Data management: What kind of information does your company manage?
By Pablo Potente
CEO de Harrenmedia
No matter what sector, the quality of data that a company has about its clients and target audience is be fundamental for every phase in product creation, implementation of services, growth (traction), loyalty and testing.
Data is the base of what organizations make decisions on. How released (accessible?) the data is, the decisions come with a more transparent process that allows the company to better understand the user or client, and, as a result, make better decisions.
Despite the importance of databases and the explosion of which, in recent times, has been identified as Big Data, it is common that a business does not know that type of data is available, and therefore, is not able to get the most out of the information they have.
Big Data is information that has been accumulated on a big scale and is based in digital technology that aims to find recurring patterns in the data. This is what sociologist, Bordieu, called habitus, and what social scientists (sociology and political science, to name a few) gathered manually using qualitative and quantitative techniques of field research.
Digital technologies of the web marked a before and after in the access, management and quality of data. (Marks) that had, for the first time, an idea of who effectively saw advertisements and who was encouraged to click on the advertisement shown.
However, companies faced a new obstacle: volume. What do you do with it?
This new universe isn’t always understood by companies and the first approach is to understand the type of data that is being used. In a marketing and advertising campaign – I always speak in terms of my experience through Harrenmedia – it is necessary to identify the type of data by source and proximity.
In this article, I will outline three types of data according to and, or source, that, even though it may seem obvious, are firsthand, secondhand and thirdhand.
First-hand data is literally the information that the company receives directly. This is data that is released through digital assets: websites, data that is sitting in a CRM, subscription bases, social data, multiplatform mobile web data and applications.
This dad is called first hand, because the contact is directly between the client and the company. This data is collected from the public and the clients themselves. Naturally, this is the most reliable and valuable information about the target audience.
The importance of this information is not only given by proximity, but the level of depth and volume of user profile information.
It is assumed that any entry barriers have been overcome between the company and the customer, who is more willing to tell the company about himself.
It is the fact king, because also the first-hand information, often comes to the company for free and does not present any legal problems regarding privacy that obligate brands to run a true digital maze when trying to meet their target audience. So, command number 1 of data management: Above all, take care of the first-hand data that you have.
A company that neglects first-hand data, does not activate or utilize the data, is depreciating money and resources.
Therefore, after identifying, the important thing is to take control of them with proper segmentation and to start learning to use this asset to profoundly scale the commitment with clients and consumers. The results will be seen immediately in ROI of the investments made in marketing.
Second-hand data is data that is provided by associates and partners, who are willing to share this data with us and vice versa. This information is where we are going to be able to explore and where we potentially can add to our first-hand database.
The way to access this kind of information comes through an agreement with a strategic partner and offer entrance or collection points. It is through a (Data Management Platform) or other methodology, access is punctual and previously agreed to between the parties.
Second-hand data plays an important role in extending the audience, because it offers high quality data. The most important mandate related to second-hand data is “You will seek partnerships that will provide reliable data”
Finally, third-hand data is data that generally comes from companies dedicated to releasing and selling it. There are powerful technological tools dedicated to this type of data and ,without a doubt, third-hand data is a very important resource when a company or brand is in the growth process in new markets.
The benefit that third-hand data sources bring is the large amount of information that can be accessed. However, we have to take into account that this information is also available for competitors.
Acquiring data does not mean that we have an audience. Data is an initial investment from which the brand or company will make efforts to effectively add it to their databases. It is to overcome the barrier of entry to the user and make customer.
With this brief review of data types and how to access them using brand marketing teams and running a business, you have more elements to know what to expect the kind of information that we have.
The important thing is to explore, search constantly and manage them efficiently.