For your marketing actions, data is flooding in billions of amounts, from across 1st, 2nd and 3rd party data, but the true power is when data from all these three sources can be organized, integrated and activated for the most effective marketing actions.
Before we talk about the power of each and in the integration of these data sources, let us briefly understand what they mean and how they can be best used.
First party data or 1P data:
First party data is the information that companies have access to from their own sources, such as the company’s call centers, chat bots, website, app, CRM, social media or open ended responses from primary surveys, all of such data is first party data. This data to most companies is free of cost because they own that data and such data helps to look deeply into your users’ profiles and behaviors.
While first party data is accessible across sectors, the use cases are most prevalent in the service sector, such as telecom, hospitality, financial and even with the Government, mostly to understand, optimize and improve the Customer Experience (CX).
At Sila, we often work with hotels, banks and the government on their CX strategies with access to this data, some of the use cases include, predictive model to reduce customer lapsing, lead scoring for sales effectiveness, customer profiling for sharp targeting, optimizing customer journeys, measuring and tracking customer experience/CX and improving customer sentiments and emotions for your service and brand experience.
Second party data:
Second-party data is often defined as someone else’s first-party data. It means that if your potential business partner gathers data and wants to share it with you, it will become your second party data.
For example, if you have access to data from retail stores or ecommerce platforms on buying behaviors or spends, another example could be data from airlines for the use of hotels or the other way around. All that data is second party data for you.
At Sila, our clients often provide us with second party data along with first party data, as it is an extra layer of information, giving more scope of analysis.
Third party data:
3P is the largest data set, it includes all information on everyone, your own, competition and potential audience. With AI capabilities you can get the width and depth of information on pretty much anything you want to know about consumers, their attitudes and their behaviors from multiple online sources.
This is core to the work we do at Sila, it helps us help our clients to outthink and outperform their competitors. The use cases range from brand equity, category diagnostics, usage & attitude, segmentation and CX.
The power in integrating 1P, 2P and 3P:
1P and 2P data are very powerful on their own and give great opportunities to build strategies, we at Sila frequently work on just 1P and 2P data, but they give a limited view as the data is limited to their own audience and not beyond.
What about your competitors? And your potential audience? That is where third party data comes in picture and that’s where we at Sila create magic.
Taking view and analysis of 1P and 2P, and then expanding that data with 3P gives a 360 degree view on the consumers and a full strategic perspective to address any of your business challenges and questions.
Get in touch with us today to see how you can use unbiased digital consumer intelligence to understand your digital audience across the GCC.
