First-party data is the data you have collected about your customers or audience, you own and manage. It can come from your own website through cookies or via your app, CRM, customer feedback, in-store beacons, purchases, contact center, point-of-sale communication, or any other information given with the consent of users. It is a result of direct, trusted relationship and communication with a consumer, which makes it the most powerful. Owning first-party data also gives you the freedom to create your own segments and profiles based on the unique consumer data you have on hand. First-party data is considered to be more valuable and relevant through its specificity and quality compared to second or third- party data.
What is 3rd party data
Third-party data is generally aggregated from many different sources and consists of rich behavioral or demographic data. It is often collected by an entity that doesn’t have a direct relationship with consumers. Third-party data is often an inferred (implicit) data, which means that it is based on past user behavior and not on information, provided explicitly by the user. By collecting detailed behavioral profiles of users such as interests, patterns of browsing activities, hobbies or preferences third-party data has an incredible reach.
How & why Wicked uses 1st party data
Wicked Reports automatically detects 1st party data conversions from your CRM, Email Service Provider, and Shopping cart software. These conversions are attributed back to ad spend, organic, and email marketing efforts. We have patents pending on this process.
We use 1st party data conversions because they are real, verifiable, and the highest signal of intent. Also, they are going to remain legal!
We find there are generally few real 1st party data conversions vs. the 3rd party data conversions being reported on by various pixel conversion trackers.
Each morning we pull all the 1st party data conversions from the previous day and attribute them with our various attribution models that inform different marketing strategies. We match up the conversion revenue from 1st party data against the marketing spend to calculate ROI at the source, campaign, and ad level.
Our 1st party data conversions allow us to give the correct revenue value for each conversion, calculate lifetime value immediately, and attribute high value subscription customers more easily.