Data is like gold to a business, especially when it gives you information on potential customers. However, due to recent scandals with 3rd party data, Cambridge Analytica is a good example of this, consumers are becoming more aware and are now asking questions about what happens with their personal data. Add to this the new GDPR (General Data and Protection Regulations) which come into force on May 25th and it means businesses will now have to seriously think about the type of data they use and how they use it.
One of the main changes that GDPR brings is how businesses will now need to inform consumers directly of:
-what data they are collecting
-how they intend to use it
-who they intend to share it with
The consumer will then have to consent to all the above which could reduce participation in the current collection of data processes businesses have.
Whilst data is important to businesses, it’s more important to have the right type of data.
First party data is information you have collected yourself. This is the most valuable type of data as you know the source and will have a better understanding of the customer. It provides specifics about existing customers such as name, address, email, previous purchases, product interests etc.
The more you know about consumers the more effective your marketing will be. Developing a good relationship with consumers, knowing what they are interested in and how they like to receive information will allow you to build your brand loyalty and get a better return on your marketing.
The only problem with this data is that it’s limited to just the people who you currently have a relationship with, which is why many use 3rd party data in addition.
3rd party data is information that’s collected by providers that don’t have a direct relationship with consumers. This type of data is usually used to create consumer segments for targeting ads and marketing messages, it can often be deemed inaccurate in many cases.
Read more about GDPR here.
One of the many things Adsertor can do is help identify who is looking at your website, the pages they look at and how often they revisit. Adsertor is GDPR compliant.
To book a free demo click here or call 0800 023 9065.