First-party data isn’t just a buzzword! Instead, it is the future of marketing.
Well, first-party data has become an indispensable resource for brands to flourish. Basically, a precious asset!
And today most of the marketers would agree that first-party data has been their foundation for successfully running their marketing operations.
So, you see, first-party data has always been the base of all marketing activities.
But, what is first-party data and how it can help you?
First-party data is something which comes from your customers or audiences. And it is regarded as the most valuable data you own. Also, it is available to you free, which makes it cost-effective too.
1st-party data is the ace of your marketing game if you play it right. It is easy to collect, manage and analyse when you engage it with an efficient data management suite. So, if you are not collecting and activating your 1st-party data, you are probably missing out on a huge opportunity.
So, let me clear your slightest doubts and pinpoint which data qualifies as your 1st-party data.
- 1st party data includes
- Your Subscription Data
- The Data from your CRM
- Your Social Data
- And the data from audiences’ actions, behaviours or interests received on your site/app.
- And any other data that you collect directly from your customers
1st-party data also qualifies those offline data you collect from the customer surveys, feedback forms, etc. which are stored in your CRM database.
Now, you might wonder how 1st-party data can help you?
1st-party data can help you in many ways. As much as it sounds like a cliche, it is a fact.
- It drives your customer lifecycle marketing plans
- Can help you turn your prospects & unknown visitors into existing customer
- Also promotes your products or services into a privacy-centric way
And more which you will discover later in the article.
Let’s take up first- Why First-party data is essential for your business?
A study by Quantcast and Iligo states that 65% of marketers feel that first-party data is one of the most reliable data. And obviously because of its easy availability, cost-free and ensure data protection traits.
We all must admit that the world of digital advertising is a rat race. It is highly competitive and fragile. Thus, advertisers would increase their effort to an extent to break out of the pack to gain more relevant, accurate and qualitative data. And most of them are even ready to pay a higher price in exchange for effective and laser sharp targeting. That is why 1st-party data is crucial and does play a major role in helping marketers connect with their consumers.
And since Google has announced the scheduled end of third-party cookies on Chrome by 2022, brands must look for an alternative. Which is why 1st-party data comes in and orchestrating identity resolution with first party data will make it even more reliable.
Now, the question is how to collect 1st-party data?
Like we all know, behavioural data is one of the easiest to capture. So, let’s start with that.
When you are setting up your analytics, you might have noticed that you were asked to add a pixel or cookie on your website. This pixel sends data about your visitor’s activity on your website to your analytics. Likewise, you will be able to gather location data, demographic data, the device information, time spent, etc. of your audience from various touch points wherever possible.
1st-party data examples are not only limited to polls, feedback forms, quizzes, games or contests. Proper utilization of registration form data, events, CRM data, POS data, social data also fall under this category. This can help you create a 360 degree view of your audiences that unlocks powerful use cases such as laser targeting campaigns, customized creatives, loyalty, aligning strategy, etc.
Now, that you know the reason behind the significance of 1st-party data, next comes how to utilize it in the right way.
So, let’s discuss how you can make the best use of First-party Data?
1st-party data has become invaluable because of its quality. Also, because you collect it directly from your audiences. And you know it’s accuracy and significance related to your business.
And because it is high-quality, you can use it in many ways…
You can use it for predicting future patterns
The relevance of 1st party data would allow you to predict the future like predicting audience behaviours. And your data reveals much essential information like what webpages the visitor has been spending time on, which products they are interested in, etc.
You could also find out what your audiences are prone to when it comes to advertisements on our websites. Whether they are likely to click on the video ads more and avoid the banner ads or vice-versa. So, it gives you a clear idea of choosing ads that attracts your audiences.
You would gain Audience Insights
Whether you have a small audience or big, you can gain crucial insights from 1st-party data. You could quickly analyze them to identify the character traits and use them to target audiences based on that.
In this way, you would be able to extend your audience base and grow your business.
You could customize your content & advertisements
Make use of your 1st-party data and personalize the ads or contents display to a particular user. You can do this easily by the data you have from an audience when they visit your page. From these data, you collect improved insights about their unique interests to deliver them a content which is especially for them.
So, they could connect with the ad and click on it. Therefore by looking at the data, you would know about your audience’s past interests and preferences. So, you can seamlessly target them in the future.
Next, let me guide you through the best practices of 1st-Party data
Coming to this point, you realize the actual worth of 1st-party data and that it is one of the best marketing assets. However, few brands might have concerns about the new privacy laws.
And it is nothing new to you that businesses procure their 1st-party data from their consented audiences. But, they can do it only if they can track consent updates over the period.
So, let us just dive into three best practices of 1st-party data.
Create a Consent Management Platform
Consent management has become supposedly more complicated these days. And CDPs have realized a massive pain-point for the brands. But, consent management strategies help marketers in multiple ways like…
- Helps in gathering aggregated information from separate sources such as ad tech solutions, CRM systems into one single platform.
- Makes use of Identity resolution to create persistent audience profiles and remove 1st-party redundancies.
- Sends your consented 1st-party data to your marketing channels like social media, mobile apps and custom emails.
- Also lets you segment your customers on the basis of their character traits which helps you with efficient targeting.
Hence, you must secure your martech stack to automate consent management which makes more sense than manually updating it.
Choose a Right Data Management Platform
The 1st-party data is the data which you must attain from a proper martech stack. And finally, there is a particular solution known as Customer Data Platform (CDP).
All your software fell apart to deliver its best without the latest customer data management strategy. Therefore, an efficient CDP is designed to meet not only your 1st-party data of the present but also grow to meet the needs of the future.
Assurance of Cross-Channel Activation
You can make use of all the use cases, as long it is implemented straight through your CDP. Thus, you must make sure your 1st-party data is connected with all the core marketing tools in your martech stack.
For instance, you wish to deliver a highly targeted message to one of your prospects for whom you hold the 1st-party data. So, you have his/her character traits as well as behavioural details. Now you can easily send an on-site message or engage him with a special offer, which he can not resist.
Similarly, you A/B test one of your webpages to offer personalized experiences for different segments to examine which variation attracts most engagements.
One question might be buzzing in your head right now, how you can make the most of your 1st-party data through a CDP.
Believe me. You are not alone. Many marketers wonder about that!
That is why let’s take you to the answer to your question.
How can a CDP aid you with your 1st-party Data?
We all are well acquainted with the influence of artificial intelligence (AI) today. And you won’t be surprised that marketing technology is also making well use of it.
So, why should you stay behind? Utilize a CDP with built-in AI features which could help you in collecting 1st-party data and much more.
- You could effortlessly calculate your Customer Lifetime Value for the buyer segment.
- Also, you would be able to form smarter audience segmentations.
- You could also analyze your subscriber’s churn rate.
- And other multiple advantages of marketing.
Therefore, whether you unify your data or not or take it to the next level of marketing through AI, CDP is the best way to make the most of your 1st-party data.
But what if I tell you? There is this unique platform which is not a DMP or a CDP but, one single DIY platform where you can do all the practices mentioned above.
And, once when you integrate your app or website’s 1st-party data with Audienceplay, you would be able to build efficient audiences segments. And those segments would be surrounded by consent management, data management capabilities and also you will be able to activate your users across the digital ecosystem.
Register Now! It’s Free…
To wrap up on First-party data
The urge of marketers today, have you heard it and did you realize it? Well, yes! That is why digital marketing principles are evolving. That is why we need to go back to our 1st-party data to help us and show us the guiding light.
1st-party data was always there, and the only difference is the importance has been revived now. With the arrival of third-party data, most of the marketers neglected or overlooked their 1st-party data.
But, with the sudden change in the scenario and consumer needs, demands of a new reality. And the approach is to make better use of your 1st-party data. As mentioned earlier, you already own it, and it comes directly from customers through CRM, analytics, sales and more.
This kind of data is unique to your business and provides you with several insights about your audiences and their preferences about your products or services. So, leverage your 1st-party data most optimally and offer significant value to your customers. And in the end, you gain a flourishing business which results in higher ROI and abundant conversions.
As you move forward with your promising business, you will realize the role and value of 1st-party data eventually.
Now, You can conclude that first Party data is the real weapon for earning multiple revenues. But, the challenge which every marketer is facing today is how to handle the 1st-party data properly through one single platform.
Which is why Audienceplay has come up with diversified features. It is capable of handling any type of audience data. It also aids a lot of publishers in managing their audiences and creating meaningful segments.
Moreover, Audienceplay even enriches and monetizes those segments across the digital ecosystem with complete privacy and security compliances.
So, if you are looking for an unique platform with a complete solution?
Log in now and take a step forward!