Marketers who leverage data-driven strategies know that making the best use of internal and external data sources is a critical part of getting campaigns and content in front of the right audience.
Second-party data can play an important role in maximizing marketing data efficiency, as it fills the void between in-house data and purchased third-party data. Second-party data comes from more trusted outside sources that an organization may have an existing relationship with, such as a publisher's website, a DMP or a direct partner.
"The Power of Second-Party Data: Partner with Trusted Sources to Discover New and Valuable Audiences" report from Marin Software focuses on the potential of second-party data and what marketers can do to get the most value from it.
According to the report, display data from the Marin Global Digital Advertising Index shows that advertisers who leverage second-party data are seeing success.
"Upon taking a sample of large display advertisers who recently begun utilizing second-party data, we saw an increase in advertiser efficiency with an average drop of 30.2 percent in cost per conversion and an average decrease in cost-per-mille of 5.8 percent when examining a quarter before and after they began using second-party data," the report reads. "In addition, second-party data increased consumer engagement and conversion, resulting in a 23.5 percent increase in click-through conversion rate and a 14.5 percent increase in view-through conversion rate."
Leveraging shared data for use in display campaigns is one way advertisers and publishers can share data, because finding commonalities between two organizations can shed some light on who to target.
"Look for potential opportunities in areas of overlap between datasets," the report reads. "These overlapping areas within the joined databases may contain valuable insights that enrich and enhance a company's own first-party data for stronger and more specific targeting."
- download the complete report from Marin Software