25 Jul Identify and Enhance Consumer Relationships by Embracing First-Party Data
Not all data is created equal. And in today’s marketing environment, first-party data is the cream of the crop.
This high-quality data is collected directly from users and customers, which can provide insights to strengthen relationships and better activate engagement through a deeper understanding of consumer sentiment and actions.
Unlike second- and third- party data, which is brokered through data providers and stitched together to create targeting profiles of ideal customers, first-party data is directly collected from customers. This direct data is a prized cache of customer information.
With valuable information at your disposal, brands and marketers can create targeting that is a more exact match to an actualized consumer profile. Now that you know the potential power of first-part data, how do you activate the data to maximize its potential? Here are three steps to get started.
Take inventory of available data
The first step begins with having a sound strategy. How much first-party data do you have, and how can you best integrate it into your digital marketing efforts? Parsing the data for trends, patterns, and efficiencies will not only make that data more valuable in use, but it can also help to inform all other targeting efforts as well. Knowing where to integrate first-party data into the media mix and tactical strategies helps to ensure the data is used efficiently and effectively.
Be appreciative of the value exchange
Your customers gave you their information, they expect you to be mindful of the personal details they shared. Transparency and trust are essential in maintaining the flow of first-party data. Expectations must be met. Marketers must use the data to enhance and enrich interactions and create a more personalized experience. If consumers and/or prospective consumers feel the marketing experience is tailored to better fit their specific needs they will continue to buy in, if they feel as though their data is being exploited, they will opt out and the campaign will lose out on this value data to drive decisioning.
Implement strategy across all phases
It may feel instinctual to only use first-party data to activate lower funnel customers as it relates to is lead generation acquisition. While this is a high-value segment that often will result in strong ROI numbers it isn’t the only effective use of first party data. Another thing to consider is the source of the data. Some first party data might come from form fills or additional info requests. Others might be email list opt ins and loyalty offers, while others come from post conversion submissions. Each of these data sources is unique to its touchstone along the consumer journey.
Each of this data segments can be leveraged across each of the campaign phases: awareness, cultivation, and intent. Audience look alikes can be built from the data to target prospective customers. Trends can help to better identify the best 3rd party segments, markets, and demographics to promote brand exposure among new and potential customers. And first-party data can be utilized as a direct connect via tech integrations like Subset’s Fetch to match to exact audiences in the lower funnel and drive performance-based ROI.
First party data is not only an opportunity to make a direct connection with personalized and proprietary consumer data it also allows for a deconstruction and reverse engineering of your exact customer profile. Connect with your existing audiences and reach new ones by strategically activating your first-party data.