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. Source data is the most relevant and accurate data. Having a close connection between the company and the precise source of the data greatly reduces the possibility of errors.
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 bad customer experience often causes the customer to go somewhere else and take their information and business with them. Source data is used to redirect, encourage and during the sales process.
Marketers can create new retargeting strategies based on their improved customer knowledge. They learn more about their ideal customer and can reach new audiences through different channels using their list of source data. The key element of future success is its own data ecosystem. Source data offers ample opportunities to strengthen customer relationships through proprietary means and can serve as an identifier for platform-wide activation.
Source data applies to B2C and B2B datasets. In the world of NetLine, it is not only related to who that person is, but also what is their role (area of work and level of work) in their work. This also includes your employer, type of company, industry, sub-industry, etc. With customer data spread across the company's systems, you'll find that similar data is often stored in different formats, updated at different times, and is typically not consistent.
That's a significant difference compared to third-party data, where money is spent on inaccurate data and aggregated into segments rather than providing detailed information about individual customers. When source audience data is distributed across the enterprise across different systems, it's difficult to leverage that data consistently across all customer touchpoints. With source data as your primary resource, there's no need to worry about privacy issues because you know exactly where it comes from, since you own that data. First-party data collection doesn't require an intermediary, so you don't need to buy it from other parties.
As a result, many consumers have become much more selective about who they share their data with and what data they share. A framework for first-party data can be a customer data platform or a data management platform, which you develop on your own or purchase from a vendor. Proprietary data is the kind of data that every marketer needs to improve and increase their marketing results in the long term. Source data is data that you collect directly from your customers and audiences through interactions with them.
Source data is data collected directly by companies about their audience, customers and potential customers. Third-party data is mostly aggregated, segmented and anonymized data acquired from larger, specialized companies that are not the original collectors of that data. By burying the true nature of their data collection efforts in their terms of service, many consumers gave up their personal data to technology companies without even realizing it. Source data has always been the most valuable type of data a company has, but in recent years, it has become even more critical.
With the rapidly approaching world without cookies, marketers should already be working with data providers and platforms to use data “clean rooms” to incorporate additional source data. Not only can these steps build trust in your customers, but they also ensure that you get the most accurate data possible and that your users are in control of how and when their data is used. .