The Most Powerful Data Available to Marketers
The results are in: According to a new report published by eConsultancy, 74% of senior marketers at $100m companies believe that first-party data (e.g. a visitor’s clicks, search, add to carts, purchases, general behavior on your site) provides the greatest insight into digital consumers.
Those same marketing professionals dismissed third-party data (e.g. where the visitor has been before and a stitched together interpretation of their demographic profile), once the industry standard, with a meager 8% preferring it over other options. 74% of marketers believe that first-party data offers the best option for increasing a customer’s lifetime value. 62% of respondents also said that first-party data offered the highest lift, while 68% claimed that such data offered the “easiest justification for use.”
As eConsultancy put it, “The most powerful data is the data you already own.”
To us, none of this comes at a surprise. While third party data can be a somewhat useful piece of the puzzle when it comes to learning about your visitors, it doesn’t come close to delivering the critical information you need in order to capture their intent, engage them, pick up on their real time behavior, and guide shoppers towards a conversion event. At Reflektion, we’ve believed this from day one, which is why we designed our platform at its very core around gathering and responding to individual shopper behavior based off of first-party data.
Marketers are racing to implement first-party data solutions, with 82% surveyed saying they would be increasing their use of first-party data by 2016, while less than half (44%) were planning to increase their use of third-party data.
By taking advantage of the new opportunities first-party data provides, brands have a competitive advantage that can easily translate into significant ROI. But the challenge most marketers have is how to unlock that data and put it to good use.
Check out our white papers “Unlocking Shopper Intent: The Real Time Imperative” and “How to Maximize eCommerce Conversion with 1 to 1 Personalization” for tangible ways in which you can fully leverage your own first party data.