But data is only valuable when it gives marketers a clear picture of their individual leads and customers and this is where first party data comes into play.
Why Should Companies Focus on Building First Party Data?
What is First Party Data?
First Party data refers to the information that france business email list a business collects directly from its leads and customers. This information is given out through online customer interactions, website visits, app downloads, landing page forms, product views and website queries.
First party data can be collected by a variety of offline channels too including: sales calls, in-person events and coupon redemptions that take place in store.
All of the above sources will provide lead and customer information such as account information, demographics and purchase history.
The data collected via all the above channels needs to be stored, tracked and analyzed digitally and this is where Customer Relationship Management (CRMs) systems and Customer Data Platforms (CDPs) become important. These kinds of online platforms allow marketers to merge data in a single place and then the platform segments this data to create highly personalized marketing campaigns for leads and customers. These marketing campaigns are then targeted to leads and customers through a variety of online channels.
What makes this kind of data so valuable is that it is collected directly from a company’s customers and leads. This means that every campaign reaches a high-quality audience that has already shown interest in the business offering - making for greater sales.
So, what makes first party data more valuable than second or third party data? Let’s take a look.
The Benefits of First Party Data for Businesses
The below points highlight the benefits of first-party data and why it is vital that your business focuses on building first-party data for lead generation.
Privacy Regulations and Compliance
Operating on first-party data ensures you are in compliance with the global data protection laws. This is because unlike third-party data, first-party data stays with those who collected it themselves, which allows for more transparency and control over what happens to the information.
This protects brands and consumers as consumers have given permission for the company to use their data. When customers and leads provide you with their data they are consenting to have you use their information for personalization and retargeting campaigns, which gives your company full control of the data usage process.
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