Since second-party data is the new kid on the block that definitely means some time on the question hot seat. Haven’t had time to come up with your list? It’s ok, we have gathered together some of the most popular questions. If we haven’t answered your burning question, drop us a quick email and we will resolve those question marks.
How does second-party data differ from the third-party data I’ve purchased before?
Second-party data is much more reliable than third-party data! It is, simply put, another company’s first-party data. It wasn’t reconfigured by an aggregator. It is approved, inspected transactional, geographic or behavioral data from another company. It is much more accurate and will match with your needs better.
How will second-party data find my new shoppers and increase my revenue?
Would you have known about the shoppers if you had not opted into the second-party data? Likely, no! Second-party data is accurate, like first-party data, but expands the scale much farther than first-party data ever could! These shoppers are already in-market. They are interested in what your competitors are selling. Why wouldn’t they consider your offerings? If your competitors couldn’t close the deal, your products and services could be the missing link. Those shoppers in the second-party data are potential new buyers/conversions which will increase your revenue.
Will my data be safe?
Of course! When joining a data co-op, the last thing we would want is for you to be uncomfortable with how your data is used. Yes, in a data co-op, it is a game of give and take. When sharing your data with a co-op, other companies in your segment will have access to your in-market shoppers, but they won’t know it is your company and we don’t collect any PII information, such as names or credit card information! We stand by our positioning of being a blind co-op. Yes, we want all participating companies to be successful, but not at the expense of others.
What results should I expect?
Every campaign will bring different results. No one company is like another and neither are their goals. We can’t promise which channels will work best for your company, but our track record suggests we will be more efficient than third-party data any day.
Hopefully, we answered some of your burning questions about second-party data and how it could benefit your company. If you have any additional questions, don’t hesitate to email us at email@example.com. The only silly question is the one that isn’t asked!
Hivewyre is a forward-thinking programmatic advertising company. Their private data cooperative allows advertisers to share first-party audience data and build targeted campaigns for prospecting new customers based on their competitors’ unconverted shoppers. Hivewyre advertisers have access to fresh, exclusive data that will never be sold to a third party. With over 500 retailers and over 100 million monthly in-market shoppers in our co-op, our distinct advertising strategy allows you to combat rising search engine PPC & PLA costs and the ever-expanding online marketplace growth. In addition to access to the exclusive data, co-op members benefit from full-service account management and detailed reporting of the return from advertising spend. To learn more about Hivewyre, visit www.hivewyre.com.