Improve Your First-Party Data Strategy: How to Make Your Data Work for You

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While it looks like Henny Penny cried "The sky is falling! The sky is falling!" For several years now, the inevitable end of cookies has been fast approaching. Yes, the cookie is indeed crumbling and by 2023 the cookie box will remain empty.

What now? Should marketers panic?

No. But marketers need to prepare now for a different approach to how they execute their marketing strategies. Marketers should be prepared to improve their first-party data strategy.

As big tech embraces privacy and removes third-party cookies over the next year, marketers who have pushed their data strategy on the back burner or haven't thought about data in a post world -cookie will encounter major problems. problems.

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Why? Because they will rely on first-party data to deliver the personalization consumers expect as a standard of service. Not all marketers are comfortable with (or have yet developed the know-how to) maximize the potential of first-party data to target specific customers. Marketers who are unfamiliar with first-party data strategies will encounter major problems as consumers expect personalization as a standard of service.

While nearly 90% of marketers recognize the importance of first-party data, more than a third report difficulty maintaining its quality and accuracy.

But just because the cookies have gone stale and crumbled doesn't mean marketers shouldn't despair. There's a whole other aisle in the bakery to visit, with different ingredients like ads, chat, email, and web experiences, perfect for collecting and activating authentic and rich proprietary data to increase revenue. Responding to Consumer Privacy Concerns

At the individual level, and certainly in B2C transactions, consumers are increasingly concerned about their privacy. While 63% of consumers expect personalization in their interactions with the brand, 83% worry about sharing personal information online. High-profile data breaches suffered by companies at the enterprise level do little to allay their concerns.

These concerns have also influenced B2B purchasing behavior. When customers worry about how vendors will use private information — or whether companies have robust systems in place to secure data — they become more reluctant to participate in engagement efforts designed to collect valuable information.

Because first-party data is collected directly from audiences through proprietary channels, it is built on trust. This data enables marketers to deliver accurate, smart, and targeted marketing. As a complex and ever-changing data set, first-party data offers tremendous value.

Adding a little spice to the marketing mix

With the right approach to first-party data, marketers can use this information to reach even more customers than before. And they can't just identify customers, but find the most suitable customers. First-party data such as demographics, email engagement, purchase history, sales interactions, and website activity does the following:

Better reflect key customer needs, intentions and preferences over time. Generate accurate insights to shape marketing strategies more effectively. Empower go-to-market teams to strengthen...