Context is Key: How to Build Up Your First-Party Data for more effective advertising
We've all heard the saying "context is key." and nowhere is that more true than when it comes to data. By taking a contextual approach to data management, you can create a more secure and private experience for your customers. In this post, we'll discuss seven ways to build up your first-party data game- the best strategy to address the increase in advertising spending due to large tech companies' implementation of privacy practices.
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If you're like most people, you probably think of data as something that big tech companies collect. And if you are the of the general population, you are starting to learn just how important your data is- it definitely costs the small business more- especially those that relied on local-based strategies to bring in tourists. But data is generated every day by all of us through our online activities. Every time we search the web, post on social media, or purchase online, we're creating data.
And this data IS extremely valuable. You can use it to personalize our online experiences, and it's also a key ingredient in the recipe for effective advertising. That's why a small business and eCommerce site, you need to both collect and analyze your customer data. But you can also be on the hook to make sure that you take care of your customer data. With technology like customer data platforms and cloud applications- your software providers should still be making privacy management easy.
No doubt big technology companies of Apple and Google will continue to roll out more customer privacy protections that can make advertising with them even more expensive. No doubt big technology companies of Apple and Google will continue to roll out more customer privacy protections that can make advertising with them even more expensive. But with all of the recent privacy scandals and the increase in cybersecurity threats, people are becoming more cautious about how their data is used or potentially sold. A recent study found that 87% of people are concerned about their online privacy
The time has finally arrived to be sensitive about privacy. Sign up for First-party Data! We need you, consumers, to bring your data into our marketing operation to make better decisions and provide a more personalized experience online - it’s what will set us apart in 2022 when third-party cookies no longer work (and they're banned soon!).
Hello, promo code! You can go around asking people for information, but most consumers are a bit savvier than that. With inflation, most are looking for a good deal too.
Value Exchanges define the valuable contexts
What is value exchange in digital marketing?
Value exchange describes a transaction that can include but may not necessarily be financial in nature. Examples of value exchange between a brand and a customer can include: The trading of money for goods or services (a straightforward financial transaction).
One of the best parts about digital marketing is that you can offer various value-exchange options for your customers. For example, saved lists and items are an easy way to provide them with extra perks on top of their subscription service by saving specific information such as coupons from brands they love (and never miss!). Another idea would be gifting cards with codes inside, so people who get one don't need internet access! There are also early access services like release dates; these could happen before anyone else knows anything.
What's important to remember is that the customer should feel like they are getting something of value in return for what they are giving up. For instance, with saved lists - if I'm already a subscriber to your email list, then every time one item goes off sale or becomes available again through said retailer's site (e., stock levels), you send me an email letting me know so that way I have no excuse not too buy what might otherwise escape my notice thanks very much.
So there you have it, the customer! Third-party cookies are going away (soon), but that doesn't mean your data is no longer. First-party data is more important than ever for small businesses and eCommerce sites. Not only do you need to collect it, but you also need to be on the hook to make sure that you take care of your customer data. The time has finally arrived to be sensitive about privacy and customer data. With technology like customer data platforms (CDP) and cloud applications like Shopify, Klaviyo, and Amazon your software providers should still be making privacy management easy.
In this day and age, we are all becoming more aware of our need for privacy. This roll-out of regulations has created a vacuum where marketers can step in with relevant insights from the first-party data you collect. Then, create personalized messaging that will resonate better with your target audience than ever before!
Are you interested in getting started but would like to speak to our team? Sign up for a consultation, and we can help you get started! We’ll work with you to create relevantly personalized messaging that will resonate better with your target audience than ever before. First-party data is more important than ever, so don’t miss out on this valuable opportunity.