By the Webtrekk Team
Data ownership is, essentially, a synonym for first-party data. That means collecting information about visitors to your website and app, then controlling that data yourself. Enriching the user profiles of your potential customers this way makes you data-driven and gives you an edge against the competition.
So, what is first-party data? Simply, it’s data collected by a company about their visitors and customers. It illustrates how your visitors interact with your content and products, making it super informative.
However, third-party usage remains exceedingly popular. Third-party data pools build a user picture by collecting information on how visitors interacted with your (and your competition’s) website and apps. The third-parties then sell you the segmented data back. In other words, you lose important data to your competition and you lose control of your data.
Your own data is incredibly valuable; data ownership can even optimize your marketing spend on platforms including Google and Facebook. For example, first-party data can recognize customers willing to buy and subsequently exclude them from certain campaigns, saving precious advertising money.
Luckily, it looks likely the upcoming ePrivacy directive (sister to the GDPR) will actively encourage companies to take up first-party usage. Even though the Directive is yet to be finalized, the European Data Protection Supervisor (EDPS) recommended that ‘the ePrivacy Regulation should also create an additional exception for first-party analytics cookies … The EDPS welcomes the fact that a new exception has been created.’
So, data ownership is officially A Good Thing. Let’s make an IRL comparison: Imagine you are shopping in Aldi, and there’s 50 people following you, noting down what you put in your basket and what you buy. In the real world that would be unacceptable, but it’s exactly what is happening online —except third-party cookies are invisible and anonymous.
Data ownership is a good direction to take. Webtrekk believes companies should be discreet with their data, and stay in control of it. In turn, you will be gathering expertise on your company and optimizing your online marketing strategy. And most importantly, it’s the data you’ve collected yourself that will give you a competitive advantage.