First-Party Data (plus second and third-party data)
First-party data is the data that you own that has been collected directly from your customers— contact info, emails, website visits, social media followers and more. It’s stored in databases, Excel sheets, email CRMs, Data Management Platforms, and the platforms you use to run ad campaigns.
Second-party data is similar but shared from another partner’s first-party data. For example, another business could send an email to their email database on your behalf or let you retarget ads from their website.
Third-party data is also valuable, but it depends on how you slice and dice it.
The good: buying data that is timely like keyword search data in the past 30 days. For example, a person that is looking to travel in the next 3-6 months will start searching and reading about destinations, places to stay, things to do, where to eat and more. This data is fresh and gives your destination the perfect chance to target and draw in that traveler. If someone is ready to buy something, you want to reach them in a short window.
The bad: a general travel segment with no time behind it. Data like this can be people that traveled 1 year ago but are not in the market to travel again anytime soon. They get bucketed into a travel segment, but your destination will waste impressions targeting them because they are not planning to go anywhere soon.