1st and 3rd Party Data: How Affinio Extracts Rich Audience Insights
Marketers are swimming in data. They have so many data points, from a variety of sources, that they are simply overwhelmed by it all. First and third-party data – what does it all mean and how can marketing teams ensure they get the most out of it?
In this article, we are going to break down two data sets Affinio analyzes – first and third-party data – and explain what they are and how Affinio extracts in-depth audience insights from each.
First-party data is the data that is derived directly from your users and customers. This is the data that you own. Common first-party data sets that companies have access to include Cookie data, CRM data, transactional data, and survey data. Analyzing first-party data should be a priority for any team as it allows you to learn more about your existing audience, understand their intricacies, and then monetize them.
How we help: Affinio makes it possible to build audiences through first-party data sources by using machine learning algorithms to cluster and gain insight to reason about them. To understand your audiences beyond just the first-party data provided, we pair your custom data with insights from social networks to help make your data set greater than the sum of its parts. [Learn more here]
Third-party data is data that is acquired from outside providers such as social networks and data providers who have no direct relationship with you. The benefits of analyzing third-party data is the sheer volume of data that is readily available and wide-reaching.
How we help: Affinio currently can ingest and analyze third-party data sets including Twitter, Pinterest, Reddit, and LinkedIn to reveal hidden audience insights. Affinio’s unsupervised segmentation technology groups network users into clusters based on the commonalities they share, revealing patterns and relationships within any big data set. [Learn more]
Get the most of your data
It is important for marketers to understand the differences between the datasets they have access to and their limitations. For example, a significant limitation to recognize with first-party data is its reach. Perhaps you are looking to understand the interests of customers but only have data from a few hundred users. The utilization of third-party data counters this limitation. Third-party data can provide insight into millions of new users, who match the profile of an ideal customer. On the other hand, third-party data also has limitations such as quality control and its origins.
With the right combination of data and the proper solution for extracting insights, marketers can craft data-driven marketing campaigns that resonate and make an impact on their audience.