First-Party Data: What It Is, Its Benefits and to How to Maximize It
In a previous Stirista blog, we talked about third-party data and how it differs from first- and second-party data. Today, we take a deeper dive into first-party data.
What is First-Party Data?
First-party data is simply your own company’s online or offline data. That is, it’s information your company collects directly as customers browse your website (online); or, from physical, brick-and-mortar establishments (offline), information tracked via purchases made in-store with credit or debit cards, or utilizing a store’s rewards programs, customer opt-ins, CRMs, subscriptions and so much more. Unfortunately, cash and other offline transactions are not trackable for data collection that is necessary for retargeting programs.
Benefits of First-Party Data
One benefit of first-party data is that it naturally comes with a high degree of intent. Customers have already engaged with your brand by visiting on- or offline.
Example: While you’re unlikely to gather in-store customers’ contact information without their having purchased with a credit or debit card; there are still ways to gather this information (offline) via store reward programs, surveys, or in-store promotions or coupons.
For website visitors, let’s say a customer browsed a few pages and, more than likely, moved on to another site without taking the desired action (e.g., making a purchase). This generally happens at the beginning of the buying process, when a consumer is researching brands and comparison shopping.
Another benefit of first-party data that goes hand-in-hand with intent — is trust.
With so much competition for your customers’ dollars, they are increasingly doing their due diligence in researching prior to purchasing and demand transparency from companies. Brands also benefit, as trust helps consumers move along the customer journey to complete the sale and increases the likelihood of customer retention going forward.
Example: Consumer 1 goes to your website (online) and Consumer 2 visits a brick-and-mortar store (offline). Both browse through the offerings and neither makes a purchase (or, the customer who visits the physical store purchases with cash).
Consumer 2, however, provided the store their contact info (name, email, and phone) in exchange for either the store’s rewards program or an in-store coupon. Consumer 1, who visited a store’s website, was served a notification at the beginning to opt-in to the site, which uses “cookies” to track its website visitors, which allows them to track its website’s analytics, as well as serve up personalized content while on the site or relevant digital ads while on its site as well as other website pages.
How to Maximize First-Party Data
So, what’s the next step? To help maximize the first-party data you’ve collected from your website (online) or in-store (offline) visitors, a retargeting campaign to help you recapture them only makes sense, as the focus will be on those already familiar with your brand.
Also, for better, more personalized content, consider creating custom audience segments with creatives geared towards a variety of factors — such as purchase history, income, and pages viewed — to offer products viewed but not purchased, items that complement a previous purchase within a similar price range, and so on.
Visitor ID Graph is Stirista’s newest revolutionary tool that can help effectively identify your website visitors at a personal level. Pairing your company’s first-party data and with our extensive database of 250 million clean, triple-verified and frequently updated records, Visitor ID Graph is the first-of-its-kind omnichannel retargeting solution that gives you unencumbered access to your website visitors on the devices where they live, learn and shop.
The Stirista team also has the ability to build lookalike audiences based on insights gained from your website’s visitors to help your company attract new prospects.
Contact the experts at Stirista to learn more about how our award-winning team can help you plan and execute your next ad campaign.