In a world where many rely on third-party data to add scale or enrich their…
Your first-party data provides great audience insights – insights that can be further enhanced by layering in third-party data accessed from our global data exchange. But what if you’re looking for a more strategic way to enhance your existing first-party data? That’s where Lotame Syndicate comes in. Here, we answer some commonly asked questions about this powerful DMP feature:
Q. What is Lotame Syndicate?
Lotame Syndicate is a product that powers the seamless and safe exchange of second-party data. With Lotame Syndicate, you can create a private data marketplace that gives you access to a rich new source of second-party data.
A luxury auto brand, for example, may choose to share select audience data with an app that profiles 5-star travel resorts. Both companies are targeting the same affluent audiences, but they’re not directly competing with each other. For these brands, exchanging first-party data can help provide deeper audience insights.
Q. What’s the value of second-party data?
Combining second-party data with first-party data delivers many of the same benefits delivered by combining third-party data with first-party data, but with one notable exception: The second-party data you’re accessing is not available on the open market. This gives you access to audience insights not available to your competitors. And in a market as competitive as digital advertising, every advantage is worth taking. Read more about the basics of second-party data here.
Q: How much control over all this data sharing do I have?
With Lotame Syndicate, you choose exactly what data to share, how it’s shared and who gets access to it. You can also turn off access at any time. You have complete control to create custom parameters and sharing rules. Plus, you can decide whether there’s a commercial component to the data sharing, which can help deliver an additional revenue stream to your business.
Q: What is Syndicate:Direct vs Syndicate:DMP?
Lotame Syndicate comes in two flavors for maximum data portability. Syndicate:DMP is the version that is available between two Lotame DMP clients, and all data sharing happens inside your existing DMP accounts. Data shared is then available for activation through all of your normal channels.
For Lotame clients wishing to sell their 2nd-party data to other companies who are not DMP clients, Syndicate:Direct is a way to send your data directly to DSPs such as TubeMogul or Google. You still maintain the same level of control over who you are sharing what data with, on what terms, but this offering means you can share it with companies who are not Lotame DMP clients.
Q: So, how do I get connected to other participating companies?
For existing Lotame clients, you will have access to a list of participating companies inside the DMP along with a way to connect to data buyers and sellers there. Alternatively, your Lotame Client Success Manager is available to work with you to identify the type of second-party data that you’re interested in or are interested in selling. Clients interested in sharing data will work together offline to create an agreement that details what will be shared, the costs and duration.
For non-Lotame clients looking to access 2nd-party data via their DSP, all you need is your current DSP account. The company you are purchasing 2nd-party data segments from will be able to send those segments to your DSP with a few clicks.
Ultimately, Lotame Syndicate has all these great benefits, plus continued data protection. Throughout every exchange, your data and the privacy of your consumers will be 100% secure. Have more questions? Contact us today to talk! Or, if you’re looking for more guidance on 2nd party data, check out our Guide to 2nd-Party Data Success!