A marketer’s data is as valuable as gold. Definitely, there are several ways to obtain data through external and internal sources but the most important data in marketing requires a little more effort.
First party and third party are arguably the most common sources of data for marketers. A superficial definition of first party data can be the data you obtain directly from users of your website. Third party data, on the other hand, is the data you get from a variety of other sources.
Due to recent changes that have been put in place by the General Data Protection Regulation (GDPR), there is an uncertainty in the future of third party data. Companies are compelled to make customers aware of the data they are obtaining, such as how they collected it and how they intend to use it. These changes may effectively bring an end to third party data and cause major changes in the collection of consumer data for marketing purposes.
What this means to marketers
With all the adjustments and controversies surrounding third party data, it may be time to come up with a better strategy to keep up with the highly adaptive market leaders. That means making use of your only other avenue of data collection to the maximum of your ability.
You are doing great if your site is tagged with a remarketing pixel for the various media platforms linked to your website. Remarketing tools are typically considered first data as they track the consumer’s behavior while they are using your website.
Customer relationship management (CRM) systems help in the management of your user information which is a perfect way to have details of past purchases by specific customers as well as other interactions they may have had with your business. If used properly, remarketing audiences and CRM data can be leveraged to help in creating targeted marketing lists with which past purchasers and site visitors can be reengaged.
Blending first party data with your digital media strategy
Remarketing is not a new topic to most digital marketers. However, not many know the first thing about using remarketing and CRM data to analyze user data and behavior to boost customer retention and encourage repurchases.
The following tips can help you use your first party data to improve your remarketing strategy:
Push cross-sells and upsells:
Once a user converts, review data to check for complementary products or services they may want to add to their shopping basket.
Re-engage seasonal customers:
If some of your customers only come at a certain period of the year, such as during the summer, save ads for the time when they are likely to convert.
Video is important:
Video messaging is fast becoming incorporated into mainstream marketing and ignoring it is remaining behind. Building a story using sequential messaging strategies may be a workable way to retain users’ interest in your brand.
While scaling your marketing efforts may not be as easy with first party data as it is with third party data, there are still many straightforward ways to increase sales and boost ROI using first party data. Put your user data to good use and improve your retention, remarketing and acquisition strategies.