On May 30th, LiveRamp hosted RampUp 2013. Hundreds of marketers and ad tech leaders came together to discuss the convergence of offline and online data. Throughout June, we are posting videos of RampUp sessions.
Today, watch Michael Chui of McKinsey moderate as Layton Han of Adara Media, Tyler Kohn of RichRelevance, and Mike Sands of BrightTag discuss the characteristics of 1st Party Data.
A few key points from the panel:
- Responding to Chui on what defines 1st party data, Han mentioned that it is data that isn’t widely available for others to use. “It’s focused on specific companies.” That exclusiveness makes it interesting. For Han, another characteristic of 1st party data was the ability to “continuously learn” and interact with it. With 3rd party data, you’re a step removed.
- Sands took it back to the basics by defining 1st party data by ownership and usage rights. “If you’re a brand and those are your customers” generating data that you’re collecting, that is 1st party data. “When the chain of control and the chain of ownership gets broken,” that is 3rd party data.
- Kohn mentioned that another distinguishing factor of 1st party data was the high quality and confidence that it inspires. With 1st party, “The signal to noise” is very high and meaningful. With 3rd party, “your confidence level goes way down, and there’s a lot more noise.”
- Panelists agreed that despite latency, lower confidence, and unclear chains of control, 3rd party data is necessary for finding new customers and audiences. 1st party data is limited to a brand’s current audience.
Visit again tomorrow for our video discussing site retargeting and CRM retargeting.