Ensure total accuracy with first party data analytics.
With the extensive amount of channels existing in today’s world, reaching a consumer requires an efficient strategy. The use of generic data for targeting purposes is no longer as relevant or reliable. As the marketing world becomes more people-focused, we need to turn our attention to the beneficial use of first party data.
What is first party data?
First party data is the data you collect from your audience. As a company, you personally own this information about your consumers because it is collected and created from the systems you use.
This is what makes first party data the most powerful form of data you can own. Asking, surveying and gathering direct data from your customer gives you a much more accurate picture of your audience than by simply purchasing some computer-driven lookalike information.
How it differs from third party data
The standard, externally collected data is referred to as third party data. Third party data is purchased from companies who specialize in the collection of data. Although this form of data is readily available and covers a large base of people, it is far less accurate and not as targeted as first party data.
Why it’s useful
First party data is not a new concept or data gathering method. However, with the recent upswing of people-based marketing, implementing this personalized form of data analysis is vital to accurately and successfully reaching your target audience.
Implementing first party data is what is going to give your company a competitive advantage. It is the complete foundation for understanding your customers because it most accurately reflects their interaction with your brands.
You can rest assured that this data is accurate, unique and current. It is information that your customers have given to you directly about your own proprietary brand. This specified data can never be duplicated through purchasing third party lookalike data, making first party data that much more valuable.
First Party Data in Action
For example, a mobile app creator will be able to launch an ad campaign using solely the information he gathered through first party data. He will understand his customer’s preferences and habits through analyzing what apps they have downloaded most recently, and then be able to properly target which apps he displays the advertisement on to ensure deliverability. Rather than purchasing third party data, the app creator is able to accurately pinpoint which apps his audience is using to efficiently deliver the campaign.
Moving towards the future with People-Based Marketing
People-based marketing is revolutionizing the way we reach our target audience. By honing in on who your consumer is and what makes them do the things they do, you can gain a much more insightful analysis of the proper ways in which you can deliver campaigns.
The information you gather for your campaign deployment is never assumptive when using first party data. It provides an authentic insight into who your customer is straight from the customers themselves.
People-based marketing is entirely driven by first party data. By increasing the use of the accumulated information obtained straight from your consumer, you can gain a deeper understanding of your customer and add value to your data.