We’ll be talking about what makes this type of data so desirable and the types of ads associated with it. Here are the topics we will cover:
First, Second & Third Party Data
It’s 2021 and we are nearing the end of Third Party cookies.
For a long time, marketers have relied on Third Party data to target consumers.
Advertising has always been content-based and contextual. Let’s say, our brand sells craft beer and our target demographic are male sports fans. We would serve digital ads on sports-themed websites. On top of that, with Third Party Data, we were able to target people who visited these pages and share an interest across the internet.
However, the emphasis is starting to shift away from Third Party. Google announced the removal of Third Party cookies. They also introduced the Google Privacy Sandbox which offers alternative data-tracking options. So, the marketing industry had to a find new solution. Even Facebook and Google are recommending brand advertisers to focus on collecting First Party Data.
Before we begin, here’s a quick refresher on types of data available:
What is First Party Data?
This is information you collect directly from your audience. You own the data that is collected through interactions with your brand. It can be from signing up for your newsletter or filling out a form to download an eBook. The use of First Party Data lets you hyper-target a specific audience.
They can come from:
- Behavior and actions tracked on your website, app, or product
- Social Media
- Lead Forms and more
What is Second Party Data?
What is Third Party Data?
Aggregators will collect data and sell them to advertisers. Third Party Data contains information on groups of people who may share: common interests, demography or online behavior. It enables advertisers to reach a broader audience.
All three types give you relevant data to make informed business decisions.
Benefits of First Party Data
- Better targeting
- Better understanding of the customer journey stages
- Insights into customer lifetime value
- Helps refine a more personalized brand experience
- Book appointments, schedule demos etc
- Grow newsletter list
- Increase sign-ups, downloads of e-resources, and more
Types of Lead Ads to Run
Benefits of Lead Ads
- Generates brand awareness for your product or service offering
- Makes it easy to for advertisers to qualify leads from custom fields
- Directly syncs with the Customer Relationship Management (CRM) of your choice
- Hyper-targeted audience segments mean high value data to be collected
Benefits of Survey Ads
- Generates First Party Data from targeted audiences such as their interests
- Further audience segmentation after the survey to create customized ad experiences
- Drives purchase decisions
- Improves Brand Interaction and Brand Recognition
- It increases the Click-Through Rate (CTR) of the ad
How Do You
Run Ads to Collect First Party Data?
To sum it all up: First Party Data is accurate and can provide better insights — it’s going to be the future (for now, until something new comes along). It’s a great push for us marketers to prioritize creating long-lasting customer relationships!
Now you’re thinking, awesome — how do I start?
War Room is an agency that specializes in programmatic advertising. We have partnerships with 90,000+ publishers with premium ad spaces. This means ad buying is direct and costs less, compared to when you buy ad space on the Google Display Network on your own.
Plus, we strategize and execute ads that align with your business goals. We’re experts in building campaigns that make the most of your ad dollars and drive results. Fill out the form below for a free consultation and see if we are a good fit for you!
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