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Privacy regulation, such as the GDPR and CCPA, is forcing many marketers to reconsider how they use data. Third party data, which is always associated with a third party cookie/ID, is becoming increasingly unsustainable due to third party ID's being blocked by the major web browsers (and the challenge of gaining consumer consent for their data to be sold to other companies). Savvy marketers are looking to make greater use of their first party data instead to unlock customer knowledge from within their audience data sets.
First party data is customer data and is arguably the most powerful of all the data available to a business. First party data is both online and offline information a business collects about the individuals who interact directly with their brand or their content. This ranges from behavioural data on a business' app and/or website to CRM, social and subscription data collected over time.
As first party data is information a business directly collects about their prospects and customers, the level of accuracy and relevance is incredibly high - this accuracy is why it’s considered the most powerful.
For first party data to remain valuable, brands must take steps to maintain ownership and control of their data. The best way to achieve this is to never share it with a third-party. However, conversely, there are exciting opportunities that become possible when businesses are able to collaborate on this data. As long as such collaboration is done in a privacy-compliant way that ensures the data is always held securely.