AnalyticsMarketingFirst Party Data

 

Understanding The Value of First Party Data

 

A few months ago I spent days researching running sneakers, I finally purchased a pair through Instagram from a neighborhood running shop I had never heard of; now I am a loyal customer. 

Their ad appeared on my Instagram feed and it felt like fate, a few clicks later and I had a pair of sneakers and they had a new customer. I was the exact client this shop was looking for and because they understood how to utilize their first party data they were able to find me and close a deal passively. They transformed information that was already in their possession into a new client and placed themselves ahead of competitors, big and small. 

 

Understanding First Party Data

 

  • What is it? First party data is information that you, being the first party, have collected about your audience. That includes things like e-commerce data, subscriber data, website traffic and more.
  • Why is this valuable? Say in evaluating your data you notice that a subset of your client base constantly checks your websites blog. Using more information collected from that subset would allow you to tailor blog posts to their liking further encouraging their support and potentially increasing your sales or interaction. 
  • How do I use it? This is where Marketop comes in. While first party data is extremely valuable, without the proper tools to collect, decrypt and organize the data it is useless. Marketop has created AI technology that creates a rolodex of your clients, categorizes them, and supplies you with information on each individual so that your ads can be tailored to have the most lasting and impactful effect on each of your clients. 

 

Having an answer key is useless if you don’t understand what is being asked. Your first party data is the answer to many of your marketing woes and it’s proper utilization is what is standing in front of you and a more engaged client base. At Marketop we understand exactly how to source and organize this information, ensuring your customers are engaging with ads that serve them. Your ads, emails and copy will take on different meanings and show even greater value when they are no longer guessing what your client wants, instead providing exactly what they want based on their trends and personalized data. 

 

Your Ads Have Always Worked, So Why Change Now?

 

First and Third Party DataThe way most companies get their data now, and the way most are used to, is through third party data. Third party data is sold in large quantities and while it collects similar information as first party data it lacks focus, exclusivity and order. The same data you purchase is available for sale by your competitors and organizations all over the world. 

 

Using third party data is tantamount to throwing flyers with your ads on them off of a balcony. Say one hundred people are walking below, seventy won’t even bother to look at the flyer, fifteen won’t understand it’s value, ten will throw it away, four people may save it for later, and perhaps one person will see it’s value.

 

With first party data, you know each and every one of those one hundred people, what they are reading about, what they are interested in, and what they have been paying more attention to; now you are able to individually hand each of them a flyer with information relevant to them.

 

The key difference in the utilization of first party data and what is used now is accuracy. This data takes a lot of the guesswork out of your marketing campaigns. You will also gain insight on what is working for your company, what needs a boost and a clear guide on how to get those boosts. 

 

Wait, There Is More

 

The use of first party data can change the way your organization does everything. When Marketop’s WEB ID provides you with a full breakdown of your client, while simultaneously working to create better targeted ads for your clients, you also will be able to use that information to create a unified customer view. This means you’ll be able to calculate your customers lifetime value, gauge their interest, understand their buying cycle, and really break down how much time and money you put into attaining that client. 

 

Your customers behavior will no longer be foreign to you, their intentions will be clear making it much easier for you to deliver. A perfect example of first party data that is perfectly utilized is Spotify’s “Made for You” playlist. As a user of the app, you download songs, listen to artists you enjoy and create playlists for yourself. 

 

Spotify made the brilliant move to monitor those downloads and listens to create daily tailor made playlists for you. Playlists filled with your favorite artists, with a few new ones sprinkled in. They notice your trends, and can tell if you’re into indie, pop, rock, or hip hop and they curate playlists for you and have them ready daily. From a user standpoint it is amazing, and it makes it hard to walk away from a service that not only provides great service but also knows me. 

 

At Marketop what we do is we take all of the information from your clients, meaning we let you know what type of music they like, how often they listen to certain artists, when they listen the most and who they are. You are now able to go into your catalogue and create content you know will resonate with each and every individual. You’ll be able to use the information you have learned to advertise your services or products to each individual in what they will fit them. 

 

Decrease Erroneous Marketing Spend, Increase Revenue

 

digital ad budgetOur services will also help your organization save money. With the ability to focus your ads, you’ll be able to decrease waste in your ad spend. With higher conversions you’ll see an increase in your revenue and the need for blanket ads will decrease. You’ll find that your marketing funds will be better spent retaining clients and pursuing those with evidenced interest. 

 

Your clients information will be collected across platforms as well. Trends differ on different devices. For example, if your clients are consistently on the go and you realize most of their communication with your organization takes place through social media, you can focus your attention and funds on your social media campaigns. You’ll have the ability to create a marketing budget that is even more in sync with your revenue and allocate funds to the appropriate channels. 

 

Your Data Is No Longer Going To Waste

 

At Marketop our goal is to make sure our clients are able to use all the data we provide to them effectively and that they are able to see a steady change with our help. We have mastered our craft and have made it so that our clients are not only happy with the insights they have gained but also that they have an understanding of what we are doing. 

 

While third party data isn’t dead in the water, it surely is not the goal standard of data today. Trends are constantly changing, and the benefit of Marketop is that we are aware of these ever changing trends and we change along with them. We provide clients with cutting edge services that are proven to be successful, while aiding them in the transitions that take place. 

 

Currently, the regulations surrounding the use of third party data is influx. Privacy is a major factor in the downfall of third party data. People’s personal information is being shared across the globe without their consent and many companies are no longer allowing ads using third party data to be displayed on their sites. This means that the platforms available are dwindling, which in turn dwindles the size of your audience.

 

The use of first party data eliminates the risk of being unable to show your ads, and allows for total control in how and where information is being used and shared. Your information was gathered with consent, it is yours and yours alone; not only will this bring your clients peace of mind, but it shows your organizations trustworthiness.

 

use first party data

Now That You Understand It, Start Using It!

 

The benefits of first party data usage are now clear to you. 

 

The next step is to start using it. 

 

Marketop is here to help you with that step. Our team is here to listen to your organization’s needs and together we can begin collecting this data. While working with us, you will not only be getting information that is valuable and personalized, it is also extremely current. We’ve mentioned it before, but trends are constantly changing and with those trends so will your client’s patterns, wants, and needs; what we will be providing you is access to information that is CURRENTLY most valuable to you. 

 

Invaluable information is there for the taking, we’re able to get it for you, there is no reason to wait.

 

This is the change you’ve been waiting for, so don’t wait any longer!