First-party Marketing Data Myths

Data collection is crucial for digital businesses. And gradually, the importance is growing.

We started with the second and third-party data. Today, we have first-party data, which is deemed to be the most accurate one. First-party data in 2022 and the coming years is more important than ever to B2B marketers.

Since most of the prominent internet browsers have changed their cookie policies, and soon all the cookies will be removed from their platforms. Even the browsers want to keep the data of their users safe. Customers can share their data with the brands only if they want to. Thus, getting more value out of digital advertising is becoming more challenging.

Although many brands are still using third-party data for data collection and reaching out to a wide audience, the same will become ineffective owing to the rise in data safety concerns. Thus, B2B marketers must rely on first-party data for their digital marketing.

Using first-party data brings numerous benefits. The data is raw and accurate as it comes directly from the consumer. With such innocent information, it is easy for the brand to create personalized experiences for the customers, which is something brands cannot do along with third-party data.

Despite the benefits of first-party data, certain myths about the data prevent marketers from using it. Let us have a look at those myths here.

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1. Myth – Cookie deprecation will make disrupt your website tags

There is no denying that many marketers today rely on cookies and website tags to identify customer activity along with conversions. Now that third-party cookies are fizzling out, how can marketers measure their conversions? Let alone optimizing the campaigns.

Here, B2B marketers need to make a strong distinction between cookies and tags. Both of these are interrelated but they are not interchangeable. We know what tags are. They are pieces of code put all across websites, and they let you measure marketing performance and visitor interactions. Tags are used to set cookies, which reside on the visitor’s device and store information.

Fact: While we are scared of the deprecation of third-party cookies and other identifiers. we need to understand that the accurate measurements will come from a strong tagging infrastructure. The kind of infrastructure can also work with first-party data and can easily work with new attribution capabilities set forth by the browsers. It is recommended that marketers adopt an advanced tagging solution, which is durable for all kinds of industries.

2. Myth: Only third-party data is the most accurate one

We cannot deny that third-party cookies have played a foundational role in improving user experience and offering marketers righteous information about customer activities, but third-party cookies have also made it difficult for marketers to control their data. The concern has raised another misconception that if we stop using cookies, it will leave us with inaccurate data. That isn’t the real case though.

Fact: With first-party data, accuracy is never a concern. When B2B marketers invest in a first-party data strategy, they can satisfy their customers with privacy preferences and also gain helpful insights.

Marketers create a two-way relationship with the customers. They demand their data and offer personalized product recommendations, special offerings, or deals in exchange. With the right tools and permissions, first-party data can deliver actionable insights unique to the business and customer interactions.

3. Myth: Protecting the privacy and driving business results are mutually exclusive

Finally, as every industry demands marketers to move the identifiers and go towards the privacy-first solution, some advertisers fear that they will create measurement gaps that go a long way in disrupting their reporting and hurt downstream optimization.

Fact: While losing some data is inevitable, we have machine learning tools to preserve measurement and deliver performance. In digital advertising, privacy-prone ML techniques are set forth to enhance campaign reporting and offer a more accurate view of the customer journey.

The journey towards a cookie-less world seems daunting, but it doesn’t have to be. Keep these myths aside and build a strong measurement foundation based of first-party marketing data.

Can B2B marketers reach out to their target audience without third-party data?

Although collecting third-party data is happening in full swing, first-party marketing data collection will rise in the B2B sector soon. While brands are still adapting to the new trend, it is time for you to start collecting first-party data and please your customers with customized experiences.

As per a survey more than 60% of B2B consumers look forward to personalized experiences as a standard service from their favorite brands.

It is time that B2B companies level up their game. They must develop and restructure the way they target their customers. There is no denying that first-party data offers more opportunities in digital media than we assume they do.

It is just a matter of time, investment, and the perfect utilization of resources.

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