The shift from segment level 3rd party data reliance to mastering one’s own 1:1 user level 1st party data continues relentlessly, as marketers seek to unify their data silos. This trend is further strengthened by the DMP powered quest for SCV, and the tightening EU data regulation (GDPR) in 2018.
There is however a very real limit to how far most marketers alone can get relying only on their own 1st party accessible data assets. Quality alone does not fully compensate for reach. Complementing 1st party data with readily available 3rd party segment level data does not offer much solace either, as opacity continues to plague the 3rd party data markets, and as segment membership level information falls short of most needs beyond simple campaign targeting.
In stead, marketers are pouring in over 2nd party data partnership opportunities; both to access qualified, transparent, and trusted peer segments, as well as to access each others’ 1:1 level audience data alike. Whilst the former is already materializing in robust growth for Private Data Marketplaces, also called 2nd Party Data Marketplaces or Peer Data Marketplaces, the rise of mutual AI ambitions is driving another class of privileged and private data sharing: data co-ops for 1:1 level user data. Here, we see a plethora of activity and excitement with DMP customers eager to open up their 1st party data (using the term broadly here, not restricting its meaning to on-boarded offline data) for peers, in exchange for mutual benefit — often in the form of improved algorithmic audiences or cross-device graphs.
So next time when you’re taking inventory of your own 1st Party data assets and cross-referencing it with your commercial ambitions for data use, allow yourself to be a bit more adventurous and to venture into exploring possible data partners who could complement your data strategy — we assure you it will both pay off, and that the chances are good that you’re not alone with such adventurous ideas...
For related reading, please see WAN-IFRA's The new data equation: 1 + 2 = a lot more than 3? and Peer-to-Peer Data and Impact Day
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