Maximizing Your Third-Party Data Strategy
Enhance customer insights with data collaboration
By relying on first-party data alone, marketers only see a part of the full-campaign picture, leaving valuable consumer insights on the table and fueling your AI tools with incomplete data.
Third-party data, consumer insights from across channels and audiences, remains an essential, but often underutilized, part of a marketing data strategy.
In this Here’s the Deal episode, John Shaughnessy, a leader for LiveRamp’s Data Marketplace, shares how third-party data can expand audience reach, enrich customer insights, improve targeting across channels, and drive more effective measurement – all while respecting data privacy and compliance.
Transcript
Industry trends have given first and second party data increasing airtime for marketers and builders. But if you ignore your third party data strategy, you're doing so at your own risk. I'm John Shaughnessy, a leader in LiveRamp's Data Marketplace, and here's the deal.
First and second party data are key to data strategy, but they leave insights on the table. When I talk to buyers and sellers, I like to use this analogy. First and second party data help you see your slice of the pie. Third party data helps you see the whole thing, informing use cases that can unlock growth potential.
Let's talk about some of these use cases. You're probably not using all these today, and you're not alone.
Let's begin with planning. Lookalike modeling certainly isn't new, but combined with AI, it can be far more effective than ever before.
Competitive conquesting, where first party data helps tell you about your customers today, but third party data helps expand reach.
And then there's opportunities for third party data to make your first party data even stronger. For instance, overlap analysis combining first and third party data to create combination data segments that then can be distributed for activation.
And finally, third party data can even help fill holes in your first party data and add breadth and depth to those records.
Second use case targeting across channels. Digital for DSPs and publishers, TV across linear and CTV, and of course social networks. And don't forget custom segments. These help you reach niche audiences with greater precision to meet your campaign and customer goals.
Third use case measurement. Third party data drives more insight, reduced waste and better outcomes. This can be done via conversion APIs and clean rooms.
Savvy marketers rigorously test, learn and tweak. That's what measurement enables and the savviest ones know that third party data arms them with the most insight to take action.
As you reflect on your third party data strategy, I'll offer a few key considerations.
One, work with partners who prioritize data privacy and compliance.
Two, build with neutral parties.
Three, look for big networks with lots of breadth across both activation partners and data sellers. And four, seek easy buttons, experts who can help you navigate your journey and achieve great outcomes.
At LiveRamp, we're here to help.
By relying on first-party data alone, marketers only see a part of the full-campaign picture, leaving valuable consumer insights on the table and fueling your AI tools with incomplete data.
Third-party data, consumer insights from across channels and audiences, remains an essential, but often underutilized, part of a marketing data strategy.
In this Here’s the Deal episode, John Shaughnessy, a leader for LiveRamp’s Data Marketplace, shares how third-party data can expand audience reach, enrich customer insights, improve targeting across channels, and drive more effective measurement – all while respecting data privacy and compliance.
