7 Elements of a First Party Data Strategy

Discover what's important for a First-Party Data strategy for Marketing. So you can collect the information you need and comply with all privacy laws.

First Party Data Strategy

As data privacy concerns continue to rise, it is becoming increasingly important for brands to have a First-Party Data Strategy. The benefits of First-Party data are many: You have more control over it, you can be sure of its quality, and customers are more likely to trust you with their information if they know it will only be used to improve their experience with your brand. Creating a First-Party Data Strategy can be challenging, but it is worth taking on.

First-party data is data a company collects from its own customers. This data is usually collected directly from customers through online forms, surveys and interactions on the company’s website or app. It can also be collected offline, such as through loyalty programs or customer surveys.

The 7 Pillars:

  • Define your goals
    Before you can begin collecting data, you must determine what you want to use it for. Do you want to use them to improve your customer service? Personalizing your marketing messages? Developing new products or services? Once you know what your goals are, you can start thinking about how best to collect the data you need to achieve those goals. This may seem like a no-brainer, but it’s actually crucial to think about what data you need and why you need it before you start collecting data from customers. That way, you can ensure that you collect only the information you really need, and that you do so for the right reasons.

  • Collect the right data
    There are two things to keep in mind when collecting first-party data: quality and quantity. It is important to collect enough data to achieve your goals, but it is just as important (if not more important) to ensure that the data you collect is accurate and of high quality. This means collecting data from as many reliable sources as possible and taking steps to ensure that the data is clean and standardized.

  • Use Own Cookies
    First Party Cookies are stored by the server of the visited domain or website, which means they are under the direct control of a company. Third-party cookies, on the other hand, are managed by an external server or domain. By keeping cookies within a brand’s domain, Marketing has more control over the use of cookies and the data collected with them. This makes the use of First-Party cookies more reliable and efficient when working with user data. Thus, considering the benefits that server-side First-Party cookies provide, such as better privacy, security and accuracy, it is clear that companies should always choose First-Party cookie solutions over their third-party counterparts.

  • Managing customer preferences
    It is essential for any modern marketing organization to have an effective preference center. A preference center ensures that companies collect current and accurate data on customers. This includes giving customers control over their own data, understanding how their data is used, being able to easily change their mind about its use, and having the right to have their data deleted if they wish. Moreover, customers can specify their own interests and preferences so that they receive only relevant content or products rather than being bombarded with messages that do not interest them. Ultimately, a preference center allows marketers to meet customer expectations with tailored services and provide better value across all channels, leading to higher customer engagement and loyalty.

  • Collect data in a privacy-compliant manner
    Traditional data collection methods can be risky, time-consuming and privacy-invasive. Therefore, we recommend a customer-centric approach with a Customer Data Platform (CDP). With a CDP, you can implement Privacy by Design by defining rules for customer data use and consent at the system and data level. This way, brands can ensure that this data can only be accessed with proper authorization and activated only in channels for which permission has been given.

  • Activate data in a privacy-compliant manner
    Now that you’ve gathered all this great data, it’s time to put it to work! A Customer Data Platform (CDP) collects customer data into one unique profile for each user, allowing companies to easily understand their behavior and preferences – so they can better tailor their services to those needs! With real-time insights from each user to find out what they prefer or how best to communicate with potential customers, marketing teams will have an advantage over other companies that do not invest time in thoroughly understanding individuals’ preferences!

  • Monitor and develop your strategy for First-Party Data continuously
    The last, but no less important step is to continually monitor and develop your First-Party Data strategy. Your strategy for First-Party Data is never “finished”; as your business changes and grows, so must your approach to collecting and using First-Party Data. Be sure to review your goals and objectives regularly and adjust them as necessary so that your strategy always remains relevant and up-to-date. This includes staying abreast of changes in relevant laws and regulations and customer expectations regarding privacy. It also means regularly reassessing your systems and processes for collecting, storing, using and protecting customer data to ensure they remain effective.

Conclusion

Creating a First-Party Data Strategy is essential for any brand that wants to remain competitive in today’s marketplace. By following the seven steps above, brands can create a First-Party Data Strategy that allows them to effectively collect, store, use and protect customer data. This is all essential in today’s digital landscape, where customers are more privacy-conscious than ever before.

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