Integrating third-party data to your marketing operation would increase your reach and will diversify your presence across different audience

Today’s algorithms are driven by data, mastering and using it effectively as a tool for business-to-business marketing is very important. Third party data is one of the most powerful weapons that a marketer possesses. 

This external information gathered by other organizations apart from your own may be instrumental in guiding your search for customers and reaching out to them in a personalized manner and/or optimizing your advertising campaigns. But whether third-party data will be effective depends on how it is used.  

Understanding Third-Party Data

Third-party data refers to that which has been collected by entities other than those who own it originally. In comparison to first-party data that comes from your target audiences through your own channels or second-party data sourced from partner firms, third-party data largely originates from different sources, usually combined aggregately by vendors so that they can resell it on to you. Some commonly included types of this kind of information are demographic details, firmographics, behaviours and more therefore giving a wide view of potential customers. 

This makes third party B2B marketing datum highly valuable to companies because it helps them reach beyond their immediate circles and attract people who have not yet heard about their brands. Additionally, better dataset quality could also optimize target account profiles when complemented by adding more information from existing ones. 

The Usefulness of Third-Party Data in B2B Marketing

1. Improving Audience Targeting 

Third-party data is a great tool for audience targeting in B2B marketing. By merging third-party data with your first-party data, you can create more elaborate buyer personas and segment your audience more efficiently.

For example, third-party data may help identify companies that exhibit intent signals like searching for particular products or services thus making it possible for marketers to supply them with relevant content at the right moment. 

2. Refining Lead Scoring Models 

Lead scoring is very crucial to every B2B marketing strategy. This means that through adding third-party data, you will be able to fine tune your lead scoring models so as to prioritize leads better.

For example, firmographic data enables understanding of company size, industry and revenue which helps determine conversion probability while behavioral data such as recent online activity shows whether a lead is ready to engage your sales team. 

3. Personalized Marketing Campaigns 

In B2B marketing, personalization is a must-have and not a luxury anymore. Third-party data can help you tailor your marketing messages to the specific wants and needs of your audience.

For instance, if third-party data indicates that a potential customer has recently browsed information on cloud-based solutions, then you may use such information to customize your content outreach by addressing their pain points succinctly as well as offering them with possible solutions. 

4. Widening Market Reach 

Third-party data is also useful in expanding the market reach. This involves the usage of data that provides insights into similar audiences or lookalike accounts thus enabling the identification new prospects who may be interested in one’s products or services. Such an approach helps in acquiring new customers, and more importantly opening up new markets that were previously untapped. 

Best Practices for Using Third-Party Data 

1. Selecting the Appropriate Data Provider 

Not all third party data is equal quality. Your marketing efforts are highly dependent on how good your data is. You should therefore choose a reliable source of information which constantly supplies accurate as well as recent relevant details. Seek those with experience in your field and who will show where they take their numbers from. 

2. Ensure Full Data Compliances 

Due to the current emphasis on privacy of data, it is important that any such third-party information you use is in compliance with any relevant rules and regulations including GDPR or CCPA.

Using data that does not meet the required standards can expose the company to legal tussles as well financial losses. Partner with data providers who have stringent measures to ensure adherence to industry regulations and provide warranties regarding the quality of their products, including management of third-party cookies.  

(Source: Marketing Charts) 

3. Regularly Audit and Cleanse Data 

Here, third-party data decays very fast. To keep your marketing activities effective and accurate, you must perform regular validation and scrubbing of your information base. This step entails deleting duplicates, updating incorrect details and ensuring relevance of existing files for a specific audience targeting. 

4. Combine With First Party Data for Maximum Impact 

Although valuable in itself, the power of this type of information comes into play when mixed with your own first party data. By integrating these two sets, one will be able to better understand their audience thus making marketing messages more targeted and personalized at its best.

For example, by merging intent signals from outside resources together with web analytics information one can determine certain people who are about to purchase something and are only in the stage of consideration before doing so. 

The Problems Of Using Third Party Data 

Also, it must be underscored that third-party data has its own challenges. One of the major worries is the quality of the information provided in such data. Given that it comes from sources outside an organization, there are instances when this kind of data can neither be accurate nor relevant. An unauthorized third party is responsible for 15% of all security breaches. 

Additionally, there is a risk of overlapping some information where different sources have same data points leading to duplication. 

Another thing is integration of this information with your existing one. The process may become more complicated if you are trying to connect unstructured third-party data with your own structured datasets. This requires advanced capabilities in managing big amounts of data and making them ready for use, as well as expertise in ensuring smooth connections. 

Furthermore, privacy laws concerning personal data remain a major obstacle in terms of their application to B2B marketers who should ensure no violations thereof during multi-sourced data management situations. 

In Conclusion, 

The third-party data is a crucial tool in B2B marketing as it offers the ability to better target the audience, improve lead scoring, campaign personalization and expand market reach. To make this kind of information work effectively, marketers must identify the correct providers, observe compliance measures, merge data smoothly, and regularly cleanse and validate datasets.

When these instructions are followed by B2B marketers they will be able to take full advantage of third-party data leading to effective marketing results. Connect with Vereigen Media for more tech deeds! 

By Akash Bhagwat