targeted marketing Archives - Datahash

Navigating First Party Data – For Publishers

Nitigya Kuchhal — Wed, 28 Jun 2023 12:54:51 +0000

The new privacy legislation, the elimination of third-party cookies, and the development of tracking protection are moving publishers to reconsider data collection strategies. While first-party data collection is the most straightforward strategy that publishers can employ to keep up with changes – it is crucial to understand first-party data as an alternative.

The biggest challenge for media houses will be to execute a first-party data strategy that integrates with data-driven subscription, registration and operations. All this while adhering to privacy regulations to retain the customer’s trust.

The Crucial Role of First-Party Data

Early adoption of first party data can help publishers be independent while building deeper relationships with customers and contribute to sustainable growth through multiple revenue streams.

Publishers reside in two groups: Those that have been collecting first-party data for years, and those that are scrambling to catch up. Billions of dollars are at risk for those publishers without the targeting data to power programmatic campaigns, which represent upward of three-quarters of all digital campaigns globally.

Publishers that proactively address the challenges of identity resolution, are much better positioned to protect relevance and growth in the long term.
Future models and innovations in Ad tracking must provide better detail on the consumer’s journey, with consumer needs and expectations kept front and center.
Publishers that demonstrate the ability to reach consumers at the point of purchase with relevant opportunities and recommendations will benefit from new consumer purchase norms. Adopting best-practice alternative solutions for ad targeting is driving the publisher’s pivot to first-party data collection through direct-to-consumer relationships.

The Value of Direct Relationships

As third-party cookies disappear, advertisers will need privacy-compliant first-party data to understand their audiences’ interests online. And its publishers who understand the behavior of individuals on their websites — they know what the interests of their users are, how long they spend on-site, how many times they visit, and whether their browsing habits have changed. Working with publishers provides a privacy-safe environment for advertisers to buy in, built on top of consented first-party data and without the need for third-party cookies.

How Can Publishers Use First Party Data to Improve Revenue?

First party data offers valuable insights into real-time user interaction and preferences, which enables publishers to sell their ad space for higher rates. The data allows advertisers to relate and respond to customers in highly personalized and more immersive ways. Hence, they are willing to pay higher CPM rates for reliable, first-hand user data.

Personalized experience

Visitors enjoy a personalized experience, and a first party data strategy enables both publishers and advertisers to provide that. Audience engagement, time-on-site, and ad conversion rates increase when publishers and advertisers offer the right content that appeals to the website visitors.

Visitor Segmentation

Targeting a specific product to certain customers is crucial to increasing an advertiser’s return on investment. First party data enables publishers to group their users based on demographics, interests, and much more, making the data more attractive to advertisers. Having access to specific groups allows advertisers to deploy a highly efficient marketing strategy for each customer segment.

Mapping the customer’s journey

Marketers can map the customer’s journey by accessing first party data. Knowing customers’ different steps to convert is crucial for successful goal conversion. By using first party data, advertisers use the relevant message at the correct place and time to navigate a customer’s journey to conversion.

The First-Party Data Tech Stack

The first-party data tech stack serves as the engine for the first-party data strategy. Publishers can opt for first party data enablement solutions that are quick and easy to run with zero downtime. All of this must be achieved while keeping compliance and data privacy in sight. Another way to augment first-party data is through partnership with clean rooms, or tech companies which connect multiple, disparate first-party data sets with no data intermingling, in accordance with data regulations.

In order to grow first-party data and create value for consumers and advertisers, media companies must make fundamental structural and technological changes. Most media companies are structured with separate subscriptions and advertising operations. However, the future model will be a unified commercial strategy with consumer’s detailed, first party data at the centre.

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First Party Data Powers Digital Customer Engagement

Nitigya Kuchhal — Tue, 27 Jun 2023 08:02:01 +0000

Digital Customer Engagement can be described as proactive interactions conducted by a brand via digital channels to boost engagement and build relationships through the buyer’s journey. Being in touch with the customer has never held more importance than in today’s digital age, and businesses are on the lookout for innovative ways to connect with customers. Hence, this lays immense focus on the ability to conduct multi-channel marketing, to connect user experience while offline and online.

The past year has mandated a new approach to business. Facing economic uncertainties and a contraction of marketing budgets, brands know they need to do more with less. They need to continue to acquire new customers while also increasing customer loyalty to generate repeat business. And they need to do all that with fewer resources.

According to the State of Customer Engagement Report – “Those who embrace digital customer engagement are seeing results, despite the challenging economy. Data shows that investment in digital customer engagement increased revenue by 90% on average, up from 70% last year.”

Let’s Talk Third-Party Cookie Demise

We have already heard about the phase-out of third-party cookies and the grave implications it holds for digital marketers who care about campaign performance and Return on Ad Spends (ROAS).

The loss of third-party data will leave marketers, Ad agencies, and the publishing and media vehicles where advertising appears with little or no first-party data (data directly from consumers who consent to share it) in the dark about behavioural and demographic insights that currently help them create target audiences and segments.

After the loss of third-party cookies and identifiers, advertisers and publishers will find that the value of direct engagement with consumers will further increase. To create consumer connections, advertisers and publishers should create experiences that consumers consider worthwhile. Advertisers and publishers will also need to identify the investments and operating approaches that will help them stay connected with as many consumers as possible.

Creating consumer trust with compelling consumer experiences

The most prepared advertisers we studied are designing consumer experiences in which consumers actively consent to share data (for instance, transparency on data collected, visibility into value exchange, and data collection seamlessly embedded into user experience). Indeed, experiences that are valuable to consumers tend to generate data as a byproduct.

The right experience varies widely by industry, but the need for it is motivating many advertisers we studied to innovate. For instance, the most advanced companies have discrete consumer experience functions that work with the support of media, IT, and legal to responsibly capture and manage consumer data.

The implicit role of first-party data in this scenario

First-party data is still a subject that raises questions in the mind of a marketer. Is first-party data the ultimate solution to safeguarding signal resilience? How much time does it take to activate first-party data? Is there any downtime involved? How much of IT support will be required? So on and so forth.

The key benefits of adopting first-party data are as follows:

Data Control: Since the data being collected originates from your domain, it offers better control and ownership.

Reduces Cost: First-party data collection is the least expensive yet most accurate option. While it may require more time and involvement, it is worth the trouble.

Accurate, reliable, and relevant: With first-party data, you can be assured that you have accurate, reliable, and relevant information. It allows enhanced tracking of consumer behavior across your website that helps you gather key insights.

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Using First-Party Data for Practical Insights

Nitigya Kuchhal — Sun, 07 May 2023 18:30:06 +0000

The need for first-party data is increasing as the third-party cookie demise continues to limit the ability of brands and marketers to deliver personalized experiences. According to the State of Personalization Report, 62% of customers expect personalization. The report found that 78% of brands in Asia and Japan rely on third-party data for their marketing strategies.

Through support touchpoints, brands can prepare and move away from third-party data dependencies by capturing customer interactions and tuning into their consumer market’s directly-expressed needs, interests, and concerns.

Data collected from CRM benefits customer-facing departments in brands such as marketing, sales, and support. First-party data can help analyze, improve, and accelerate the outreach effort through informed decisions or identify opportunities for businesses

Understanding Customer Behavior

One of the most significant benefits of first-party data is the ability to understand customer behavior. By analyzing data collected from website visits, email open rates, and social media interactions, businesses can gain insights into what their customers are interested in, what products or services they are looking for, and what channels they prefer to use. This information can be used to tailor marketing campaigns, improve customer experience, and make data-driven decisions around product development.

Personalization

First-party data can be used to personalize the customer experience. By collecting data on the customers’ previous purchases, search history, and preferences, businesses can provide personalized recommendations and offers that are tailored to interests.

Targeted Marketing

First-party data can be used to create targeted marketing campaigns that are more likely to resonate with customers. By analyzing data on customer demographics, interests, and purchasing behavior, businesses can create highly targeted marketing campaigns that speak directly to their target audience.

Improving Customer Service

First-party data can be used to improve customer service. By analyzing data on customer interactions, businesses can identify common pain points or issues and take steps to address them. For example, if a business notices that customers are frequently calling customer service to ask about shipping times, it can proactively provide this information on its website to reduce the number of inquiries.

Data-Driven Decision-Making

Finally, first-party data can be used to inform data-driven decision-making. By analyzing data on customer behavior, product performance, and marketing effectiveness, businesses can make informed decisions around product development, marketing strategy, and sales tactics.

By leveraging this data, businesses can create personalized experiences, target marketing campaigns more effectively, and make informed decisions around product development and sales tactics.

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Guide to Better Data Collection & Management

Nitigya Kuchhal — Sun, 07 May 2023 18:11:29 +0000

Define your target customers

Even a novice businessperson understands the significance of determining a target audience. Your target group is built around your ideal customer profile, that being the customers your products and solutions can help the most and that make the most purchases. While designing a loyalty program and collecting data, you need to have a deeper understanding of who you’re designing your program for, who is most likely to participate, and what essential data you need to know about each of these individuals. Once you define your target customers, you’ll need to define your goals, including what actions you want customers to perform more often. Really knowing your customers will help you identify what kinds of engagement activities your target customers may prefer as well as inspire ways to improve the customer experience.

Determine why you need data

True, data is an essential component required to understand customer purchase patterns, preferences, and behavior but it is important to determine specifically why you need it and how it can help your business grow. This helps ensure you don’t collect unnecessary data that you don’t really need and most likely won’t use. Your reasons for collect data may vary from increasing brand reach to improving retention rate. When you have definite reasons to collect data, you know what kind of specific information or data you require and can design a loyalty program accordingly. Learn more about the types of customer data and collection tips.

Digitize

A regular analog loyalty card can enable you to collect transactional data—such as name, purchase details, location, and mode of payment. If you want to take your loyalty program to the next level and improve your data collection abilities, you need to go digital. According to Deloitte, an average U.S. consumer checks his/her mobile phone about 52 times a day.

Customers are much more likely to engage with your brand using a mobile app than at an in-store sales counter. With the help of push notifications and meaningful rewards and engagement strategies, your loyalty app can help you collect the data you need.

Be a good steward of data

Your customers trust you to protect their data and transparency plays a key role in building and maintaining that trust. This includes clearly communicating with your customers about what information you’re collecting and how you plan on using that data.

Good data management practices cover all aspects of the data life cycle, including collection, processing, storage, use, updating, transfer, and deletion.

Use data to differentiate your loyalty program

The data you collect is what enables you to reward customers for transactions now just but also recognize them as individuals and make their lives easier. This is the way you build emotional bonds that lead to lasting customer relationships.

Work with a reliable First-Party Data Enabler

Data Collection requires you to check multiple checkpoints. Working with a reliable first-party data enabler. Working with a reliable first-party data enabler provides the tools and expertise required to collect, organize, and analyze first-party data effectively. Businesses can ensure that their data is accurate, compliant with regulations, and can be used to drive actionable insights and inform marketing decisions. By analyzing customer data, businesses can gain a better understanding of their customer’s preferences and behaviors, allowing them to tailor their marketing messages to individual customers. This can lead to increased engagement and conversions, as customers are more likely to respond positively to messages that are relevant to their interests.

In addition, it can help businesses improve their overall data management practices. This includes ensuring that data is collected and stored securely and that it is compliant with relevant regulations such as GDPR and CCPA.

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