Your own data can significantly reduce the cost of your campaigns and reduce the time spent creating them, since you already know the needs and demands of similar audiences. Knowing how your current customers use your products or services gives you an exceptional advantage. But the most important advantage of proprietary data is that it offers the kind of information that gives brands real control over their commercial destination. Data from external sources can improve the short-term performance of marketing, but it cannot explain the relationship with customers or their buying paths.
The source data comes directly from your audience and customers and is generally considered to be the most valuable. Not only is it the most valuable, but it is also available to you at no cost, making it cost-effective. It's also relatively easy to collect and manage, especially if you're using a data management platform. Privacy concerns around first-party data are minimal because you know exactly where it comes from and, as a marketer, you are the absolute owner.
Consumers voluntarily exchange their information for more relevant and personalized experiences. With access to your own data, you have accurate and relevant data in your hands to create those experiences. A poor customer experience often causes the customer to go somewhere else and take their information and business with them. Collect data in accordance with the CCPA and GDPR You can collect data on your own and help you use audience data for marketing purposes.
In my opinion, collecting data on your own allows you to collect or obtain the necessary consents to use audience data for marketing purposes. In addition, it's safe to use first-party data segments for segmentation because you know the source of the data and how it was collected, monetizing the segments created. In today's article, we'll show you why your own data outweighs third-party data and the benefits it brings to your marketing efforts. But how do you find those companies? One of the easiest ways to find a buyer or seller is through a third-party data marketplace, such as the Lotame Private Data Exchange (PDX), which connects both parties to allow third-party data transactions.