Most marketers have started to realize the importance of first-party data in the context of the demise of third-party cookies to protect user privacy and adhere to regulations such as GDPR. However, owning first-party data is not enough. We need to address the more significant challenge of how best to use these data.
The most critical use case of first-party data is to unlock unique and actionable consumer insights for crafting the brand’s laser-sharp targeting and appropriate connection strategy. Since first-party data is based on actual interactions between the brand and its consumers across the vast array of touchpoints in real-time rather than the behavior of lookalikes that occurred in the past. It also leaves competitors in the dark about why the marketer has adopted a particular strategy, as the same first-party data owned by a brand on its consumers’ preferences and behaviors are unavailable to others.
To unlock the right consumer insights that can propel the new growth for a brand with an intent to optimize the marketing investments, first-party data like only email addresses, contact numbers, or device ids are not enough. Today’s market dynamics, backed up by the ever-changing consumer preferences and behaviors, warrant a thorough understanding of all consumer events on their path to purchase and real-time measurement of their responses against every single stimulus they receive from the brand. Inculcation of such practices can be described as one of the best first-party data acquisition and activation practices, and only such an approach can help marketers continuously build a growth story for their brands.
For many marketers, customer insights are currently limited to one channel at a time. The evolution of customer intelligence solutions enables marketers to integrate the brand’s offline and online first-party data to reach and engage actual customers wherever they are in their decision journey. Discovering the consumers’ chronological steps on their path to conversion allows marketers to deploy the right message at the right time and place to retain or pull consumers back on the road to conversion.
Shifting away from cookie-based tactics to a strategy that leverages first-party data to identify real people across devices and channels improves audience addressability and targeting precision significantly. This helps marketers enhance accuracy and relevancy, reduce ad waste, and, ultimately, drive higher ROI.
- ENRICHED CONSUMER PROFILE – The marketers get partial views with anonymous click ids of a consumer from various footprints that he or she leaves behind across multiple touch points like the web, mobile apps, email, brick-and-mortar stores, and others. Merging these partial first-party profile data to arrive at a unified view of the consumers allows marketers to understand what inspires them to take action across different channels, devices, and platforms and helps them build a dynamic connection strategy.
- PERSONALIZING CUSTOMER EXPERIENCE – First-party data delivers the most accurate intelligence that inspires personalized content. With a rich understanding of consumer behaviors across touchpoints, marketers can design unique brand experiences customized to specific interests, preferences, locations, purchase history, and more.
- MAXIMIZE CONVERSIONS – By connecting data from all channels, marketers can see how a customer moves from one touch point to another before completing the purchase in-store. With a complete view of these consumer movements, marketers can segment the consumers and accordingly optimize the strategy to drive behaviors that lead to conversion.
- MEDIA EFFICIENCY – First-party data insights help to explain how various events at every stage in the customer journey affect conversion. This leads to more accurate attribution guidelines for setting the right media budget and its allocation for online and offline conversions.
The Grivy Growth Platform (GGP) is a unique consumer connection platform for acquiring, enriching, and activating first-party data with the capabilities of triggering pre-built consumer journeys that capture all the consumer events on their path to purchase. This unfolds in-depth and actionable consumer insights to drive a continuous growth story for the brands with a data-driven strategy and guidelines for marketing investment optimization. A state-of-the-art technology backs up the GGP with the flexibility of addressing all marketing and media challenges for brands.
