Large companies have been using first party data for years to build empires. Now the service is available for all businesses.
Have you looked at something on Amazon and shortly after you receive an Ad on your news website you frequent for the same product you searched for earlier? Or have you listened to a livestream only to have an Ad related to the livestream pop up on your YouTube? Who is listening to you and how do you set up your small business to use this service? It’s simple, the advertisers have utilized First-party data.
First-party data is a goldmine for advertisers. Its data collected directly from prospects through website visits, purchases, email sign-ups, and more. This data can be used for targeted marketing campaigns with high-ROI because it’s incredibly reliable. How does this work?
Many companies such as Target, Walmart and Amazon (All Amazon Products) provide data of product search history to marketing agencies. The marketing agency then places an ad for your landing page to be shown during your prospect’s web browsing on thousands of websites, such as ESPN, Fox News, CNN and more.
Here’s why this data is a game-changer:
- Higher Accuracy & Relevance – Since first-party data comes straight from your audience, it’s precise and directly reflects their preferences and behaviors. This allows your advertising to be proactive and not reactive in nature.
- Improved Targeting – You can create personalized ad experiences, leading to better engagement and conversion rates. No more general advertisements.
- Cost Efficiency – No need to buy expensive third-party data; leveraging what you already have can save money. The data is provided in real time and part of your general advertising investment.
- Privacy Compliance – Since you’ve collected this data ethically, with proper consent, it aligns with privacy regulations like GDPR and CCPA.
- Competitive Advantage – First-party data is exclusive to your brand, meaning competitors can’t access the same insights. You will catch your prospect prior to doing general searches on Google.
- Better Retargeting & Retention – You can use first-party data to nurture existing relationships, leading to higher lifetime customer value. This will allow for sustainable growth of your company.
Want to dive deeper into how to best utilize it? Contact Inflow Consulting at [email protected] to learn more and get pricing. It is more cost effective than you would think.