Last month for our Data-Driven Digital Community webinar, we talked about First-Party World Problems and how to Future-Proof Your Business with First-Party Data with our Head of Growth, Selina Gough.
Collecting and strategically activating first-party data has never been more important and it’s the businesses who are preparing for the change of cookies in their business decision-making processes that are winning today.
Learn:
- How businesses can formulate strategies to collect relevant data
- How to utilise first-party data to provide value to consumers
- How first-party data improves reporting, marketing budget utilisation and marketing decision making
17. Digital You Can Trust |
3 Key Categories of Data
First-party data is the data you have collected about your
customers or audience, you own and manage
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3 Key Categories of Data
Second-party data is someone else’s first party data that can be
utilized for your own marketing bought directly from the source.
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3 Key Categories of Data
Third-party data is generally aggregated from many
different sources and consists of rich behavioral or demographic
data.
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First-Party
Data
Data
Compliance
Data Quality
24. Digital You Can Trust |
First-Party
Data
Data
Compliance
Data Quality
Data
Accuracy
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First-Party
Data
Data
Compliance
Data Quality
Data
Accuracy
Relevancy
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First-Party
Data
Data
Compliance
Data Quality
Data
Accuracy
Relevancy
Cost
Effectiveness
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First-Party
Data
Data
Compliance
Data Quality
Data
Accuracy
Relevancy
Cost
Effectiveness
Future
Proofing from
3rd Party Loss
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Source: https://econsultancy.com/what-are-first-second-and-third-party-data/
Q: Which categories of data does your organisation use regularly?
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Source: Source: https://martech.zone/first-party-roi/
Q: Which of the following categories of data best with these statements?
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Q: Please rate the importance of each following audience data types as it
applies to your addressable / digital media strategy.
Source: Nielsen 2021 Annual Marketing Report: Era of Adaptation
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We need a strategy...
1
What inventory?
Identify potential data points
across different platforms
51. Digital You Can Trust |
We need a strategy...
1
What inventory?
Identify potential data points
across different platforms
What do you need?
Analyze what available data
points are actually needed to
inform your strategy
2
52. Digital You Can Trust |
We need a strategy...
1
What inventory?
Identify potential data points
across different platforms
What do you need?
Analyze what available data
points are actually needed to
inform your strategy
2
House your data
Organise, organise and unify
customer data in a single
source
3
53. Digital You Can Trust |
We need a strategy...
1
What inventory?
Identify potential data points
across different platforms
What do you need?
Analyze what available data
points are actually needed to
inform your strategy
2
House your data
Organise, organise and unify
customer data in a single
source
3
Start collecting
Allow enough time to gather
and collect your first-party
data
4
54. Digital You Can Trust |
We need a strategy...
1
What inventory?
Identify potential data points
across different platforms
What do you need?
Analyze what available data
points are actually needed to
inform your strategy
2
House your data
Organise, organise and unify
customer data in a single
source
3
Start collecting
Allow enough time to gather
and collect your first-party
data
4
Test, Learn & Refine
Test audiences and messaging
to gauge the effectiveness of
the first-party data
5
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Website Pixels
Collect first-party data by adding tracking pixels to your website, product, or social media
profiles that gather information about consumer behaviors and actions.
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CRM (Customer Relationship Management)
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For your consumers
Communicate a clear value proposition when requesting data
○ Convenience - Notifying them when a favorite item is in stock or their order status has
changed
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For your consumers
Communicate a clear value proposition when requesting data
○ Convenience - Notifying them when a favorite item is in stock or their order status has
changed
○ Deal or Coupon - Offer a deal or coupon when people agree to provide their details
65. Digital You Can Trust |
For your consumers
Communicate a clear value proposition when requesting data
○ Convenience - Notifying them when a favorite item is in stock or their order status has
changed
○ Deal or Coupon - Offer a deal or coupon when people agree to provide their details
○ Loyalty Programs - Invite people to register and sign into an account or loyalty program
66. Digital You Can Trust |
For your consumers
Communicate a clear value proposition when requesting data
○ Convenience - Notifying them when a favorite item is in stock or their order status has
changed
○ Deal or Coupon - Offer a deal or coupon when people agree to provide their details
○ Loyalty Programs - Invite people to register and sign into an account or loyalty program
○ Mobile App - Encourage customers to download your mobile app
67. Digital You Can Trust |
For your business
Predict purchasing behavior
68. Digital You Can Trust |
For your business
Predict purchasing behavior
75. Digital You Can Trust |
Where to begin:
1
What inventory?
Identify potential data points
across different platforms
What do you need?
Analyze what available data
points are actually needed to
inform your strategy
2
House your data
Organise, organise and unify
customer data in a single
source
3
Start collecting
Allow enough time to gather
and collect your first-party
data
4
Test, Learn & Refine
Test audiences and messaging
to gauge the effectiveness of
the first-party data
5
77. We’re a global online marketing
agency managed from one of
the finest beaches on the planet.
Digital You Can Trust |
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TOUCH
Editor's Notes
You can use first-party data with minimal risks because you know the source of data and the way it was gathered. First-party data ensures your collection processes are in compliance with regulations. You can also try using third-party platforms with built-in compliance, like Emarsys, to collect customer insights.
First-party data is coming directly from your customers and audiences, making it as accurate and precise as possible. Compare that to third-party data which is collected from multiple platforms and combined into a larger data set so marketers generally don’t know the exact sources of their data.
First-party data is typically very accurate because you gather data straight from the source. Minimizing the distance between your company and the source of the data reduces the opportunities for error or obfuscation to occur.
First-party data is highly relevant to your organization because it is coming directly from your audience. As such, you gain valuable insights into exactly how your customers and prospects behave on your site, which means you are better able to determine their preferences.
Collecting first-party data is very cost-effective because you already have it in your systems — you just need to put it to use. Unlike second- and third- party, you never have to pay for first-party data because you simply own it.
The GDPR and CCPA are starting to prevent data collection without consent to promote equity in customer privacy, which means third-party cookies will be eliminated by 2022. Many companies have stopped incorporating third-party data into their digital marketing strategies and leveraging third-party cookies for tracking and purposes of customer identification. So what does that look like for marketers? They will have to adapt and learn to leverage first-party data instead.
Remember, this is data your brand captured and collected, so your competitors won’t have it (they’ll have to get their own!). But therein lies the difficulty. Since you can’t just go out and buy first-party data, you probably don’t have as much as you’d like, and what you do have may be underutilized.
However, the more first-party data you collect and leverage for your marketing efforts, the greater your competitive advantage will be, because you’re using unique data to form unique insights about your customer in a way that your competitor hasn’t. You’ll have a deeper understanding of your customer, and thus, can offer them richer, more relevant personalization that is superior to what your competitor can offer.
In-store purchase data: Gain a comprehensive understanding of customers’ purchase behaviors, which products are the most popular, and which types of customers prefer which products.
Subscription data: Users who subscribe to your content that provides a more in-depth understanding of the interests.
Social data: Followers of social media profiles volunteer interaction information as well as audience’s interests, behaviors. and preferences.
CRM Data: Leverage customer information and demographics that are typically stored in CRM’s.
Survey data: Asking for feedback via paper survey forms, online forms, emails, and other channels. Within that survey, you can ask about your customers’ demographics, opinions on a product or service etc.
Cross-platform data: Analyze behavioral data as users move across various platforms, such as the native app, your mobile site, and your desktop webpage.
Customer feedback: Analyze direct customer feedback, such as comments on your website, phone calls to customer service, and direct messages on social media.
Customer Relationship Management (CRM): Customer Relationship Management (CRM) platforms gather data through direct interactions customers have with your brand and store this information for future use. Interactions may be tracked by email, over the phone, on social media, website, or webchat. Types of data that CRM collects include contact information (name, email, title), purchase history, lead source, customer interaction record, and more.
Data Management Platform (DMP): A DMP can collect first-party data from a variety of sources and segments based on specific behaviors such as downloads, clicks, purchases, interests, or demographic information. DMP typically collects and categorizes anonymous data from multiple sources, such as cookies, IP addresses, device IDs, to help marketers target ads to the right audience segments. All of your audience data can be stored and organized in a central data management platform for a quick understanding of your customers and how to reach them effectively.