Today’s customers have come to expect personalized interactions from brands. Marketers need a rich source of customer data to power these interactions. Historically much of this data has come from third parties, but in the midst of heightened concerns surrounding private data sharing
, marketers should prioritize first-party data as their most valuable asset.
First-party data refers to the information that customers provide to marketers directly: their products of interest, purchase history, website visits, and so on. Brands can leverage this data to better understand their customers and refine their marketing efforts to maximize results.
How can marketers take full advantage of their first-party data? Here are three ways marketers can realize the full potential of this valuable data set:
- Target your most valuable customers: Marketers can enhance their targeting capabilities by leveraging first-party data to inform their bidding strategies. Customer-level insights enable marketers to create specific audience segments based on each customer’s shopping behavior, level of engagement, and stage in the customer journey. Marketers can then modify bids to target their most engaged customers at vital decision-making moments.
- Deliver timely triggered messages: By now, marketers are well aware of the prevalence of cart abandonment. Some studies find that cart abandonment occurs at rates as high as 80%—that’s four out of every five customers choosing not to complete a purchase, despite apparent intent. On-site customer activity and engagement data enable marketers to predict an individual’s intent to leave. Marketers can utilize behavioral indicators to trigger personalized messaging that reminds the customer of the items in their cart and provides incentive to purchase. By preemptively aiding potential cart abandoners through the customer journey, marketers can capture a huge portion of sales that would otherwise have been lost.
- Be smart about remarketing: Brands can leverage first-party data to inform their remarketing efforts. For example, marketers can target existing customers with display ads that offer product recommendations based on the customer’s previous purchases. A personalized email could provide a periodic reminder to make recurring purchases for products such as the customer’s preferred shampoo and toothpaste. By building upon the customer’s past interactions with the brand and demonstrating knowledge of their product interests, marketers can go a long way in building brand loyalty.
First-party data is a valuable resource that is often under-utilized. Many marketers focus on the small percentage of known customers, and neglect to realize the potential of the significantly larger set of anonymous customers that have yet to convert.
It doesn’t have to be that way. Netmining helps marketers unlock the benefits of first-party data with Customer Intelligence. Our Customer Intelligence Platform leverages information gathered from throughout the customer journey to inform marketers’ targeting and remarketing efforts, empowering brands to deliver more relevant and more effective personalized interactions. These interactions go a long way in building strong customer relationships and cultivating brand loyalty, creating lifetime customer value.