Terms often get coined before most of us really know how to define them, and the term 2nd Party data is no different.
2nd Party data is 1st Party data that two or more parties decide to share on a “private” basis for mutual benefit, meaning that no one else can access or view it. It requires mutual customer records and shares only the segment of customers you have in common with your data partners.
It can be used to leverage more from customer data to achieve new levels of marketing insight. It allows marketers to understand how their brands interact with other brands and then to create segment-tailored offers that are more timely and compelling.
Want to learn more? Check out our latest guide to 2nd Party data.