5 Steps to Building a First-Party Data Strategy
First-party data has never been more important. If you’re unsure how to get started with building a strategy, this guide has you covered.
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3 First-Party Data Stats You Need to Know
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The future of marketing is here, and no, it’s not the metaverse or NFTs — it’s first-party data. We’re already living in a post-cookie world, but marketers will feel the effects even more once Google Chrome begins phasing out third-party cookies throughout 2024. It’s high time for brands to ramp up their first-party data collection efforts and start strategizing ways to put their first-party data to action.
Still not convinced? We’ll let the numbers do the talking — here are important first-party data stats you need to know, along with actions you can take now to ensure your brand doesn’t get left behind.
Stats You Need to Know
1. 88% of marketers claim first-party data is more important to organizations than two years ago.
What this means: think outside the box when it comes to ways you can collect first-party data. For example, PepsiCo has grown its first-party data stores by 50% by accruing peoples’ email addresses in exchange for reward programs, using QR codes and letting them serve people more relevant messages. There are plenty of opportunities to gather shoppers’ contact information, including gated content to registration-required webinars, as well as learn more about their demographics, needs, and wants.
Your turn:
Identify all your first-party data sources
Develop a first-party data collection strategy
Brainstorm new ways to put your first-party data into action
2. 81% of consumers surveyed said they had concerns about their personal information being kept private.
What this means: data privacy is top of mind and isn’t going away for consumers. However, consumers are more likely to share data if organizations are transparent about how it’s being used or they’re offered something valuable in exchange. In fact, 64% of U.S. consumers say they’d provide their email address for a $20 discount and 31% would share their full name. Be careful asking for too much up front — you can always ask for additional information, such as their birthdays, later as you build your relationship.
Your turn:
Identify what type of offers your shoppers find valuable
Brainstorm new ways to add trust to the customer experience
Remove any unnecessary top-of-funnel personal data requests
3. 36% of companies are already succeeding with new experiences and service channels, while another 24% find more potential for consumer interaction by deploying AI techniques.
What this means: brands that focus on the use of first-party data will achieve greater success and customer retention by pursuing multichannel strategies and implementing practices early. We recommend contextual targeting as a way to deliver targeted marketing without tracking cookies, but get started ASAP before the market is oversaturated.
Your turn:
Brush up on your understanding of contextual targeting
Determine how contextual targeting fits in your marketing strategy
Launch your first contextual targeting campaign
What Happens Next?
As we enter 2024, it’ll be crucial to keep up with data privacy regulations and explore new tools, including Google’s Privacy Sandbox feature. You can start with our guides to find out where you can uncover first-party data and how to plan your strategy. Once you’re ready to shift to first-party data, AdRoll is here to help you implement your strategies!
Last updated on November 9th, 2023.