This is the second of four College Football Bowl Game Blogs we will be posting over the next four weeks! Stay tuned every Friday through Bowl Season to see who will be competing for the win.
Competitors: 1st Party Data vs 3rd Party Data
By: Jared Levin
Hello all, happy to be here again and write the second portion of 4FRONT’s college football bowl game-themed blogs that will be delivered over the course of the next few weeks. 13 of the 41 bowl games have already been played this past week as we kicked off the season with an in-depth feature of one of our most innovative partners: Makers Wanted Bahamas Bowl (MWBB). From our MWBB account team, Doron and Matt wrote on the strategy and approach of a traditional versus a non-traditional sponsor in that of a municipality rather than a brand.
This week’s iteration of college football bowl game blog season will highlight another one of 4FRONT’s capabilities in analytics. We will dive deep into the difference between 1st party data and 3rd party data and how we use each type to present valuable insights to our partners. Enjoy!
The first competitor in the Fanalytics™ Data Bowl, hailing from databases across all properties and brands, is 1st party data. 1st party data comes straight from your fans and is information that is generally thought of as the most valuable. Examples of 1st party data include your CRM files, email subscriber list, ticket buyer lists, PSL buyers and website visitors. 1st party data is viewed as “king” by marketers and properties. Not only is it available at no cost but it’s invaluable to properties that want to monetize and learn about their audiences. 1st party data is viewed as the most valuable because of its quality, accuracy, and relevance to solving your business objectives.
4FRONT, as a team of analysts and data scientists, recognizes the value of 1st party data with regards to audience, category and brand insights. We work hand-in-hand with our partners to ingest as much 1st party data as possible into our data management platforms (DMPs) to fuel the best possible insights. Whether it’s placing a pixel on a website to track visitors or receiving your email subscriber list, our team of analysts works better with accurate and relevant data. Once all the data is pushed into our DMP, we can then manage, analyze and activate that data on behalf of our partners and their requests.
The next competitor featured in the Fanalytics™ Data Bowl, hailing from 60+ data sources across the globe, is 3rd party data. 3rd party data is data aggregated from outside sources that are not the original collectors of the data. 4FRONT has a partnership with Oracle Bluekai as our 3rd party data provider. Oracle’s DMP aggregates data from over 60 sources and has access to over 7 billion devices across the globe in over 180 countries. Oracle has over 70,000 data points and variables that allow our analysts to build look-a-like audiences and pull insights to a degree almost as accurate as 1st party data.
3rd party data is certainly useful to our team but is made much impactful when it is combined with 1st party data. The marrying of the two types of data in Oracle Bluekai creates perhaps the most authentic audiences that give 4FRONT and our partners a real-time device-level view of fans that can then be segmented by demographics, psychographics, and behavioral attributes. Developing a 360∘ audience profile, 4FRONT can now uncover insights for our partners as well as drive media targeting strategies.
An incredibly important aspect to our 1st and 3rd party data analysis utilizing Oracle Bluekai is that our insights are created using a “device-based” methodology. A device as defined by Oracle Bluekai is any piece of technology that can connect to the internet and register its own IP address i.e. smartphones, tablets, desktop computers, game consoles, and smart homes. On average, United States residents own anywhere between 3 and 5 devices.
Many of the larger analytics players in the space today use “survey-based” methodology but at 4FRONT, we believe that your online behavior is the best possible indicator of your actionable insights. We live in a digital era and therefore, a digital device-based methodology for data aggregation creates the highest level of accuracy and we cannot emphasize that enough! Using one of your devices to look for flights to Hawaii tells us through data attribution that you are now in-market for trips to Hawaii and we find that more actionable than filling out a survey asking you travel-based questions. All data within Oracle is aggregated based on internet browsing and purchasing behavior and we truly believe that type of methodology is the most actionable via digital media strategies or partnership deals.
4FRONT does incredible work revolving around data analytics and we feel that our methodology is amongst the best in the industry. Whether it’s 1st party data from one of our partners or 3rd party data look-a-like audiences, we can pull valuable insights and conduct storytelling that arm our partners and/or prospects so they can go-to-market with useful information to accomplish their business objectives. Data at all levels is valuable but it is imperative to note the differences between the two as well as how 4FRONT uses each type within the marketplace.
This concludes the first half of the 4FRONT Bowl Game blogs. Each blog goes along the theme of one of 4FRONT’s verticals by emphasizing the difference in two key products, services or strategies within that specific vertical. The Makers Wanted Bahamas Bowl blog kicked off the season analyzing the strategy of our innovation team as we evaluated a traditional versus non-traditional bowl game sponsor. The difference between 1st party data and 3rd party data, highlighted in the blog, features 4FRONT’s analytics vertical. I hope you enjoyed this piece and stay tuned next week’s iteration of the 4FRONT Bowl Game Blogs featuring our digital team and some of their capabilities.
If you’re interested in learning more about our analytics and research, click here to read about what we do and who we do it for.