Marketing services to consumers is increasingly dependent on data. Especially in an industry as competitive and rapidly-changing as cosmetic dentistry, companies must make use of the information they have about consumers, both to secure business and to generate revenue from other sources. The American Academy of Cosmetic Dentistry has reported that more than 70 percent of cosmetic dentistry customers are between 31 and 50 years old and as many as 96 percent are women. That is valuable data, but making use of first-, second- and third-party data can narrow the market even further, down to specific individuals.
Consumer data can be categorized based on its source. First-party data is the data the company collects from its own customers and from visitors to its website. It is often the most valuable data a company has, but it is limited in some important ways. First-party data necessarily fails to provide information about the changing circumstances consumers go through, and it seems companies never have quite enough of it.
Marketers typically supplement first-party data with third-party data, which fills the gaps in customer and visitor profiles. Companies that gather and sell third-party data track consumer intent and behavior. Making use of first- and third-party data in combination is the traditional approach to marketing in the data economy. Because the practice is so well-established though, it can be difficult for a company to differentiate itself with this strategy alone.
Enter second-party data. Technological developments have made it possible for companies to easily share their first-party data via strategic partnerships with others. Sharing information in this way can benefit those in the cosmetic dentistry industry by providing information that would otherwise be unavailable and by generating income from existing data. In seeking strategic partnerships, cosmetic dentistry professionals may consider sharing consumer data with health clubs, beauty salons or nail parlors, to provide a few examples.
Cosmetic dentistry professionals and marketers are largely failing to capitalize on this developing market. Companies now have access to a powerful new source of revenue: the information they already have on their customers. The data is an asset and can be leveraged to build and maintain strategic partnerships or to narrow marketing efforts while simultaneously increasing their relevance. No campaign will be successful unless it reaches the right market. Information from all sources should be utilized to develop brand identity and focus marketing and advertising toward the right people, converting potential clients and website visitors into paying customer