Third-party data are data sets that marketers can buy or rent from third parties - usually specialized data providers, but also social networks such as Facebook, for example. This contrasts with first-party data, which is collected by the company itself, but it can also be a useful supplement to it.
Therefore, third party data is mostly used if the company wants to expand and enrich its existing first and second-party data and thus improve the targeting of its own marketing measures and campaigns.
The advantage of third-party data is its fast availability - the data does not have to be laboriously collected and analyzed by the company.
The disadvantage can be a low availability because not every information about each user is known.
Nevertheless, it can be worthwhile for companies to use third-party data, for example when acquiring new customers. However, it is essential to observe applicable data protection regulations.
Third-party data can only ever be a (sometimes expensive) supplement to first-party data. For this reason, it is worth investing in your own data management in the interests of sustainability.
Would you like to find out how your company can benefit from the various possibilities offered by trbo technology? In your personal, non-binding demo you will learn everything about onsite personalization, recommendations, A/B & multi-variant tests and much more.