The data from your direct consumer contacts that only your brand has access to is referred to as first-party data. With third-party cookies being phased out, now comes the perfect opportunity to harness the data from client engagements to build a differentiated customer experience.

If youโ€™re known to this marketing world, you would probably be able to run your own business to its long extent unless you know how to actually run it. You can also take expert assistance from the best media planning and buying agency that can help you with providing top-class digital marketing services and performance marketing services without burning a hole in your pocket. But first, letโ€™s understand what is first-party data, and how it differs from third-party data and how you can conceive a first-party data strategy. Here are some fundamentals to get you started.ย 

  • First-Party Data: First-party data is information that you gather about your audience based on their actions on your website and/or app. While this data is most beneficial when there are few privacy concerns, it might be difficult to grow because it comes solely from your efforts.
  • Second-Party Data: Second-party data is essentially first-party data from someone else. Because data comes from a single source, you may be certain in its accuracy and privacy, but you will have to pay or partner up for it.
  • Third-Party Data: Independent researchers and companies aggregate different first-party data sources across websites and applications to create third-party data, which may also be purchased.

With iOS 15 allowing users to opt-out of being followed by applications and Google phasing out third-party cookies in 2022, first-party data will become increasingly important in upcoming years.ย 

Define Your Business Objectivesย 

Even if you’re new to having a first-party data strategy, your objectives aren’t. It may seem self-evident, but begin with what you want to do for your customer. Are you attempting to give an omnichannel experience to your customers? Are you retargeting people that have dropped out of a conversion funnel? Or to have a deeper understanding of a specific behaviour? By utilising first-party data, you can virtually enhance any programme. Choosing the proper path from the beginning can make all the difference.ย 

Define Your Target Audience

Define Your Business Objectivesย When you create your own customer lifecycle, you’ll be able to identify the main stages at which visitors interact with your company in various settings and over various channels. It further allows you to use a range of marketing tactics to reach out to them. You’ll also need the correct first-party data to define and target your audiences. Along with the lifespan, the primary data collection channels have been identified that include- online, mobile, apps, communication channels, and CRM, your product itself, to name a few. However, before you establish a customised marketing plan, you need to first identify and segment your visitors into marketable categories.ย 

Data Collection

Data Collectionย 

The ideal first-party data helps identify your client lifecycle and audience segments in this step. What’s less evident are the exact data points that are required to support your audiences, as well as how to obtain those data points and what you might be able to do to obtain a data point that you don’t currently have. So, it’s time to get to work defining how data and channels work together to produce great client experiences. However, there are many ways to use data to better understand your customers. It’s not just only about how many data points you can collect; it’s also about how you can integrate and enrich that data to get new insights. Many first-party centric programmes, for instance, demand transactional data. However, transactional data is useless until it’s put into context. To get a full picture of the customer experience, you’ll need to first know derived insights like time since last purchase, last product usage, lifetime value, and so on. The goal is to get your data connected and generate insights from there.ย 

Systems Requirementsย 

Your first-party data strategy is heavily influenced by how you segment your consumer base. A VIP is someone who buys your product frequently or in large quantities. After only two or 100 views, a product’s fan might be identified. Choosing which insights to employ in which channels will result in an omnichannel experience that is suited to your audience’s specific demands. But, just keep in mind that your abilities to use your insights are only as excellent as your capacity to use them. Instead of languishing in a report generated a month later, insights are far more valuable when they automate intelligent and relevant client interactions.ย 

Here Comes The Measurementย 

Finally, but certainly not least…measurement! This is a continuous process of creating goals, measuring progress, and putting in place the required reporting and monitoring systems to ensure success. What metrics will be utilised to determine success? You will need to define how and where your consumer understanding will manifest in analysis throughout this phase. Remember that the insights which you gained from your first-party data foundation are useful for feeding customer experience tools that includes- display ads, website personalization, email, IoT, and so on.ย 

So, at the end of the process, you will need to have a first-party data strategy, at least for the initial use cases you selected. You’ll be well on your way to your brand’s digital transformation if you repeat this procedure for use cases spanning every phase of the consumer journey. All of this is made possible by a strong first-party data strategy, which includes a plan for each phase that looks like this.ย 

Not sure where to begin when it comes to developing an effective first-party data strategy? That’s something we can assist you with! Being the leading media planning and buying agency in Delhi NCR, DigiDarts helps you to rank your website on SERPs along with generating more profit and success for your business. All you need to do is to contact us and start implementing your business objectives like a boss!

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