3rd party data can be an incredibly valuable asset for marketers of all types.
When it comes to edtech companies and digital marketing specifically, the nature of the market businesses want to target makes 3rd party data sources even more powerful. A highly defined prospect group means 3rd party data can be especially effective in generating accurate user profiles and other tools that lead to a more targetable audience. That, in turn, leads to more opportunities for identifying relevant and interested prospects as well as closing sales.
With these benefits in mind, it’s important to remember that securing 3rd party data sources is only part of the equation. Your company needs to have strategies in place to truly realize the benefits of 3rd party data. Understanding the answers to some common questions about 3rd party data strategies can prepare you to implement effective plans of your own.
How is 3rd party data collected and commonly used?
3rd party data comes from a source outside your business. Generally, 3rd party audience data, among many other types, is purchased from a trustworthy provider that collects the data themselves. This is in contrast to:
- 1st party data, which your company directly gathers itself from prospects.
- 2nd party data, which comes from relationships with partner companies. Google Ads is one example.
To learn more about the basics of what 3rd party data is and the foundational concepts of of using it in education marketing, check out our article dedicated to that very topic.
Why is 3rd party data a good choice for strategic planning?
“3rd party data informs critical actions and can make them more effective.”
Strategic plans that influence an entire organization or department are pieces of critical guidance. Strong plans are built on information that drives thoughtful and effective decision-making. 3rd party data offers a valuable opportunity to both supplement existing customer data held by a company and identify new prospects. Whether it’s developing targeted ads, planning routes for sales reps or customizing a presentation, 3rd party data informs critical actions and can make them more effective.
How can companies use 3rd party data to enhance their marketing planning?
3rd party data can be leveraged in a variety of ways to support marketing objectives and develop better results. Deloitte highlighted the use of 3rd party data to build models that identify the ideal prospects to focus on in marketing efforts. While this example involves a semiconductor company, the same strategy can be used across a variety of industries – including education marketing.
With a robust set of data, including 3rd party data, businesses can ensure they’re targeting, learning more about and reaching out to the right people.
What are the benefits of using accurate 3rd party data like Agile’s database?
Data accuracy is a key consideration when it comes to producing value. Updating, cleansing and taking other steps to manage data related to contact details, class size, programs offered in a school or district and similar information is crucial.
Summer, the traditionally slower season for both education professionals and marketers, is the perfect time to update your databases and ensure they’re fit for use. It’s also a period where considering the value of outsourcing clean, accurate and fit-for-purpose 3rd party data makes sense. A dependable 3rd party data provider like Agile doesn’t just share accurate information that’s customized to meet your needs. Your organization also benefits from reduced workload in terms of internal data management.
How can Agile provide valuable data and insights into educational institutions through 3rd party data?
At Agile, accurate data is our cornerstone – but it’s far from the only service we provide. Our Market Intelligence, Marketing Services and Data Services provide the additional support, analytics, reporting and context necessary to spur successful campaigns. To learn more, get in touch with us today.
