First Party Data: What Marketers Are Missing

Google will soon eliminate third-party cookies in Chrome, pushing digital marketers to do nothing but adapt. Many marketers are striving to capitalize on the final third-party information nowadays, while others have just resorted to tactic reinvention with first-party data. You can’t shun the importance of first-party data as a marketing expert. Now is the best time to regain control of the obvious opportunities to build actionable marketing campaigns. One can enhance their marketing ROI by gathering, scrutinizing, and implementing first-party data into the overall marketing strategy.

What is first-party data?

The data collected and owned by the company about a customer is the first-party data. The information is gathered via the systems and software of the organization. The data, which entails purchase history, behavior, digital interaction, preferences, etc., are used to create content, ads, and deliver experiences that cater to individual preferences and interests. Firms rely on first-party data, including mobile app or web behavior, loyalty status, purchase history, call center or in-store interaction, and so on, to build a highly targeted ad for a customer.

Sources of First-party Data

Nowadays, customers interact with brands through diverse channels and devices, both offline and digital. It is a fast-changing and complex landscape with newly emerging touchpoints. However, the crucial thing is not the count of channels you deploy. Instead, it is about creating enhanced brand experiences that thrill customers and drive them to the platform repeatedly.

The core benefit of all the touchpoints is that they enable brands to get their hands on valuable first-party data vis-à-vis their customers. You can connect this proprietary data to individual profiles to resolve identity and better understand consumers’ behavior, expectations, preferences, and needs. To cash in on this data, marketers must take a strategic approach to digital interaction, not ignoring offline warehouses where the information about their customers is stored.

To reap the rewards of this valuable asset- the first-party data- one needs to gather the right data from the right sources. It can be extracted from a wide range of sources such as websites, email, SMS, mobile apps, call centers, beacons, CRM and point of sale, and so on.

Marketing Technology News: MarTech Interview with Alexander Bachmann, CEO of Mitgo

Ways of using first-party data to drive higher revenue from digital marketing

Relying solely on first-party data to create your marketing strategies and targeted advertisements can prove highly advantageous to businesses. For instance, it can facilitate you in standing out from the competition by developing and offering personalized and rich experiences that stimulate higher leads for your company.

To relish the benefits of first-party data, however, you need to do it all right. And here are different ways you can get it done. Read on!

1. Gather the data

Before you begin using first-party data, you would want to make strategies for collecting it. The first and foremost thing is to consider which data you need to gather. As soon as you know what information you require the most and would be worthwhile for your business, you start collecting it. There are many ways to muster worthy data about the audience. For instance, one can collect first-party data from the following sources:

1. Website
2. Marketing tools like Google Analytics
3. Social media platforms
4. SMS and emails

2. Consider using CDP (customer data platform)

A CDP is basically software that gathers, stores, and merges actual customer data that can expatriate the interaction of customers on your website and marketing channels. With CDP, one can get their hands on worthy insights into the customer journey and factors that motivate them to convert into potential buyers.

3. Evaluate customer trends

With first-party data, you can get valuable information about customers who bought your products/ services. You can understand by analyzing what type of users are most likely to turn into potential customers, thus, creating highly targeted ads that reach your audience effectively. For instance, you can try to get information using first party-data about your customer’s location, purchase history, age & gender, and interests.

4. Analyze audience behavior

As soon as you have begun to gather first-party data from the website visitors and customers, you can start to analyze their behavior on the site. Doing so will give you a deep insight into the force that drives their behavior and converts them into potential customers. Not only that, but you would also learn about the strategies and areas of websites that might be driving your customers away. A few important audience behavior data points and metrics you can analyze are bounce rate devices on which users access your website, time spent on a page, and traffic and lead sources.

Marketing Technology News: Missing the Moment: Pitfalls of Over Reliance on Campaign and Product-Driven Marketing