First party data is the most valuable information a brand or retailer can collect about their audience.
Not only does it tell you who your customers are and what they’ve purchased, it also gives you the power to build a direct relationship with them.
If you’re not leveraging first party data to build out customized email campaigns and retargeting efforts, you’re likely missing out on bottom line revenue and the opportunity to find new customers based on the profile of your current customers.
“Leveraging your first party data is especially important during Q4,” Casey Edwards, Social Marketing Manager at CPC Strategy said.
“This is the time of the year when you want to focus on past purchasers and treat your current customers with special offers & custom ad copy.”
“It’s worth focusing on those shoppers who have already shown an interest in your brand because it can be difficult to acquire new customers during this time of the year.”
Understanding the Value of First Party Data
First and foremost, it’s important to understand why first party data is so valuable.
Among the many benefits of first party data, some of the most notable include:
- The ability to collect the exact data points you want in the format that makes the most sense for your needs.
- Increased accuracy since you are collecting the data directly from the source and there is no risk of it getting altered as it passes through various hands.
- The ability to process, review, and react to data in real-time.
Together, these benefits and the fact that the data is unique and something no one else has can make first party data a true competitive advantage for your brand.
As a result, it’s not surprising that 39% of retailers have started to ask their customers directly for more data points and 27% have started recording more observed data, according to a recent report by Bluecore.
That said, in order to reap the benefits of first party data and turn it into a competitive advantage for your business, you need to put that data to work in the right way in order to increase conversions across channels.
In the following guide, CPC Strategy and Bluecore team up to discuss how brands can use first party data to increase conversions across multiple digital channels including:
- Search / Display
- Direct Mail