Everyone loves a good dashboard full of data, but, put bluntly, not all data is the same! Learning what data to build your brand strategy upon is critical.
There Are Four Basic Types of Data:
first-party data.
This is your customer data that you can validate. Trust it the most.
second-party data.
This is purchased data from another first-party data owner. Trust it as much as you trust them.
third-party data.
This is aggregated data that is modeled, packaged, and sold. Trust it as far as you can track it and understand its validation process.
virtual data.
This is anonymous unvalidated data from the web. Trust it only if you can tie it back to your first-party data empirically and measure it.
Diving deeper in the virtual world of digital and social marketing will subject you to more and more virtual data that is self-reported, subject to bot engagement, and difficult to tie back to spends and marketing Key Performance Indicators.
Clean up the mess.
Using online identity resolution as an intrinsic ingredient in your marketing plan allows you to tie every data point back to your own first-party data of which you can trust and validate. It’s really a return to people-based marketing but doing it in the virtual age. Check out this chart and think about marketing 1:1 people as individuals on addressable TV.
source: eMarketer, July 2018
> Big returns come from the right data. Big messes will evolve from the wrong data.
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