A Guide to Data Strategy: The Different Data Types

By 2023 world’s most powerful browsers will transition away from collecting third-party cookies. As a result, third-party data has become a familiar concept, even beyond the advertiser and publisher industry. As Google scrambles to find a worthy replacement, the focus shifts to other forms of collected data. But the real question is, how comfortable are we with these concepts to set the right data strategy?

Let’s quickly look at the different definitions:

The Different Data Types

Third-Party Data: Is collected & managed by organizations that do not directly interact with customers or the business consumer. Data sets are typically collected and ‘stitched together’ by web cookie tracking from multiple sources, through browsing and advertising, then aggregated by third-party data providers such as DMPs (Data Management Platforms). For years, companies have relied on third-party cookies to track and understand buyer behavior online.

Second-Party Data: Is the direct purchase of another company’s first-party data. It’s gathered from the company’s multiple channels such as website activity, social media, purchase history, survey responses or apps and much more, but comes from one source. Second-party data allows companies to gain accurate insights beyond their own data.

First-Party Data: Is first-hand tracking, observing, data gathering within a company’s own marketing ecosystem. Information about customers is compiled, through software & systems that the company itself owns. This can include various marketing channels such as email marketing and call center activity, but also branches into data sources like point-of-sale and CRM data. This data is then often consolidated within a CDP (Customer Data Platform).

Zero-Party Data: Is often considered the ‘gold dust’ of first-party data, where customers proactively declare their preferences & needs. Zero-party data is more detailed and requires a strong element of trust & confidence to share this level of valuable information. In its lightest form it covers communication preferences but can extend to purchase data intentions and personal context, opening a new world of insight.

With an uncertain future for 3rd party data, companies are urged or feel the pressure to look into their own capabilities of collecting first-party data or into developing their own CDP. However, a data strategy is best bolstered by ensuring continuity & focusing on growth.

That’s why S2W Media has built a wealth of B2B first-party data over the past decade and offers full-funnel lead generation services. In addition to first-party data leads, campaigns run from our Belfast, UK contact center give unparalleled insight by gathering zero-party data upon client request. Whether you’re geared towards volume or insight, tap into the strength of quality first-party data.

To find out more mail us at info@s2wmedia.com