[[{"@context":"http:\/\/schema.org","@type":"Organization","logo":{"@type":"ImageObject","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1","height":"96","width":"500","@id":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1"},"name":"The Future of Customer Engagement and Experience","sameAs":["https:\/\/podcasts.apple.com\/us\/podcast\/a-call-for-a-better-experience\/id1479742201","https:\/\/twitter.com\/FutureOfCEC","https:\/\/www.linkedin.com\/groups\/4844282","https:\/\/www.the-future-of-commerce.com\/feed\/"],"additionalType":"https:\/\/www.wikidata.org\/wiki\/Q1193236","url":"https:\/\/www.the-future-of-commerce.com\/","description":"Relevant, timely information & analysis on commerce trends, both consumer-facing and B2B.","@id":"https:\/\/www.the-future-of-commerce.com\/"},{"@type":["Article"],"@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#Article","@context":{"@vocab":"http:\/\/schema.org\/","kg":"http:\/\/g.co\/kg"},"url":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/","publisher":[{"@id":"https:\/\/www.the-future-of-commerce.com\/"}],"author":[{"@type":"Person","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#Article_author_Person","image":[{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#Article_author_Person_image_ImageObject","url":"https:\/\/cdn-bijap.nitrocdn.com\/AuMaQmessFRMSicXmZsEecJFLEquAyoT\/assets\/static\/optimized\/rev-b3d386d\/wp-content\/uploads\/2022\/04\/York_Headshot_cropped-150x150.png"}],"sameAs":"https:\/\/www.linkedin.com\/in\/meghannyork\/","url":"https:\/\/www.the-future-of-commerce.com\/contributor\/meghann-york\/\nhttps:\/\/www.the-future-of-commerce.com\/contributor\/meghann-york\/","name":"https:\/\/www.the-future-of-commerce.com\/contributor\/meghann-york\/\nhttps:\/\/www.the-future-of-commerce.com\/contributor\/meghann-york\/"}],"subjectOf":[{"@type":"FAQPage","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#Article_subjectOf_FAQPage","mainEntity":[{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity0","name":"3 benefits of first-party data for marketing","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity0_acceptedAnswer_Answer","text":"Brands collect first-party data directly from their customers with their consent. There are many ways companies can collect it, including customer surveys, online behavioral data, social messages, and customer feedback.<\/span><\/span>
  • Unlike third- or second-party data, first-party data is uniquely yours (as in, your business), collected at various touchpoints along your customer\u2019s journey<\/li>
  • You can glean much deeper, richer and accurate customer insights than from other types of data<\/li>
  • Channel affinity, product affinity, shopping behavior, predicted lifetime value, and even loyalty status are incredibly valuable for forming a complete view of your customer, and delivering the personalized experiences that fuel lasting customer relationships.<\/li> Remember, this is data your brand<\/em> collected, so your competitors won\u2019t have it. But since you can\u2019t just buy first-party data, you probably don\u2019t have as much as you\u2019d like, and what you do have may be underutilized.However, the more first-party data you collect and use for marketing, the deeper understanding you\u2019ll have of your customer. You\u2019ll be able to offer them richer, more relevant experiences that far surpass to what your competitor can do.<\/span><\/span>Many top brands are already using first-party data to great advantage (some might argue too great of an advantage<\/a>) by building out competitive products that they know their customers want based on that data."}]},{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity1","name":"First-party data benefits customers too","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity1_acceptedAnswer_Answer","text":"Ultimately, a focused approach to first-party data is about improving the experiences you provide customers. But a customer doesn\u2019t always see it that way, at least at first.<\/span><\/span>Unfortunately, in the era of digital marketing, customers are so jaded by irrelevant, invasive, and sometimes \u201ccreepy\u201d marketing, that they\u2019re hesitant to give marketers unbridled access to their personal information. With first-party data, you can break this cycle.Instead of random offers they\u2019ll toss or ignore altogether, customers will get relevant, personalized experiences. They\u2019ll see the real value that you can provide and entrust you with their data.They\u2019ll have positive experiences and you\u2019ll build lasting customer loyalty.<\/span><\/span>But making this a reality requires a strategic approach to capturing their consent and data."}]},{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity2","name":"First-party data: Getting started","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity2_acceptedAnswer_Answer","text":"With the rise of the privacy-first web, unless you use first-party data instead of third-party data, your return on ad spend will be dropping significantly. You won\u2019t be able to easily tailor ads to unknown (unidentified) consumers in the hopes of acquiring them.<\/span><\/span>But where do you start? A good first step is to evaluate what you already have. Determine if you\u2019re fully leveraging it, and if you aren\u2019t, what\u2019s standing in your way?
  • The quality or accuracy of data is poor<\/li>
  • Lack of consent to use it<\/li>
  • Data isn\u2019t stored in a way for it to be properly used by marketing<\/li>
  • Lack of technology to fully leverage it and turn it into money<\/li> You may find that you\u2019re sitting on a gold mine of data, but haven\u2019t fully harnessed all of its potential. Often, breaking down data silos and getting the right technology in place to create a single, unified view of your customer lets you maximize the value of data you already have<\/a>."}]},{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity3","name":"Game on: Earning the customer\u2019s consent","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity3_acceptedAnswer_Answer","text":"Website browsing and purchases tell you a lot about customers, but you learn much more when they directly and willingly share information with you.<\/span><\/span>When a customer consensually divulges data about themselves to a brand, usually as part of a clearly defined value exchange, and with an understanding of how the data will be used, that\u2019s earned data<\/a>.Offering some immediate, incentive-based value to the customer is great way to encourage their participation. Consider crafting branded games, where you offer discounts or other rewards in exchange for the customer\u2019s consent to their data.Some examples:
  • \u201cTake our quiz and be entered in a drawing for a $50 gift card.<\/li>
  • \u201cFill out this survey and have a chance at winning 30% off your next purchase.\u201d<\/li>
  • \u201cGrab this bonus PDF with extra tips and be added to our premium e-newsletter!\u201d<\/li> As always, be fully transparent with the customer about what data you\u2019re collecting, how you\u2019ll protect it, and what you plan on doing with it.<\/span><\/span>"}]},{"@type":"Question","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity4","name":"Improved CX, better outcomes","acceptedAnswer":[{"@type":"Answer","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#subjectOf_FAQPage_mainEntity4_acceptedAnswer_Answer","text":"By creating a strategy to responsibly acquire, store, and utilize first-party customer data,<\/a> you\u2019ll accomplish much more than compliance with data privacy regulations. Of course, compliance is critical: Your legal and marketing teams must be aligned when it comes to devising the strategy around consent and data capture.But ultimately, the end goal should be ensuring better business outcomes by delivering more satisfying experiences and greater value to your customers."}]}]}],"image":[{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/#Article_image_ImageObject","url":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2022\/04\/benefits-of-first-party-data_1200x375-1200x630.jpg","width":"1200","height":"630"}],"mainEntityOfPage":"https:\/\/www.the-future-of-commerce.com\/2022\/04\/07\/benefits-of-first-party-data-spot-on-marketing-fantastic-results\/","articleBody":" May the days of relying on third-party data rest in peace. What\u2019s old is new again and it\u2019s time to start re-focusing on first- party data The growth of privacy controls and regulations isn\u2019t giving marketers any choice. Apple\u2019s iOS 14, released last year, gave users more ability to restrict sharing of their data with other companies. Next year, Google plans to eliminate third-party cookies. And around the world, we\u2019re seeing stricter privacy regulations, including GDPR in Europe and CCPA in the US. While this all seems to strike a blow for advertisers, there\u2019s actually a tremendous upside for brands that embrace first-party data. The shift toward acquiring, storing, and using first-party data for marketing helps brands create more compelling customer journeys, deliver better customer experiences, and ultimately win competitive advantage. 5 years after the end of third party cookies, envisioning heroes amid the wreckage What will the end of third-party cookies mean for CPG companies? Three scenarios we might see five years from now. 3 benefits of first-party data for marketing Brands collect first-party data directly from their customers with their consent. There are many ways companies can collect it, including customer surveys, online behavioral data, social messages, and customer feedback. Here are some of the top benefits of first-party data for marketers: Unlike third- or second-party data, first-party data is uniquely yours (as in, your business), collected at various touchpoints along your customer\u2019s journey You can glean much deeper, richer and accurate customer insights than from other types of data Channel affinity, product affinity, shopping behavior, predicted lifetime value, and even loyalty status are incredibly valuable for forming a complete view of your customer, and delivering the personalized experiences that fuel lasting customer relationships. Remember, this is data your brand collected, so your competitors won\u2019t have it. But since you can\u2019t just buy first-party data, you probably don\u2019t have as much as you\u2019d like, and what you do have may be underutilized. However, the more first-party data you collect and use for marketing, the deeper understanding you\u2019ll have of your customer. You\u2019ll be able to offer them richer, more relevant experiences that far surpass to what your competitor can do. Many top brands are already using first-party data to great advantage (some might argue too great of an advantage) by building out competitive products that they know their customers want based on that data. Martech trends 2022: Personalization, privacy, and purpose As we head into 2022, marketing technology will become more integrated, allowing marketers to focus on creating personalized CX for D2C success. First-party data benefits customers too Ultimately, a focused approach to first-party data is about improving the experiences you provide customers. But a customer doesn\u2019t always see it that way, at least at first. Unfortunately, in the era of digital marketing, customers are so jaded by irrelevant, invasive, and sometimes \u201ccreepy\u201d marketing, that they\u2019re hesitant to give marketers unbridled access to their personal information. With first-party data, you can break this cycle. Instead of random offers they\u2019ll toss or ignore altogether, customers will get relevant, personalized experiences. They\u2019ll see the real value that you can provide and entrust you with their data. They\u2019ll have positive experiences and you\u2019ll build lasting customer loyalty. But making this a reality requires a strategic approach to capturing their consent and data. First-party data collection: Examples, benefits, and best practices With cookies going away, marketing today is all about first-party data. Explore best practices and use cases for first-party data collection. First-party data: Getting started With the rise of the privacy-first web, unless you use first-party data instead of third-party data, your return on ad spend will be dropping significantly. You won\u2019t be able to easily tailor ads to unknown (unidentified) consumers in the hopes of acquiring them. But where do you start? A good first step is to evaluate what you already have. Determine if you\u2019re fully leveraging it, and if you aren\u2019t, what\u2019s standing in your way? For many businesses, it can be any of the following reasons: The quality or accuracy of data is poor Lack of consent to use it Data isn\u2019t stored in a way for it to be properly used by marketing Lack of technology to fully leverage it and turn it into money You may find that you\u2019re sitting on a gold mine of data, but haven\u2019t fully harnessed all of its potential. Often, breaking down data silos and getting the right technology in place to create a single, unified view of your customer lets you maximize the value of data you already have. Profile segmentation: The benefits of customer personalization Discover why first-party data and customer profile segmentation go hand-in-hand and how three brands use them to deliver 1:1 personalization. Game on: Earning the customer\u2019s consent Website browsing and purchases tell you a lot about customers, but you learn much more when they directly and willingly share information with you. When a customer consensually divulges data about themselves to a brand, usually as part of a clearly defined value exchange, and with an understanding of how the data will be used, that\u2019s earned data. Offering some immediate, incentive-based value to the customer is great way to encourage their participation. Consider crafting branded games, where you offer discounts or other rewards in exchange for the customer\u2019s consent to their data. Some examples: \u201cTake our quiz and be entered in a drawing for a $50 gift card. \u201cFill out this survey and have a chance at winning 30% off your next purchase.\u201d \u201cGrab this bonus PDF with extra tips and be added to our premium e-newsletter!\u201d As always, be fully transparent with the customer about what data you\u2019re collecting, how you\u2019ll protect it, and what you plan on doing with it. Influencer marketing: Trends supercharging engagement in 2022 Find out key trends that are reshaping influencer marketing and helping brands reach new audiences, including the rise of micro-influencers and video partnerships. Improved CX, better outcomes By creating a strategy to responsibly acquire, store, and utilize first-party customer data, you\u2019ll accomplish much more than compliance with data privacy regulations. Of course, compliance is critical: Your legal and marketing teams must be aligned when it comes to devising the strategy around consent and data capture. But ultimately, the end goal should be ensuring better business outcomes by delivering more satisfying experiences and greater value to your customers. Personalization: It\u2019s not magic. It\u2019s method. Find out who does it best HERE. 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