Data Collection in the Marketing Field

So that we now know the basics about Data Collecting, let’s go into more depth. One of the best ways to collect data is the DMP- the data management platform. This platform helps companies gather and organize data in a very effective way. There are also different types of data. Primary data is data you collect yourself, and it comes directly from the source. Primary data is also known as first-party data, and it is information that is gathered straight from the customers. For example, in voice assistant companies such as Google and Amazon, first-party data is the type of questions people ask. This data can also collected through surveys and forms, and since it comes directly from the customers, it is the most accurate. Naturally, there is also second-party and third-party data. Second-party data is the first-party data of another company, and other companies buy this data from them. Second-party data is also pretty accurate since it comes from a first-party source, but it is still another companies’ customers, and not your own. Third-party data is data a company has gathered from numerous sources. Different types of data are useful because a company might not have enough first-party data, so they combine it with second and third party, which also gives a different insight on the customers. Within the types of data there are 2 categories: quantitative and qualitative. You may have learned about these types of data in your science classes at school. Quantitative data is mostly numbers and quantities. This data can be measured, and it is very good for analysis, since it is numerical and you can often graph it. Some examples for advertisers include how long a person spent looking at a product, how many people looked at a product, etc. Qualitative data on the other hand is descriptive, and difficult to measure, but easier to show in words. Examples of qualitative data include what colors of a dress people search for, the type of cloth, the style of the dress, etc. As can be seen, there are different types of data, and advertisers have to collect some of each type so that they understand what customers want, and what they should spend money on advertising.

References: https://www.lotame.com/what-are-the-methods-of-data-collection/