How brands can leverage first-party data to drive sales?
As the world is now moving towards the impending death of third-party cookies, the value of first-party data has drastically increased. Consumer data helps brands understand the objectives and preferences of their target audience, helping them identify their customers through personas. As a marketer, it is key to understand your…
As the world is now moving towards the impending death of third-party cookies, the value of first-party data has drastically increased. Consumer data helps brands understand the objectives and preferences of their target audience, helping them identify their customers through personas. As a marketer, it is key to understand your target audience to build relationships, enhance customer experience, and drive sales.
According to stats, 92% of marketers believe that using first-party data continuously will help brands build an understanding of what customers think & want to drive growth. For marketers, the quality of the first-party data is what makes it invaluable since it is collected directly from customers. This implies that this data is 100% accurate, as compared to third-party data. With the help of first-party data, businesses can deep-dive into the direct insights of the users, including demographics, behaviour patterns, interests, purchasing habits, and more. Such granular information can do wonders for brands in terms of creating targeted campaigns & providing personalised user experience.
Despite the benefits of first-party data, most brands aren’t fully able to make the most out of this powerful tool. From improving marketing performance to providing valuable insights into the full buying journey, there are many ways brands can leverage first-party data to drive sales. We have listed below some of the ways to use first-party data:
Many ecommerce lose as much as $18 billion in sales revenue every year due to cart abandonment. But, with the help of first-party data, ecommerce marketers can bridge this gap and encourage consumers to re-engage with their offerings. First-party data helps marketers to get an in-depth view of consumer behaviour – who is on the fence & who may need a reminder to re-engage. For instance, if a consumer has looked for a product but has not checked out with it, brands can make use of first-party data to retarget them by sending a reminder email to return to their site & complete their purchase. On top of that, they can also offer a discount to attract the same.
Know the ins & outs of the customer journey
Marketers must be able to outline their customer journey to pull their customers back to the journey of purchase. With the help of first-party data, marketers can easily analyse and integrate data from all their sources to understand consumer behaviour at every step of the journey. This will in turn help out marketers to send out tailored messages at the right time that will encourage them to engage with their brands. Additionally, brands can also leverage first-party data to make changes in the existing customer journey strategy based on how they are engaging.
Optimise campaign targeting & improve the relevance
It is rightly said that a campaign that speaks to everyone is a campaign that speaks to no one. Brands need to strike a balance between targeting the right campaign to the right audience, without infringing on their privacy. This can be achieved with the help of first-party data. With privacy becoming an increasingly important point of concern, brands must actively focus on harnessing their first-party data to identify real people across devices & marketing channels. Additionally, brands can make use of these insights to personalise their messages to match their customer preferences. As per stats, personalised emails see a 14% greater CTR and personalised web experiences witness a 20% rise in sales, which implies that personalisation is the secret to a brand’s success.
Increase trust among consumers
Safeguarding consumer privacy is how brands can earn customer trust, attract and retain users. This can be achieved by being transparent and clear about using their information & offering compelling value in return. Marketers can make use of first-party reviews to develop relationships with new customers. Organisations can build trust with consumers by implementing a centralised privacy strategy that is aligned with consumer personalities and journeys through a common accountability framework across the enterprise, based on consumer preferences. increase. This includes a consistent and transparent customer experience that puts privacy first, including an intuitive way to consent to data sharing and enables continuous monitoring of new compliance requirements.
Overall, first-party data presents a wealth of opportunities for companies looking to better understand their customers. From providing valuable insights into customer behaviour and preferences to enabling more targeted campaigns and personalised experiences, first-party data is invaluable to marketers.