Here at Crowd Science, one of our matras is that owning your own branded, first party data is better than buying third party data. To help illustrate why, we’ve created a list of five reasons why first party data is superior to third party data. We think it’s a list that every online publisher and data user should know about.
1. First Party Data is Cheaper than Third Party
First party data is cheaper than paying for third party data. You already have the audience; you just have to measure it. With minimal investment and the emergence of numerous tools and services, this can now be easily achievable. When utilizing your own first party data, you are harvesting and realizing value that you already have and not paying for someone else’s investment and markup.
2. Your Audience Data Has Value
You’d be surprised how much valuable information you can obtain from YOUR audience, and that this data has value. Your audience may have unique features and characteristics that set it apart. Leveraging this audience data allows online publishers to realize this value.
3. Your Advertisers Want to Know More
Advertisers are also looking for ways to better utilize your audience to their advantage. Using first party audience data, you can providing insights and information that may not be readily available through the regular syndicated services.
4. Differentiation Means Value
By being able to differentiate your audience from another audience, you are creating value. With third party data, advertisers are reaching the same audience over and over again. By providing new audiences, you are differentiating yourself from your competitors.
5. Users Are Embracing First Party Data
Audience-based buying is gaining attention and acceptance. With the industry concerns about privacy breaches and other industry practices, publishers want more control over the security, ownership and quality of the data they use. Primary audience data provides that security and control.
Invest in your audience and organization by making first party data a priority. You’ll be surprised at some of the endemic and non-endemic data gems that exist in your audience data.