Source data is very relevant to your business because it comes directly from your audience. It gives you information about how visitors to your website and your real customers behave and what their preferences are. With your own data, you don't have to guess what your audience likes. Source data will improve your marketing accuracy because you know why, where, and when you collected it.
Generally, when collecting first-party data, your data privacy policy will also detail how long you can keep that data. If you only keep your data for a short period of time, it's more likely to be accurate. First, because source data is data that you have collected yourself, it is usually the most reliable data you have. In most cases, you can collect your own data at no cost, so it is also the cheapest option.
Since marketers own the data they collect, they can ensure that they are GDPR compliant. By adding a voluntary subscription to your forms, you will be able to obtain all the necessary consents. Don't forget to consult your company's DPO and follow your company's guidelines on the subject.
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. This data can help a company achieve greater scale than relying solely on its own data, and since data is not sold openly, it can provide greater value than third-party data, which is typically available to anyone who wants to buy it. According to a study by Quantcast and Iligo, 65% of respondents say source data is the most reliable data.
However, nearly 60% of respondents felt somewhat or less confident that their source data provided a strong ROI. Track data volumes, sources, processing speed, profile depth, and data that is triggered for analysis and measurement Source data delivers the most accurate intelligence and inspires new ways to adapt messaging and shape the customer experience. You'll need to follow data privacy best practices and map out a strategy, perhaps using the lessons learned by your peers to incentivize account registration and leverage your own data to improve the customer experience across sites, apps, and emails. GDPR and CCPA prevent data collection at scale without consent, which is one way many third-party data providers have previously collected your data.
These two parts of data privacy are often spelled out in a statement to consumers that tells them exactly what you are going to do with the data you collect from them. Not only is the use of your own data a best practice to improve data privacy, but there are data privacy laws and new technologies that make source data even more important. Second-party data is similar to source data, but comes from a source other than your audience. In this blog, we will discuss how data collection works and explore the best alternative to the third-party data standard.
By leveraging all of a brand's own data to resolve customer identity, marketers can create a data asset that serves as a foundation for all consumer interactions across the web, mobile apps, stores, email, digital ads, call centers, and more. With movies like The Social Dilemma educating consumers about the amount of their personal data being collected on a daily basis, it's likely that your users will start requesting that you protect their data. If you follow first-party data best practices, you may not sell data in the first place, making it easier to comply with the CCPA. .
