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. First-party data is data that your organization collects directly from the customer. Marketers collect first-party data to better understand their customers. This is considered to be the most valuable data of companies because they collect it directly rather than relying on an external party where the original of the data can be questioned.
Source data is data that your organization has collected directly from your audience with your consent. We all know by now that customers, subscribers and users of the web must voluntarily give explicit permission to use their data because they own their personal information. Third-party data gives you access to far more data points than first-party and second-party data alone, so it's just as useful when you want to expand your audience. In addition, they discovered the data-related issues marketers face, how they use data in their jobs, how confident they have in their data capabilities, and how they plan to budget for their data-driven investments in the future.
Data management platforms such as Lotame are used by vendors, agencies and publishers from all industries around the world to help them collect first, second and third party data on a unified platform. Second-party data is a relatively new concept, but it's beneficial if you can find a relevant audience platform. First-party data—accurate data that is owned, created, and collected directly from people—is the most effective for all aspects of marketing because it's collected from those people as is, clean and unaltered. 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.
In terms of all types of data, source data is the most valuable because you collect it directly and know that it is of high quality, accurate and relevant to your business. Therefore, when you select a third-party data provider, you need to research and understand where and how the data was collected. Any company that doesn't collect and activate first-party data on its properties is basically leaving money on the table. Marketers who don't leverage their own vendors' data for everything they're worth miss out on important opportunities to deliver an exceptional customer experience.
Source data is essential for organizations to deliver a personalized experience to end 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. All marketers will need to be more sophisticated in how to use loyalty program data to deepen engagement in their own channels in a way that strengthens customer retention efforts and converts points of abandonment or friction into the post-purchase experience. in an opportunity to collect valuable data and feedback.
The data is also not exclusive, it is publicly available, so your competitors may have access to the same data. If you ever need similar data in the future, you may be able to contact that same company again now that you can quickly get high-quality data from them. The examples of source data are similar to the data points from which third-party data segments are created. .