1st Party Data For Retailers
WHY 1ST-PARTY DATA IS THE MOST VALUABLE TO BRAND MARKETERS
Marketers have a lot of data to choose from: 1st-party data, 3rd-party data, online data, offline data, transactional data, operational data.
It’s like being at an all-you-can-eat buffet – where do you start?
Every kind of data mentioned above has its advantages and disadvantages, but one stands above the rest for its all-round utility.
If you’re going to start with one dish at the data buffet, start with 1st-party.
DEFINING 1ST-PARTY DATA
To be clear – 1st-party data by infoX's definition is the information that a brand or company collects itself and owns. In today’s online world, this is data about customer interactions on a website or app (form submissions, product views, circular interactions, in-site search, product queries, through site and app segmenting, etc.). Offline, 1st- party data is what a company collects though POS and loyalty card tracking.
The idea behind using data for digital marketing is to make it more effective, and therefore, more efficient.
The increase in effectiveness is the result of better targeting. This comes from more personalization for marketing campaigns of all kinds – AdWords campaigns based on search queries, geolocated grocery ads on Facebook, display ads for CPG brands on a nutrition comparison site, plus the millions of other combinations available in the data marketplace.
1st-party data takes personalization to the next level – in part by creating a more complete customer view (Single Customer View).
DYNAMIC CONTENT DISTRIBUTION FORMATS:
Images and HTML files loaded as dynamic banner ads and digital FSI's, and served to the audiences defined by the infoX DMP, audience creation and look-alike modeling.
Feel free to get in touch! We look forward to hearing how we can bring the power of data to your business.