July 25, 2023
Welcome to the new world. In a rapidly evolving digital landscape, businesses are constantly seeking to strike a balance between delivering personalized experiences and respecting consumer privacy. According to a recent study by McKinsey & Company, a staggering 71% of consumers anticipate personalization from brands. However, a Cisco survey reveals that 86% of consumers are increasingly concerned about data privacy and desire greater control over their data collection. This presents a unique challenge for businesses: how to maintain consumer trust while collecting sufficient data to provide personalized services.
As privacy laws become more stringent, businesses are compelled to rethink their data strategies. This is where partner data, also known as second-party data, comes into play. Second-party data is information shared mutually between trusted partners. It is becoming a crucial tool for businesses to navigate the changing regulatory landscape and meet consumer expectations.
First-party data, which is information collected directly from customers, has always been a valuable resource for businesses. However, third-party data, which is first-party data sold or given to a company that doesn't have a direct relationship with the consumer, is facing increasing scrutiny due to privacy concerns.
Second-party data is first-party data shared between two trusted businesses. This distinction between sold and shared data is becoming increasingly significant. When businesses share data with their partners, they are engaging in second-party data exchange.
The decline of third-party data is a result of a series of privacy regulations that are impacting the ability of businesses to use third-party cookies. In response to these changes, tech giants like Apple and Google are giving consumers more control over their data, which is affecting businesses that rely on third-party data.
As third-party data becomes less viable, businesses need to find new ways to understand their customers. This is where second-party data can provide a solution. By sharing data with trusted partners, businesses can expand their understanding of their customers without infringing on privacy regulations.
Partner data, or second-party data, can be a game-changer for businesses. It allows businesses to tap into their partners' first-party data, providing them with valuable insights while maintaining consumer trust. This is particularly beneficial for businesses that have a relevant audience and established trust with their partners.
As we move into a world with less third-party data, businesses need to adapt and find new ways to gather customer insights. Second-party data offers a promising solution. By leveraging partner data, businesses can continue to deliver personalized experiences while respecting consumer privacy.
At PartnerPortal.io, we believe in the power of partnerships and the value of second-party data. As we navigate this new era, we're here to help businesses unlock the potential of their partner data. Join today and discover how second-party data from our partners Crossbeam and Reveal.co can transform your business.