First-party data is data that comes directly from your company CRM or loyalty data with a consented path from the consumer or a publisher that has first-party consent from a consumer. You or the publisher collect the consent during a signup process from your customers, app users, website visitors or purchases, loyalty customers, email list subscribers, or consumers who are interacting directly with your company in some way. To maximize the effect on first-party data it often collided with second-party and third-party data, which comes from several sources depending on the needs of the client. Because first-party data has a known consent path it is considered high-quality data.
If you are not using your first-party data you may be missing a great opportunity. While other types of data are also valuable, first-party and CRM data should be a top priority in data analysis because they can be used to identify customer trends. It helps businesses understand their target audience better, and identify missed opportunities before they become an issue, and overall increasing ROI.
Here are some steps you can use to increase your first-party data.
1. Register Your Customers
2. Invest in a Centralized Data Platform
Many companies struggle to maximize the capabilities of their first-party data because that information can be disorganized and disjointed. Bringing all of your data into a single platform can help you unlock the true potential of your first-party data
3. Use alternative methods to append Customer Profiles
Vendors such as Intuizi can help append your customer data with additional data points. There may be other vendors that can also append your customer data. Investing in a data append strategy is a great way to increase the knowledge of your customers and first-party data.
Try to collect different types of first-party data from both online and offline sources.
Behavioral data from real-time visitation patterns: You can gather data about how customers visit your brand or your competitor’s brand over time. This information can give you insights into who is visiting you or your competitor’s property and how often.
Cross-app data: Understanding what apps consumers have on their device can help inform decisions, By looking at cross-app device graph data, you can use your first-party data and append it you get a better understanding of your "Best Customers". This allows you to build exteamly qualified look-a-like models and unique audiences through AI data analysis to get more customers of similar traits
Purchase data: Understanding purchase data in aggregate in the trading area you are in will allow you to better understand where you may be able to pick up incremental sales from your competitors. Companies like Intuizi all you to cross-reference your first-party data with financial transaction data to give you a holistic view of the trading area
If you are interested in leveraging your first-party data give us a call, we would love to walk you through the use cases for your industry and help you set a plan in place that will generate long term profits for your business
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