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Understanding who is in your ecosystem and how they feel about your products will help you cater messaging and build efficiency. That said, there are limitations to the utility of first party data, which is why third party data is essential.
Here are four reasons you need third party data to bolster your first party data set.
First party data can give you a robust view of everyone in your ecosystem. But it does not tell you much about potential customers outside of it. Knowing who your investors are is useful, but to grow you need to break out beyond your current customer base. Third party data will give you access to additional profiles and information about potential investors. Combining this information with the first party profiles you have can help you figure out where to next target your marketing efforts.
Your first party data can only provide a very specific portrait of your existing customer base. Understanding what advisors and investors are researching outside of your ecosystem can help you develop products and refine your messaging. You might also gain insights into where and how investors are getting to your products and discover opportunities to accelerate growth. You can begin to build out a 360 view of your target investor audience.
If you want to build AUM, then you need to meet your clients where they are online. Third party data is essential if you want to make truly personalized journeys for your prospects. Having messages that can be specifically tailored is more effective than general marketing. Research has shown that personalized campaigns boost click through rates, increase conversions, and help with sales.
If you have a product in the market, you likely have competition from similar products targeting the same potential investors. Leveraging third-party data can reveal critical insights into who is investing in your competitors' products. By understanding their investor base and behavior, you can uncover actionable opportunities to refine your strategy, differentiate your product, and maintain a competitive edge in the marketplace.
If you're interested in working with a 3rd party data provider, learn more about our investor intelligence data here.
Understanding who is in your ecosystem and how they feel about your products will help you cater messaging and build efficiency. That said, there are limitations to the utility of first party data, which is why third party data is essential.
Here are four reasons you need third party data to bolster your first party data set.
First party data can give you a robust view of everyone in your ecosystem. But it does not tell you much about potential customers outside of it. Knowing who your investors are is useful, but to grow you need to break out beyond your current customer base. Third party data will give you access to additional profiles and information about potential investors. Combining this information with the first party profiles you have can help you figure out where to next target your marketing efforts.
Your first party data can only provide a very specific portrait of your existing customer base. Understanding what advisors and investors are researching outside of your ecosystem can help you develop products and refine your messaging. You might also gain insights into where and how investors are getting to your products and discover opportunities to accelerate growth. You can begin to build out a 360 view of your target investor audience.
If you want to build AUM, then you need to meet your clients where they are online. Third party data is essential if you want to make truly personalized journeys for your prospects. Having messages that can be specifically tailored is more effective than general marketing. Research has shown that personalized campaigns boost click through rates, increase conversions, and help with sales.
If you have a product in the market, you likely have competition from similar products targeting the same potential investors. Leveraging third-party data can reveal critical insights into who is investing in your competitors' products. By understanding their investor base and behavior, you can uncover actionable opportunities to refine your strategy, differentiate your product, and maintain a competitive edge in the marketplace.
If you're interested in working with a 3rd party data provider, learn more about our investor intelligence data here.
