Volume 11 No. 3: How well do you know your customers?
At this point, most marketers agree customer data is vital for informing business and marketing decisions.
But as third-party cookies continue to fade out, there's an opportunity to reach and understand your customers better than ever.
Today we’re talking about first-party data.
How to learn about your customers while prioritizing data privacy
Each week, we break down another marketing trend so you can skip having a breakdown.
Marketers looking to stay ahead of data privacy regulations are leaning into first-party data. 36% of marketers expect customer purchase history will be their most valuable source of data in the future, followed by web registrations and social media profiles.
First-party data already provides a huge advantage for brands trying to target their ideal audiences. Streaming and CTV advertisers use it for retargeting past customers or building look-alike audiences for their campaigns.
But it’s also helpful for informing messaging. By accessing and analyzing data specific to your own customers, you can get a deeper understanding of their behaviors and preferences. Which can then help you create more personalized, meaningful connections.
That’s essential. Because although consumers are demanding greater data privacy, their expectations for businesses are higher than ever. 62% feel businesses should anticipate their needs. Personalized experiences can also lead to more data. Consumers are more likely to share personal information after receiving a custom offer.
Key Takeaway: Prioritize first-party data as your brand’s data strategy evolves away from third-party cookies to find your audience and connect with them through relevant messaging and experiences.
The Growth Lab
Question: What should marketers be most excited about for the future of TV advertising?
We ask an experienced group of business leaders, marketers and statisticians about strategies for success.
Answer: "Close to 50% of the US population is now cordless and many more watch both streaming and linear. So for marketers, it’s exciting to see growth in ad-supported inventory, from Disney+ and Netflix’s introduction of ads to how streaming networks like Warner Bros. Discovery are offering premium content through FAST channels. As more inventory becomes available, it will be easier to reach streaming audiences at efficient CPMs."
— Marrika Zapiler, Director of Advanced TV
Marrika dedicates her time to expanding the agency’s streaming capabilities. She attributes her college study of Latin and ancient civilizations with developing the critical thinking and communication skills she uses daily.
B2B message testing company Wynter specializes in helping businesses make the most of their first-party data. In its platform, you can analyze your customer’s experience on your website, send out customer surveys or conduct preference testing to optimize your marketing. But, even if you’re not using Wynter’s platform, following them on social media gives you access to thought leadership about listening to your customers. (And some fun memes).
Our favorite insight? Big claims are attention-getting. But since consumers are skeptical, to keep that attention, those claims need to be immediately followed up with proof.
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