Traditionally, marketing efforts have been focused on acquiring as many leads as possible through different channels, and then working on converting them into customers. However, in the digital era, the way businesses operate has obviously changed dramatically. Modern customers are more informed and have more control over the buying process than ever before. In order to be successful, businesses need to shift their focus from acquiring leads to building relationships with their existing customers, while attracting new ones.
Enter first-party data.
What Is First-Party Data?
First-party data is information that a business collects about its own consumers. Usually stored in a CRM (Customer Relationship Management) system such as HubSpot or Salesforce, this data is then used to create marketing campaigns and engaging content that is more personalized and relevant to your consumer. The main benefit of first-party data is that it gives businesses a more complete understanding of their customers, which in turn allows them to create more targeted campaigns that are more likely to lead to conversions.
You Own It
In the past, businesses have relied heavily on third-party systems to understand and target their customers. As privacy concerns and the phasing out of third-party cookies grew, a new solution became needed.
First-party data is the data you have collected by yourself or have acquired from a customer. It’s an extremely valuable asset for your business, as it is unique to your company and can be used to improve your marketing efforts. There are many ways to collect first-party data, such as through surveys, customer interaction, and website activity. This data can be used to segment your audience, understand customer behavior, and personalize your marketing efforts.
The Power Of Personalization
One of the biggest advantages of first-party data is that it can be used to create personalized experiences for your customers. In today’s competitive market, businesses need to find ways to stand out from the crowd and create an emotional connection with their customers. By using first-party data, brands can create customized messages and content relevant to their individual customer. Research has shown this to not only improve customer satisfaction, but also loyalty and repeat business.
Another advantage of first-party data is that it can be used to improve your overall customer relationships. In the past, businesses would rely on customer service to build relationships with their customers. However, with the rise of social media, customers now have the ability to reach out to brands directly. This gives businesses the opportunity to build deeper relationships with their customers by responding to their concerns and questions in a timely manner, and in the channel most comfortable to them.
First-Party Data Can Improve ROI
First-party data can also be used to improve your marketing ROI.
By understanding customer behavior, you can adjust your marketing strategy to better meet their needs. You can also use this data to create more targeted and effective marketing campaigns and content to engage customers with. And of course, first-party data can be measured to show the performance of your marketing efforts and make necessary improvements.
Should Be Number-One Priority
First-party data is a valuable asset for any business that wants to create more targeted and personalized marketing campaigns, and future-proof themselves against the changing landscape of privacy concerns and cookie-based targeting.
Overall, first-party data is an essential part of modern marketing. Some say it should be the number-one priority for any marketing department that doesn’t want to quickly fall behind in the coming years. It gives businesses a complete understanding of their customers and allows them to create more targeted campaigns that are more likely to lead to conversions. If you’re not already using first-party data to improve your marketing efforts, now is the time to start.
So Where Do You Start?
As a certified HubSpot Partner, Littlefield Agency can quickly help you get set up and running with a CRM. Our Partner status can also waive some of HubSpot’s onboarding fees, saving you money right out of the gate. Together with our inbound marketing approach, as well as in-house creative and media disciplines, we can get your brand positioned for the future of marketing.
Ready to get started? Fill out the form below and let us show you how to harness the power of first-party data.