June 28, 2017 - Alex Sibois [pictured], APAC managing director at Lotame, writes: As a marketer, you have a lot of data at your fingertips. More every day, in fact. And while data creates unprecedented opportunities for audience insights and connections, there’s also an underlying problem with the ever-growing data deluge: most of that flood is poor quality data.
Marketers want to ensure their data is as relevant, high quality and scalable as possible. Both first-party and third-party data are necessary parts of the marketing data ecosystem, but they each suffer from certain limitations.
First-party data—your data, gathered from your owned, earned and paid efforts and properties—is incredibly valuable, but its reach and scope are limited.
Third-party data—purchased data generated on other platforms and often aggregated anonymously from many data sources, while the original source can be left unknown to the data buyer—helps bring scale to your efforts and is readily available. Third-party data is a valuable piece of the puzzle, particularly when marketers apply their expertise to this data via careful buying and A/B testing. However, your competitors often have the same access to third-party data sources that you do. Relying only on third-party data can restrict the competitive advantage you gain from its use. More...