The dictionary definition of First Party Data would be – information that you have collected directly. That information could be about your audience, about the products, the behavior of your customer or other related information such as traffic, weather, and so on. The first party is you, your business or your organization.
The Data collected belongs to you. In case of a media owner, it shall belong to the media owner. Ownership also makes the data auditable and by extension, reliable.
This information is highly applicable in providing personalized experiences to the advertisers and brands. It helps in effective media planning and can improve ROI (return on investment) and lower CPI (cost per impression), as more comprehensive targeting is possible.
Besides the obvious business benefits, it does not invade user privacy and is surprisingly honest.
We, at Hashbrown Systems, have been working with data and information in the realms of finance, business sales and out-of-home advertising, and our Media Planning Software employs first party data to design data-driven campaigns.
For Road Traffic and Location Analysis, we deploy a deep learning camera to measure movements, trends and other information for marketing attribution, campaign planning and personalization.
Feel free to contact us if you seek more information on how to collect data, collate with other information that you might have and collaborate with us in developing a platform more suitable to your business needs and requirements.