Data is the solution to any problem and marketing is no exception. If you want to strategize your marketing, it can be with the help of data. It can make your data faster and smarter. Yet, there are some doubts about whether marketing strategies driven by data are beneficial or not. This again depends on the mass of the data and its source. For art marketers data means how the internal system tracks revenue. The next question that arises is if the data matches your needs and will it deliver my requirements.
Many arts marketers think that transactional data is all that they have and hence become dependent on it. What they fail to realize is that there is more data available. Any data driven marketing strategy can be divided into three categories to increase targeting and revenue. This is called first party data, second party data, and third party data. First party data is owned by you and the information can be collected from ticket sales, focus groups, surveys and crowd intensity. As a marketer, it is always important to think beyond transactional data.
For example, the ticketing data of a person can tell you that he/she buys a ticket for summer performances. But the profile of the data can reveal that he/she does not live in that place during winters and hence selling a winter ticket would be futile. This gives a new dimension to your data. First party data can be useful for messaging the patrons, but it cannot be used to understand their behavior.
Second party data is first party data of another person made available to you. Such data has been exchanged for years. You can seek mail listing from peer organization. This second party data can balance too much and not enough data. This data is prospective and scalable when compared to first party data. Though, the only concern here is violating privacy concerns. This type of data is often considered the right choice.
Third party data can be collected from various sources. Huge data can be converted into suitable profiles that can help target the market. This type of data is both qualitative and quantitative. This can help understand how people behave that can help in developing a marketing strategy that is contextual. Third party data is sold through brokers, and open datasets are also available through sites like data.gov, claritas.com and more.
When it comes to scalability and expansiveness of the data, it is not precise. Moreover, it is not unique, can be expensive and at times unreliable. It can also be massive that it cannot be read for action. Marketers try to avoid the risk factor that concerns privacy and data collection methods. On the whole, the type of data you want and how to use it depends on the needs of the marketer.
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