Marketing data is a valuable business asset, and there are several internal and external methods you can use to collect it.
Two of the most popular types of marketing data are first and third-party data. First-party data is data you gather from your website or customer feedback—internal sources. Third-party data is data you compile from external sources.
However, the General Data Protection Regulation (GDPR) is creating changes that may affect the success of acquiring adequate third-party data.
For instance, the new GDPR changes require businesses to notify customers about the type of data they collect about them and the intent for use of such data.
These changes will hinder the gathering of third-party data without the customer’s knowledge and may lead to the end of using third-party data altogether.
What These New GDPR Changes Mean for Marketers
Thanks to the hindrances the GDPR has placed on gathering third-party data, marketers are forced to devise a new marketing method that focuses primarily on first-party data.
You’re headed in the right direction if you have a website already using remarketing pixels for all your media platforms because remarketing pixels gather data about customer website activity and behaviour, which makes this data a first-party data source.
Businesses using customer relationship management (CRM) tools already gather first-party data concerning their customers’ past purchases and engagement. If businesses analyse the data gathered from their remarketing pixels and CRM tools, they can develop marketing strategies to re-engage visitors and former customers.
Making First-Party Data a Priority in Your Digital Media Strategy
Most advertisers understand the significance of using data segmentation and remarketing to re-engage visitors and increase conversion rates via appropriate search and social media messaging.
However, you can upgrade your marketing strategy if you analyse your CRM and remarketing and CRM data to expand your customer reach, increase customer retention and encourage repeat purchases.
Consider these tips on how to use your first-party data to upgrade your marketing methods for search and social media platforms:
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Use Social Media to Gain Similar Audiences and Lookalike Audiences to Expand Your Customer Reach: Facebook and Google use your first-party data to generate a new audience. You can use this social media feature to expand your customer reach by finding users that have similar interests as your existing customers. -
Promote Cross-sells and Upsells:Use your CRM data to discover which other products your customers may like. For example, if a customer purchases a weight scale, you can follow up with an offer for an eBook with low-fat recipes.
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Re-engage Seasonal Customers: If you have customers that buy from you at specific times of the year (like certain seasons or holidays), you can use this data to create marketing campaigns during times when a purchase from this set of customers is more probable. Also, try to re-engage your seasonal customers by offering promotional events during seasons that don’t normally see conversions from this audience.
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Consider the Art of Video Advertising: You cannot overlook the popularity of video advertising to reach your audience—especially if you use sequential messaging to generate interest in your brand by telling a compelling story.
Conclusion
Although there are more opportunities to scale your marketing strategies when you use third-party data, you can use first-party data to your advantage to facilitate revenue growth and gain better ROI.
Therefore, it’s to your advantage to use your customer data and insights to enhance your acquisition, retention and remarketing methods.
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Managing the CX demands of 5 generations … new eBook – TheMarketingblog https://t.co/8jNKUb1aX4
— Will Corry (@slievemore) November 22, 2019