Second party data
Second party data is a term that refers to the source of the available data. In the case of second party data, other companies are the source of the available information. So the data comes from the so-called competitor companies or other business partners and not from their own resources as is the case with first party data. In addition, there are companies that sell data (second party data) but there are also organizations that provide this information free of charge. The latter can be an excellent deal in a cooperation between companies that have a related offering (for example, cars and car accessories).
The main advantage of using second party data is that customer profiles can be enriched using this information. However, it must be realized that we live in a privacy-driven era. It is not allowed to share personal data without the consent of the data subject. This can be a hindering factor. for collecting large amounts of information from an external source, it may be a better choice to use third party data.
