“Party Data” refers to data related to individuals or entities that interact with your business or organization as customers, clients, or partners.
Party data management is a crucial aspect of customer relationship management and plays a central role in understanding and engaging with customers effectively. Party data includes information about the individuals or entities themselves and their interactions with the business.
Some key aspects of party data in the context of customer data management include:
Customer Information:
- Name: The full name of the customer or the name of the business entity.
- Contact Information: This includes phone numbers, email addresses, mailing addresses, and social media profiles.
Demographic Data:
- Demographic Information: Data like age, gender, income, and marital status for individual customers.
Transaction History:
- Purchase History: Records of products or services purchased, including date, quantity, and prices paid.
- Order Status: Information about the status of current or past orders.
- Payment Information: Details of payment methods and transactions.
Customer Interactions:
- Customer Service Interactions: Records of customer service inquiries, complaints, and resolutions.
- Communication History: Logs of emails, calls, live chats, and other forms of communication between the customer and the business.
Marketing and Engagement Data:
- Marketing Preferences: Information on how customers prefer to be contacted and their marketing communication preferences.
- Response to Marketing Campaigns: Data on how customers respond to marketing efforts such as email campaigns, advertisements, and promotions.
Website and App Usage:
- Website Behavior: Data on how customers navigate and interact with the business’s website or mobile app.
- User Accounts: Information related to customer accounts on digital platforms.
Social Media Activity:
- Social Media Interactions: Tracking interactions, comments, and mentions related to the business on social media platforms.
Feedback and Surveys:
- Customer Feedback: Gathering feedback through surveys, reviews, or feedback forms.
- Net Promoter Score (NPS): Assessing customer loyalty and satisfaction.
Subscription and Membership Data:
- Subscription Information: Details of subscription services or memberships.
- Membership Levels: Differentiating between various membership or loyalty program tiers.
Consent and Preferences:
- Consent Records: Documenting customer consent for data usage and marketing communications.
- Privacy Preferences: Recording customer preferences related to data privacy and sharing.
Geographic and Location Data:
- Geographic Information: Geographic data such as customer locations, regions, or time zones.
Analytical Data:
- Behavioral Analytics: Analyzing customer behavior and patterns to make data-driven decisions.
- Customer Segmentation: Grouping customers based on common characteristics for targeted marketing and engagement.
Types of Party Data
- Zero-party data (0PD) is data that customers willingly or proactively share with you. This data is explicitly provided and covers a wide range of topics that would be difficult to predict, such as product preferences, favorite brands, plans for future purchases, and satisfaction with products and services, it might also include more names, more email addresses, more phone numbers, and places of work or places where things can be delivered. This is usually provided on a self-service basis and would typically also include consent flagging.
- First-party data (1PD) is information that you would collect through traditional self-managed data collection channels – these, include your paper forms, website forms, e-commerce sites, mobile apps, POS, etc. 1PD is considered to be the most trustworthy and accurate type of data out there but it isn’t always up to date, there are privacy concerns regarding misuse but you can usually work around those by including a checkbox with consent for use when you gather the data.
- Second-party data (2PD) is data that you’re getting from another company. Some that you might use or would have used would be Facebook and Google, Adobe, HubSpot, and Salesforce. It’s their first-party data that they sell to you directly. When you combine your 1PD and 2PD you can use programmatic methods like ML to build more comprehensive customer segmentation and targeting initiatives, and you can more accurately predict your customer and prospect behavior.
- Third-party data (3PD) is data that you might buy from data aggregators. Examples of 3PD furnishers include Nielsen, Acxiom, Oracle, and Adobe Where 3PD comes from is not always clear but the sheer volume of the data facilitates the discovery of new audiences and prospects in new ways and may even fill in the blanks for some of your existing customers.
Effective party data management involves collecting, storing, securing, and utilizing this information to enhance customer experiences, personalize marketing efforts, and make informed business decisions. It’s essential to handle party data responsibly and in compliance with relevant data protection and privacy regulations to protect customer privacy and maintain trust.