When using data collected to target mortgage leads, it is important to understand the type of data with which you are dealing. This will ensure that your mortgage marketing is being communicated correctly. Following are the three major types of data, which involve varying sources and interactions:
First-party data – In its broadest terms, first-party data is data that has been collected by a person or company itself, usually through a direct interaction. This information can include points such as name, address, email and phone number. First-party data is generally considered to be the most accurate and reliable data type, and it is often free due to the collection method.
Second-party data – This is essentially first-party data that has been shared from one entity to another. Usually gathered from consumer interactions by the entity that later does the sharing, this type of data can make understanding audiences much easier.
Third-party data – Acquired by purchase without a direct consumer relationship, third-party data is often gathered using surveillance of web browsing and cookies and may not be verified by the consumer. Third-party data can be effective for targeting or expanding reach.
In some situations, a discrepancy will exist between first-party and third-party data. In a case where leads are generated using an opt-in and the consumer knowingly agrees to receive information from a company, that data is sometimes said to be first-party. However, due to the way this information is collected, it is technically still third-party data.
When using data to market, it is important to think about the source. The way you reach out with first-party data is going to differ from how you reach out with third-party data. When you communicate with first-party data, you have had a real interaction with a person and can speak with them as if you’ve actually met. Because third-party data is bought, you have to speak to these people with the understanding that while they may be interested in a home loan, they have not met you and do not know about your business.
All types of data have a place in mortgage marketing. The key to using them correctly is identifying your goal and understanding how the data you are acquiring is going to support your mortgage marketing strategies.