Leveraging 3rd Party Data for Acquisition

Leveraging Third-Party Data for Acquisition

Written by Denise Covington

So, you’re knocking it out of the park with your first-party audience data. You have a robust “house list” and your CRM team is doing a great job of increasing loyalty, maintaining top-of-mind exposure and encouraging repeat sales among your existing customers. Kudos! You should definitely give yourself a pat on the back.

At this point though, you’re probably wondering about the best way to market your products or services to new customers. Reaching out to people you don’t currently have a relationship with can be a little trickier. Should your acquisition marketing strategy include second-party data? Third-party data? No data at all?

We think IPG COO and Mediabrands Chairman Philippe Krakowsky said it best when he stated, “Clients recognize that the future of marketing – along with pretty much everything else – is dependent on data.”

The Advantages of Third-Party Data

OK, so “no data” is out, but what about second-party data vs. third-party data? They both give you information on new audiences, right? Yes, but with one very large difference – third-party data gives you a more detailed and larger amount of data which ultimately allows you to create a more targeted campaign. Therefore, third-party data gives you a clear advantage over second-party data.

Very simply put, marketers need third-party data to reach the right audience. Third-party data not only gives you access to the largest volume of data, but it also allows you to create highly targeted campaigns based on demographic, geographic, psychographic, behavioral, contextual, in-market timing and lifestyle segments. When you market to the right person at the right time in the right way, well, that’s when the marketing magic known as conversion happens.

Not All Third-Party Data is Created Equal

Now, if you’re on the fence about leveraging third-party data, it’s probably because you’ve heard and possibly heeded the warnings that are out there. Maybe you’ve read about how third-party data focuses on quantity over quality, or how it’s the same data that your competitors have, or maybe you’ve heard how it might even be illegal! There may be a kernel of truth to those critiques, but here’s the thing, and it’s important – not all third-party data is created equal.

At Infocore, we offer two advantages over most third-party data providers. The first advantage is that our data is of the highest quality. Different data suppliers have different methods of collecting, nuancing and updating their data sets. That’s why Infocore has a stringent process for vetting and onboarding data suppliers. Our team does the rigorous research to identify the best suppliers based on how their data sets are sourced and enhanced. We do the hard work, so you don’t have to. We offer you a simple one-point-of-contact service connecting you to the data vendors that will benefit you the most, and then we manage the direct mail or email campaign flow on your behalf.

OK, so Infocore’s data is high quality, but is it compliant? That’s a valid question and a common concern. A recent study showed that over 10% of US marketers are very worried that their use of third-party data could raise privacy concerns.1  Infocore is an industry expert in the evolving landscape of global privacy regulations. Not only do we make sure that all of the data we source is compliant, but we also make sure that it doesn’t come across as spam.

Our data vendors have permissioned relationships with consumers. They have opted-in to receive promotional messages from the vendors and their partners. Plus, when your data is both high-quality and compliant, you know that it’s reaching the potential customer that’s most likely to be receptive to your offer.

To find out how Infocore can help you leverage third-party data, request a free consultation.

In the automotive industry? Click here to see how email campaigns using third-party data continue to benefit the automotive OEM market.

1 Duke University’s Fuqua School of Business’s “The CMO Survey: Highlights and Insights Report – August 2018” commissioned by American Marketing Association (AMA) and Deloitte.