Source data is information that a company collects directly from its customers and is owned. First-party data (also known as 1P data) is part of the data mosaic that marketers have at their disposal. Can complement, improve and reduce the need for other types of data. Lotame Data Exchange is your source for high-quality third-party data.
It includes data from billions of users grouped into thousands of precise segments available on more than 40 advertising platforms. We can also create custom segments. In addition to purchasing Lotame brand data through LDX, you can access data from more than 40 brand data providers.
first-party datais information that companies can collect from their own sources.
In other words, all customer information from online and offline sources, such as the website, app, CRM, social media or company surveys, is first-party data. Source data (1P data) is data that a company collects directly from its customers. Source data consists of all the data you have from a consumer's interactions (both online and offline) with your company, including personal, behavioral and demographic data. It's the most complete and accurate form of customer data you can use because you know exactly where the data comes from and how it relates to your business.
Source data is information that brands and creators collect directly from their customers and consumers. This data can come from sources such as your websites, your CRM, surveys, and customer feedback. First-party data is information that companies collect directly from the user. This information may be collected through a combination of online and offline channels, such as mobile applications, websites, social media, or surveys.
Data management platforms facilitate the integration of first, second and third party data and create a complete view of customers or, if the DMP owner wants to use different types of data separately, it is also possible. As with your own data, you can also use third-party information to predict future patterns around customer behavior and build your current audience. Source data becomes valuable when you can integrate data into your marketing campaigns and use it to personalize the customer experience with your brand in real time. Source data is data that you collect directly from interactions with your customers and audiences on your own channels, such as your website or mobile application.
Unlike source data, where information is derived from your customers, third-party data simply polls anyone willing to complete the form. Own data also drives better campaign efficiency, as brands that personalize advertising campaigns with their own data find that campaigns are 5 to 6 times more efficient than generic advertising. Aligning your data strategy to create your customer profiles is important, but it also requires the technology and tools needed to put this data to use within your organization. The problem with customer data obtained from third parties is that you don't know how, why or when it was collected.
What is important: First-party data can be collected free of charge and the company that owns the data has all the necessary consents from customers. Your own data makes your marketing more effective, because you really know that your customers are at a level that third-party data can't touch. The main benefit of using a customer data platform (CDP) is that it centralizes all available customer data in one place, from which data-driven marketers, sales reps, and customer success managers can run analytics to work more effectively to attract, close and retain successful customers. Privacy regulations, such as the GDPR in the EU, the CCPA in California and many others in progress, mean that it is increasingly important for companies to collect customer data appropriately and be transparent as to how that data will be used.
The best way to ensure that your customer data is consistent across your systems is to leverage a central platform, such as a customer data platform, to consolidate, standardize, and make it available to all systems, regardless of where it was first collected. Source data delivers the most accurate intelligence and inspires new ways to adapt messaging and shape the customer experience. . .