First-party data is the most valuable because you own it. You know exactly how the information was collected, and that it wasn’t extrapolated from third-party sources or behaviours. It’s also your greatest competitive advantage because only you have direct access to it.
It can be collected in a variety of ways:
– In-store purchases
– Website visits
– Loyalty member activity
– App Downloads
– Newsletter subscriptions
– Customer feedback
Brands that make most of their first-party data can gain greater understanding of the entire customer journey, their customer segments and the impact of their marketing efforts.
While knowing the behaviour and demographics of your audience is extremely valuable, the reality is that people are multifaceted and unpredictable. The greater variety of signals you have — whether it’s click-stream data, attitudinal, cross-device, geographic or technographic information—the greater your ability to represent the complexity of your audience. Richer customer profiles will allow you to better tailor your campaign’s messaging, timing and targeting.
To find out more about 1st Party data and how it can help you, download our ebook here