You’ve finally acquired the right marketing software in order to gather first party data. In other words, you officially have, at your fingertips, detailed and accurate consumer insights. Now what?
While implementing a social login dialog that allows users to substantiate their social identities is definitely the first step in capturing more customers, it’s only the first step to success.
After you gather this key information, it’s vital to have a strategy in place to use this data wisely in order to more effectively cater to your customers. This may seem like an obvious statement, but statistics show us that marketers have difficulty using this rich data strategically. In fact, a study from Teradata tells us that 78% of marketers feel the pressure to become more data-driven; however, only 33% are consistently and strategically leveraging consumer data in their marketing efforts (Teradata).
In order to help you join the ranks of the 33% of marketers who are getting it right, here are 3 suggestions to help you effectively leverage your first party insights.
1. Invest in a platform that lets you segment your data
The first way to effectively leveraging your first party insights is to make sure you can successfully organize the information you are receiving. You do this by investing in an intuitive consumer insight platform.
With a consumer insight platform, you can glean insight about your consumers by segmenting their details into the following categorizes:
• Social actions
• Revenue activity
• Top influencers
Then, instead of a jumbled mess of data, you have instant and organized access to top consumer trends, key actions, revenue insights, and more.
When you take measures to thoroughly organize data and understand your target market, you are able to market to them more efficiently. This puts you on the path to increasing your conversion rate. Without a way of segmenting data, it’s difficult to make sense of any information you may acquire, let alone use the information to create a new informed marketing plan.
2. Use the first party data to make sound marketing choices
As soon as you are familiar with your consumer insight platform, it’s important to spend the time sorting through your custom reports in order to really understand what motivates your target audience to read, click, and ultimately, convert.
Once you have sorted through all the necessary consumer data, it’s officially time to start a more relevant marketing campaign by:
• Reaching customers with optimized e-mail content
• Offering customized product recommendations to your primary, secondary, and tertiary demographics, all based on user data
• Setting up targeted advertising campaigns that are likely to boost key performance indicators
While the details of these marketing efforts will look different for each company, it’s important to understand that the best way to create a focused marketing campaign is to collect and comprehend first party data.
3. Serve relevant advertisements
The last suggestion for leveraging first party data extends beyond the realms of solidifying your marketing strategy.
Consider this: Advertisers are traditionally used to advertising on platforms that gather information using browser cookies. As a consumer yourself, you know what this means. It means that even though you are a 32-year-old man, who is not interested in beauty products, you may see advertisements for makeup, nail polish, and anti-aging cream. Why? You see these ads, because your wife used the family computer earlier in the day.
When you collect first party data, on the other hand, you not only collect valuable information for yourself, you collect and segment data rich groups for your advertisers.
Instead of relying on cookies, which 68% of consumers delete anyway (MediaPost), with the consistently updated data insights that advertisers receive from you, your advertisers have a much higher chance at conversion. And, advertisers are willing to pay big bucks for those kinds of chances.
As you sell advertising space based on your first party insights, you increase your credibility, and provide more value to your consumers. It’s a win-win for everyone involved.
Knowing and Reaching Customers with Data
In a nutshell, first party data provides the insight and context into your customers that you need to nurture loyal, engaged users. To learn more about how to responsibly collect and put your consumer data to use, download the free guide, Making Sense of Consumer Data.
By Ashley Cummings