What would you do if you could see into the future? Would you warn others of impending danger? Would you become a masked vigilante and save lives? Would you invest in the stock market and become rich?
What if I told you there was a way to see into the future? You might be disappointed when I told you it wouldn’t let you see your personal future. You wouldn’t be able to see major historical events or check tomorrow’s stock exchange numbers. But you might be able to see what your leads are going to do and where to catch them in their most vulnerable state.
This is called data collection. And if you could see how many data collection programs run on facebook alone, you might not feel so easy about hanging out on the internet. You might, however, get excited about how much you can know about your leads.
Here’s how data collection works and how you can utilize it for your small business or startup.
1. What Is First-Party Data?
Think of data analysis like a target. You are at the center and you want the darts to come to you. But sometimes, the darts land just outside your circle.
You can see them and analyse them, but they aren’t through your doors yet. In marketing, we call these leads.
Where your leads are determines the kind of data coming from those leads. First-party data is the data coming from your direct audience.
In essence, these are the people already buying from you or imminently going to buy from you. Here’s the kind of data you collect from first-party leads:
- Behavioral data you collect on the interests or the actions of your leads
- Information customers share with you directly. For example, you might ask them “why AggData is their preferred locational data collection company.”
- Data collected on subscribers
- Data from customers who interact with your brand on social media
- Data from other platforms where you leads might hang out
2. Second-Party Data
Second-party data comes from other dartboards. Principally, it comes from another company’s dartboard. These are lead data you pay for.
You might have to form alliances with competitors to get better data. Or you might decide to peer into a related niche where potential leads might reside.
Either way, this data is valuable to your campaign. And it might give you access to different data sources than what you have available from your direct audience.
Maybe someone in your niche created an app. They will be collecting different data sets than what you can collect on your website.
Leads might be answering surveys differently for someone else or someone might be using clever questions you’ve not thought of. There will always be holes to plug in your first-party data, thus it’s wise to reach out to others who might be able to help you fill them.