Data. That’s what it’s all about!

Who Are You Bringing to the Party?

As a programmatic media buyer, I understand that data is king when it comes to digital advertising.

But not all data is created equal. In fact, there are three types of data: first party, second party, and third party.

Let's break down each type of data in a way that's easy to understand (and maybe do so in a not-so-boring way).

First Party Data: The BFF

First party data is like your best friend forever (BFF).

It's the data that you collect directly from your own customers or website visitors.

This data is like gold because it's the most intimate and personalized. It includes information such as customer demographics, purchase history, and browsing behavior.

First party data is valuable because it allows you to personalize your marketing and provide a better customer experience. It's like having your BFF by your side - they know you better than anyone else and can help you make the best decisions.

Second Party Data: The Wingman

Second party data is like having a wingman at a party.

It's the data that one company shares with another company.

This type of data sharing typically happens between companies that have a similar customer base or operate in the same industry. For example, a hotel chain may share its customer data with an airline in order to offer joint promotions or discounts to their customers.

Second party data is valuable because it allows you to expand your audience and reach new customers. It's like having a wingman by your side - they can introduce you to new people and help you make connections.

Third Party Data: The Clique

Third party data is like a clique.

It's the data that companies buy from other companies or data brokers.

This type of data is often aggregated from multiple sources and can include information such as household income, interests, and purchasing behavior.

Third party data is valuable because it allows you to target a large, targeted audience, but it's less personalized than first or second party data. It's like going to a party with a clique - a group of people, with shared interests or other features in common all bundled up together.

TL;DR

In conclusion, first, second, and third party data are all important when it comes to digital advertising.

First party data is like your BFF - it's the most valuable because it's the most personalized.

Second party data is like your wingman - it can help you expand your audience and reach new customers.

Finally, third party data is like a clique - it can help you target a large audience with shared interests, but it's less personalized than first or second party data.