ownership—of first-party data while promoting partnerships in business. Second-party data is powerful and combines some of the best aspects of first- and third-party data. For companies without the resources and tools to collect quality data but with a targeted approach to marketing and programmatic, second-party data is a great solution.
THIRD-PARTY DATA
Third-party data is typically collected by businesses that have no direct link to the prospect or buyer. This is useful for B2B marketing as it has the volume to expand reach and offers a wide net to fuel initial campaign acquisition. But third-party data is mainly used by B2C entities that rely on quantity over quality and leverage such data to target the masses. In fact, most B2C entities use Google’s cookie tracking to inform targeting campaigns, which means that B2C marketers must prepare for Google’s plan to phaseout third-party cookie tracking by 2022. Third-party data largely relies on algorithms that are getting smarter and more accurate over time, but because the data points are not gathered directly from the source, they are not always reliable.
SUMMARY
In our data-driven world, it’s important to understand the different types of data. For B2B marketers, partnering with a demand gen provider who owns quality first-party data is a step in the right direction to be better-positioned for a cookieless future. First-party data is the most accurate, quality data since it’s collected from the source and owned by the proprietary controller. Investing in first-party data is prudent for the future, and it ensures a vast, reliable lead source. There is value in understanding these types of data and how they contribute, inform, and drive the marketing world.
Understanding Data In A Data-Driven World
June 2021
OVERVIEW
Data: everyone talks about it, and everyone uses it. With Google’s plan to phase out third-party cookie tracking, it’s important to understand the different types of data. Most marketers are familiar with first-party data and third-party data, but did you know second-party data exists? This article will define the different types of data and explain how they’re used in B2B marketing strategies.
FIRST-PARTY DATA
First-party data is a hot topic right now due to its ability to generate reliable and accurate targeting results. First-party data is the way of the future as major web browsers move away from third-party cookie tracking. Data is collected directly from the source through a subscription or opt-in framework in which the user volunteers some information in exchange for content or a free trial, etc. This data is tremendously valuable as privacy regulations continue to emerge and public awareness about cybersecurity increases. As marketers continue to collect and add data points to each profile, every record is backed by intent, which helps to inform future marketing campaigns. These campaigns are designed and shaped by data, which results in a true data-driven marketing strategy.
88% of marketers say collecting first-party data is a high priority in 20211
With each passing day, consumers expect to see ads that are relevant to their needs, and first-party data allows companies to understand intent and consequently cater to those needs. By combining first-party data with an all-in-one marketing solution, companies can reach truly targeted audience sets and track engagement as prospects continue to self-educate and self-nurture. This results in high-quality, engaged leads.
FIRST-PARTY DATA IN ACTION
Last year, Selling Simplified engaged with Dynatrace, a global leader in observability, AIOps, and software intelligence. The company, historically known for application performance monitoring, was looking for a vendor that could generate leads from niche audiences, provide an innovative approach to content syndication, fulfill ABM matching, and generate MQLs through an advanced digital platform.
Visionayr operates within a closed system of B2B intelligence—allowing you to promote multiple pieces of content across multiple campaigns, analyze end-to-end prospect engagement, and access broader consumption and intent trends amongst your target audience.
By leveraging Visionayr, Selling Simplified was able to reach Dynatrace’s niche audiences across North America and increase MQLs by 30% over the course of 9 months. As users interacted with each piece of content, Visionayr tracked engagement and captured intent within the user records. With this valuable information, Selling Simplified delivered 1600 net-new leads to Dynatrace, yielding 3,180% campaign. This allowed Dynatrace to amplify their data-driven marketing strategy and inform future campaigns.
SECOND-PARTY DATA
Second-party data is the least understood and most uncommon type of data. If a company with first-party data wanted to share the information with a trusted partner, it becomes second-party data for that partner to use in its targeting efforts. In another words, second-party data is the “data that users aren’t giving you directly, but that you’re obtaining through a direct relationship with another entity” 2. This is tremendously valuable data because it offers the quality—and to some extent, the ownership—of first-party data while promoting partnerships in business. Second-party data is powerful and combines some of the best aspects of first- and third-party data. For companies without the resources and tools to collect quality data but with a targeted approach to marketing and programmatic, second-party data is a great solution.
THIRD-PARTY DATA
Third-party data is typically collected by businesses that have no direct link to the prospect or buyer. This is useful for B2B marketing as it has the volume to expand reach and offers a wide net to fuel initial campaign acquisition. But third-party data is mainly used by B2C entities that rely on quantity over quality and leverage such data to target the masses. In fact, most B2C entities use Google’s cookie tracking to inform targeting campaigns, which means that B2C marketers must prepare for Google’s plan to phaseout third-party cookie tracking by 2022. Third-party data largely relies on algorithms that are getting smarter and more accurate over time, but because the data points are not gathered directly from the source, they are not always reliable.
SUMMARY
In our data-driven world, it’s important to understand the different types of data. For B2B marketers, partnering with a demand gen provider who owns quality first-party data is a step in the right direction to be better-positioned for a cookieless future. First-party data is the most accurate, quality data since it’s collected from the source and owned by the proprietary controller. Investing in first-party data is prudent for the future, and it ensures a vast, reliable lead source. There is value in understanding these types of data and how they contribute, inform, and drive the marketing world.