‘What are first-, second- and third-party data?’ – Econsultancy
Jack Simpson says, “I’m not trying to teach anyone how to suck eggs here. Perish the thought.
But let’s face it: some of you probably just smile and nod when somebody starts going on about the merits of ‘second-party data’.
Sure, everyone knows what these terms mean in principle, but in this post I’m going to break down three key types of data – first-party, second-party and third-party – and explain what they all mean, where the different data sets come from and the pros and cons of each.
First-party
This is the most powerful data of all, because it’s the stuff you collect directly from your customers and it’s therefore the most relevant and accurate.
Think of it like this: if I ask one of my actual customers about themselves directly, I’m likely to get a much more accurate picture of my target audience than if I bought some data that was ‘representative’ of that audience but taken from people who largely aren’t my customers at all”.
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