Data Collection is one of the colossal drivers of marketing campaigns today. It can be sourced from First/Second/Third Party audiences making it a valuable asset for the companies to target their ads and highly benefit from it too.
First party data is defined as data which your company has collected directly from your audience made up of customers, site visitors, and social media followers. “First party” refers to the data collected firsthand to use for re-targeting, is cost effective, and as a marketer you own the data outright. Any company not making use of this valuable resource is basically leaving money on the table. It includes subscription/Social/Behavioural/customer feedback on surveys/CRM data systems and it is the most accurate, crucial, relevant for monetisation of your business.