The amount of data created online doubles every two years.
That’s a whole lot of first, second, and third party information. Each promises to be the golden ticket to a better user experience and tailored offers for customers.
But, which option best fits your interests? Much like election season, you’re faced with several options and, admittedly, the choice can be pretty overwhelming.
Not unlike political parties, ‘data parties,’ or sources of data, have their pros and cons. With that in mind, we here at Sojern are confident that we can provide some clarity because understanding the differences between these parties is crucial to making them work to your advantage.
First Party Data: Only What’s Yours
‘First party’ is your own data. It’s the information that your customers voluntarily provide when they visit your website or otherwise interact with you. It includes:
- Website cookies;
- Mobile app events;
- Your own CRM; and/or
- Your register or point of sale.
Because it’s your own data, it’s up to you how you analyze and utilize it.
Upside: ‘First party’ is typically considered to be extremely accurate.
Downside: If you’ve got a focused, niche website, your audience – and therefore your first party information – will be small, and you’ll have a limited ability to see and influence the path to purchase.