First Party Data, also known as 1P Data, is any information collected straight from your audience. Being as this data is what you collect, it is one of the most reliable and inexpensive options to efficiently gather customers information.
Let's face it, the world of marketing is evolving right before our eyes. How to create personalized experiences for consumers has become the topic of conversation at every company. Every consumer wants their desires to be customized for them, but there is also an insistence on knowing how that data is going to be used. How do we solve this problem? The first solution is Zero Party Data. but First Party Data can be a solution as well. Let's dive in.
First Party Data, also known as 1P Data, is any information collected straight from your audience. Being as this data is what you collect, it is one of the most reliable and inexpensive options to efficiently gather customers information. It is collected directly through your audience, instead of being sent to you from a third party. This data is collected and owned by the company, it stays in the hands of the brand that collects it. This First Party Data is then used to create content, advertisements, and experiences that are being catered to consumers interests. "First Party" is referring to the party that gathered the information first hand to be used for retargeting.
Along with Declared Data, First Party Data can definitely be a powerful tool for modern day marketers. It is collected through purchase history, website activity, email engagement, and sales interactions. Anything you directly gather from customers' footsteps, essentially following their 'digital breadcrumbs'.
First Party Data gives you insights through analytics or user behaviors. On the other hand, Declared Data is a direct interaction from your audience. It's the difference between someone walking into a store and telling you they're looking for sneakers, and seeing they have viewed running shes on your e-retail site.
When a company collects First Party Data, they contain several benefits. The accuracy and data quality skyrockets, considering the information is being collected directly from your audience. It is an inexpensive way to uncover consumers' preferences. First Party Data allows you to feel confident in your prediction about your customers' purchase behavior.
For example, if you notice a consumer browsing your site for a new mattress and went ahead to add one to their cart, you can make an educated guess that they are looking to buy a new mattress in the near future. With this knowledge, you can now create personalized advertisements which will most likely lead the consumer to complete their purchase.
Another advantage is that trust and relationships are strengthened. If trust is something that is important to your company, then capturing First Party Data is the path to take, as well as capturing Zero Party Data. After all, if the consumer is supplying you with this information and giving you access to their preferences, this would be an exchange of trust from the consumer.
To be clear, capturing this data is not about gaining control. It is about strengthening the relationship and the trust level between the company and the consumer to drive business, and to lead the consumer to a better purchase.
First Party Data gives you plenty of insights about your target audience and now is the time to explore this marketing strategy. It is clear to see how crucial this information can be for any businesses growth and success especially as we creep towards a new 'privacy first' world. Lets face it, relying on cookies has never felt right. To unlock and leverage the power of highly accurate First Party Data, click here for a demo.