The importance of Data

Data the efficiency driver

Business interact with prospects and consumers on a regular basis and in the process of their interaction have access to a large volume of data on their needs and preferences. To be able to use this data to build a more focused reach and personalised reach out will help in building the efficiency of the advertising.

The consumer data that one has can be effectively used to reach the message to the right audience and also with message that is personalised. As people move ahead on with their lives, the marketeer with the help of the data in hand can identify him and also customise a message based on his life stage. This culminates into a more efficient and effective reach of the message.

There are a number of case studies of its success this has brought it can be discussed at length

What are the types of data a business would have and how do we use it .

Types of data

Zero Party Data	First Party Data	Second Party Data	Third Party Data
Data a customer intentionally and proactively shares with a brand, in most case in exchange for value	Information a company directly collects about the consumer as the consumer interacts with the brand	Another company’s first-party data the company have the permission to use by contractual agreement and he leases out.	Information aggregated from a number of public and non public sources.

Collect the right data based on the marketing objective

Objective	Zero Party	First Party	Second Party	Third Party
Identity Level. Good to track cross media. e.g. Online to Offline (O2O)	POS - Point of Sale	CRM - e.g. email, address, phone POS - Point of sale	Publisher/Digital Commerce Platform (e.g. email, purchase info) Retailer (POS info) Data Co-op	Identity resolution partners Panels (e.g. Nilsen)
Demographics age, gender, household income.		CRM CDP	Publishers DMP DSP Data Co-op	Data Resellers (e.g. Epsilon, Lotame, Digital Kites etc.) Panels (e.g. Nilsen)
​Firmograhic : Company Size, revenue, industry	Distribution of White Papers, Solution Sheets, Webinars etc.	CRM CDP	Publishers Data Co-op	Third party data resellers (e.g. Dun Bradshaw, B2B event organisers) Site scrapper / crawlers
Behavioural market specific data		Website & App analytics data. Analytics from multichannel platforms (e.g. Salesforce, Oracle, SAP etc)	Publisher & Platform provided analytics & reporting.	Ad Server Attribution tools Panels/Surveys Data resellers (intender data) Search data
Purchase & Loyalty Data	Own Loyalty programs	CRM Billing/invoice system Instore/POS	Retailer Publisher/ Digital commerce platform Data co-op Loyalty/credit card company	Data Resellers (Kantar, Experian etc.) O2O measurement providers
Psychographic attitude, interest, lifestyle, values	Surveys	Website/App analytics (e.g. Specific interest in content type) Social Analytics	Publishers Data Co-op	Data resellers Panels Reputational / social monitoring & listening tool
Non Marketing & Customer Satisfaction Data	Call centre logs	Retailer Billing/ Invoice data	Data Co-op	Data Reseller Panels

Source : emarketer

Moving ahead with the global concern on user privacy the use of data is going though a number of regulatory changes. Will speak about the changes and what the digital marketing doing about it in my next post.