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Data Science for Marketers  -  Tomorrow's Knowledge Today!
Empowering Marketers through Data Science
Tomorrow's Knowledge Today!

Are you leveraging these key types of marketing data?

According to a recent Forbes article, more data has been created in the past two years than in the entire previous history of the human race.

By the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet.

By then, our accumulated digital universe of data will grow from 4.4 zettabyets to around 44 zettabytes, or 44 trillion gigabytes.

Are you leveraging data to your competitive advantage? To better answer this you must understand what data types exist and where they come from.

First-Party: This is the data you generate directly from your customers and it is therefore the most relevant and reliable. Common sources include: your website, point of sale and email marketing. This data is uniquely yours but may lack depth.

Second-Party: This is essentially another company’s first-party data that is collected and sold, or shared to you, by that company. This could be a partner whose data sets compliment yours and vice versa, This data can add depth but may have limited availability.

Third-Party: This type of data can be purchased from providers specializing in data collection or any other business that sells data as a service. This type of data is readily available to anyone but data quality can vary.

Public: This is data that can be freely used, reused and redistributed by anyone with no legal restrictions on access or usage. Common sources include social media and the government. Like third party data this is readily available to anyone but is often overlooked as a data source.

What type(s) of data you leverage is only one piece of the puzzle when it comes to turning data into an asset. How you manage, store, retrieve and manipulate data will determine how much value you extract from it.

Data science delivers the technology, tools and talent needed to turn data into your unique competitive advantage - contact us to learn more.


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