Removing Third Party Data Creates Risks and Opportunities

In our previous blog post (and this one, too!), we shared findings from our research study on how professionals are collecting and using third-party data. Three different segments come out of this as respondents had different feelings about the new changes in third-party data availability. They also had different attitudes based on their age and the size of the organizations they work for.

In a landscape changing so much with new technology and ways to collect personal data, it can affect organizations a lot. With lawmakers taking strides to protect people’s privacy, there’s a growing demand for more personalized and relevant marketing messages. As a result, there are risks and opportunities for organizations of all sizes and types.

Different organizations, differing opinions
After looking at the research about third-party data, we found that organizations feel very differently about using data they collect from customers and third-party sources.

The shift from third-party data purchased information) to first party data business-owned

Happening whether people agree with it or not. We found that respondents who don’t rely heavily on third-party data don’t think this shift will affect them, but the ones who are more reliant on data worry about losing access to the information, which impacts their marketing. Across all segments—independent, data-reliant, and concerned respondents—many of them worry about the effects on telemarketing lists privacy and reputation that third-party data presents, but don’t know what other options they have.

What you and your organization think about third-party data, as well as how much you use it, will definitely affect the decisions you’ll need to make in the future. Here are our tips for what to do.
Whether it’s because of new laws and rules or cultural pressures people have about privacy and security, it’s only a matter of time before access to third-party data goes down.

Every organization using this type of data, regardless of size, needs to plan for the inevitable. Start by asking yourself these questions.

What third party data is your organization using now

How can you manage employee expectations CU Lists around data? Who in your organization is responsible for activities that will be the most affected? Have they thought about the impact of these changes on their work? Have they created a new approach?
How much does your organization gather its own information from customers and prospects? Are there ways you can increase that?
How can you manage customer expectations around data? If they currently expect highly relevant and personalized messages from you, how will that change? Will they provide you with direct insight into their needs and what they like to replace the third-party data you’re using now.

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