What can 2nd party data do for you?

Have you ever considered what 2nd party data could do for you? How could the exchange of relevant data with a data partner support your business objectives? Perhaps you are not the only one asking this question, because today we are seeing more and more data alliances.

Why do companies exchange data in any form, ranging from a structural data alliance, to an ad hoc exchange? There are many applications, with one constant idea behind them: companies exchange data when they trust each other and when they can both benefit from it. Crucial is that they have common or at least compatible objectives. Equally crucial is that they both uphold high standards in terms of protection of personal data.

Some of the possible applications:
  • Insights: building data insights based on your own data and the relevant data of a partner. The data itself is not exchanged, only the knowledge that the data can provide.
  • Lead generation: When partners have a view on the overlap between their two customer bases, they can set up highly targeted co-branding or other lead generation campaigns for each other on their own communication channels.
  • Onboarding/programmatic advertising : The ad tech world is already experimenting with creating audiences based on 2nd party data, as a possible alternative to the 3rd party cookies that will soon disappear.
  • Strategic partnerships: When companies are preparing for a strategic cooperation, it can be worthwhile to examine each other's data and understand their added value.
  • Ecosystems: We see ecosystems emerging in various industries where data sharing is a crucial component.

Of course, these are only a few examples. The most interesting application is the one that creates new opportunities for your company and your data partner(s)!

Whatever the application, when you exchange data you want to organize it in a safe, ethical and law-compliant manner. As a neutral party with a lot of data know-how, Black Tiger Belgium is the right partner to help you with this. 

More info on DataXchange

Also read : What is the best approach to data sharing?