Data is the most powerful tool for any marketing campaign. This data can be collected in a myriad of ways both internally and externally.
Data is broken down into three types, but the most commonly used is first party and third party. First party is the data obtained directly from the consumer by you. Third party data in comparison, is a purchased set of data accumulated over time and from a variety of sources.
Recently the changes in General Data Protection Regulation (GDPR) have brought into question what will happen to third party data.
There is a major shift in privacy protection in the favor of the internet user. GDPR requires companies to inform consumers how their data is being collected, how it will be used, and with whom they will share it. This change is leaving the future of third party data very uncertain.
Now is the time to get a head start on ensuring that any marketing strategy you have focuses on the use of first party data. One of the first steps is to ensure your website is utilizing data acquisition technology such as remarketing pixels.
Since remarketing pixels capture the behavior and activity of the consumer directly, they are considered to be first party data. Implementing their use across your various media platforms is a strong start.
Another tool that can assist in effective use of first party data is utilizing a customer relationship management (CRM) system to organize the information collected from your customers.
When used effectively this helps to take the data collected, such as any past purchases, and create a more personalized remarketing campaign that is ultimately more effective at getting your customer to re-engage in your business.
Also read: Best CRM software for 2021
Advertisers already incorporate remarketing heavily in most strategies. The idea that customers need relevant outreach across all social platforms and how segmenting and analyzing data allows this to happen is not a new concept.
However, using remarketing and CRM data, you can enhance your current strategy. This data allows you to analyze your customers information so that you can increase retention and repeat purchases as well as expanding your reach to a more targeted market.
Here are some helpful ways to incorporate first party data to enhance your remarketing campaign across both paid search and social:
By utilizing CRM data after a customer makes a purchase find connected or complimentary products that may be of interest to the customer. For example, if a customer purchases a lawnmower you may be able to send them information regarding a weed eater.
This can be accomplished in a two fold manner. If a customer only purchases seasonally or for holidays, create a list of them. With this list you can not just increase marketing efforts directed at this purchaser when the time comes, you can also engage them when there are promotional events that may be of similar interest.
With the explosion of social media sites such as TikTok, Instagram, Snapchat, and Facebook the use of video advertising is becoming a very effective way to reach all audiences. You can utilize your data to set up a story about your brand and create a story about your brand that captivates your specific audience.
Also read: Top 10 Successful SaaS Companies Of All Times
Google and Facebook are continually expanding capabilities to use first party data to create a new audience. You can find a customer doppelganger or an audience matchby utilizing these tools you can expand your reach in a targeted and strategic fashion since they look like your current customer.
Third party data may provide a larger quantity up front that can be assessed and analyzed for similar marketing strategies.
It is quite possible the new standards of data protection enforced by GDPR may soon make third party data obsolete. By harnessing your first party data and the tools and strategies mentioned above you will be able to enhance your marketing because it will be more direct and relevant to the target.
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