(This is the 1st post of a 4-part series on second-party ecommerce data for non-ecommerce businesses)
Insurance companies can benefit from second-party data
It's not just ecommerce companies that can benefit from second-party data and being part of a data co-op. While knowing if a user has gone to an online jewelry retailer, for example, and visited the shopping cart page before leaving the site is great data for a competing ecommerce jewelry marketer to know, there is also something quite tangential in the information data co-ops collect that can be very beneficial to companies that aren't in the ecommerce space directly. Insurance companies (or certain types of insurance companies) are one such segment that can make logical leaps in regard to a user's spending or shopping behavior.
Medical, Rescue & Evacuation Insurance
Insurance companies that deal with certain types of medical, rescue and evacuation insurance could most definitely find a use for second-party data and setting up a campaign that would make sense. For example, if an insurance company knew when a user bought something on or was visiting a camping, skiing, hiking, scuba or climbing ecommerce site, this could be an appropriate user to be shown an ad about evacuation or rescue insurance. Heck, Hivewyre is in Scottsdale, Arizona and every year close to 200 people need to be rescued from the trails and mountains because tourists underestimate the Phoenix climate. Why not show users who just booked a trip on an Arizona tourist site or with a keyword term "Grand Canyon" ad copy like: "Hiking in Arizona? Nearly 200 people rescued each year in the Arizona Mountains - and those rescues ain't free?"
Insurance companies, which specialize in travel insurance, could use data from visitors who were on travel ecommerce sites, booked a flight, rented a car, etc. and expose them to travel insurance options. Combining this second-party data with keyword-targeting too, a travel insurance company could show ads only to people who are looking for "Cruises", for example.
Visitors who are on car buying sites, although may not buy a car directly online, would be good consumers for auto insurance companies to reach out to after they jump off these sites.
What about auto insurance when you're in another country? A few years ago I was going to drive down to Mexico for an Ironman triathlon relay and luckily a colleague of mine pointed out that I needed different auto insurance, if I was planning to drive south of the border. An insurance company which specializes in Mexican auto insurance, could do a geo-targeting campaign on users who are on travel sites looking for trips to Mexico and are within X miles from a certain city or town in Mexico, for example.
Other non-ecommerce companies who could benefit from second-party data
Any business would love to have data from users who are ready to make purchases soon or are making purchases in real-time. And this is what having access to second-party affords a business to do. A non-ecommerce site, like a travel insurance company, can use second-party data to extrapolate what it may mean for its business if it knows when a user booked a trip or for an auto insurance company to know when an online visitor is on a car dealer's site. There is no guarantee that the user who bought a snowboard online will need evacuation insurance; but is it such a far leap either to think that showing this same user an ad about evacuation or rescue insurance is completely a misguided marketing strategy?
Here are some other posts on how second-party data can help non-traditional ecommerce businesses: