As digital advertising shifts from third-party identifiers to a privacy-based approach, investing in first-party data is a strategy that can help create campaigns.
Unlike third-party data, which is often available to many companies, first-party data is unique to your business. It is data that you own and collect, with the direct consent of consumers or patients, through interactions, in applications and websites, in response to marketing initiatives, such as email and loyalty programs. When used responsibly, first-party data helps brands build direct relationships with their customers and patients, create value, and increase their advertising performance.
Despite its clear benefits, most brands are not yet realizing the full potential of first-party data. Here are five key tips for how to use them.
1. Adapt to the client’s objectives
What prevents most brands from using data effectively is the lack of a strategic plan, to guide the choice, of what data to collect, how to analyze it, and how to activate it. Brands can overcome these challenges by setting clear customer experience goals and aligning them with business objectives. These goals can help you differentiate between what data is required and what is good to have.
2. Offer value in exchange for data
Consumers and patients want more transparency about how their data is used online and more control over their experiences with digital advertising. When brands demonstrate that they are responsible with data and use it to deliver value, through exclusive offers and loyalty programs, then customers are more willing to share their information.
3. Invest in technological and organizational enablers
Putting the right people, technology, and processes in place is also key to getting the most out of first-party data. A great starting point is to assess your digital marketing maturity and identify opportunities to increase your maturity.
Strategic partnerships can also help you discover the benefits of first-party data. Technology vendors and platform partners bring external expertise and deep data understanding to properly guide your strategy.
4. Test and learn how to determine activation
Once you’ve determined which source data is most meaningful to collect and how you will manage it, you can focus on how you will use the source data to improve customer experiences.
5. Refine and validate with measurement
The final key to a successful first-party data strategy is measurement. While evaluating the effectiveness of the channel where you apply data can help with media optimization, measuring the effectiveness of your data strategy can help you optimize your overall marketing strategy.
It is true that digital transformation has been in the making for several years and one of the opportunities that COVID-19 has left us is its acceleration, which has allowed us to use data appropriately, for the benefit of the patients.
Source:
https://www.thinkwithgoogle.com