What is First Party Data?
Every business needs a strategy when it comes to marketing and advertising for business growth. And in today’s market if you want to beat your competitors that strategy needs to include data science.
So, we’re going to cut through the jargon to help explain what first-party data is and why you need to have it.
In this post we’ll be discussing:
-What First-Party Data is
-Why you NEED it for business growth
-The reason you currently don’t own your own first-party data
-Why Upswing can you help you combat the “renters of data”
Request a two week trial of Upswing's First-Party Data Lead Generation services
What is First-Party Data?
First-party data is information that you and your company have collected on your audience or customer base. The term refers to the party (in this case you & your business) that collects the data FIRST hand, for which you can use to re-target for marketing purposes.
You OWN the data, so it is considered first party.
First-party data can include:
-CRM data, such as email address, phone number, name and location
-Subscription Data- any information you’ve collected from your subscribers
-Behavioral Data- actions followed on your website of the site visitors
This first-party data is really anything that you can collect from your own customers, users and those interested in your services/products who have clicked on your ads or your website.
Why you need first-party data:
First-party data is viewed as THE MOST valuable data your company can collect.
This is because you can control the data and apply it as you want to your business strategy.
The quality of data collected as first-party data is the best quality, as it’s collected first hand by you. And it can then be used to infer future behavior patterns of potential customers.
With this information, you can beat your competitors and save money by lowering your CPC (cost per click), all by targeting your ideal customers.
Benefits of First-Party Data:
-Greater ROI on advertising spend
-Total control over how your data is managed
-Better strategized marketing plan for growth
-Comfort in knowing that your data is accurate
Why you may not have ANY First Party Data
If you’re advertising through Google, Facebook or any other platform you most likely don’t have your own first party data.
When you advertise through those platforms, they own your customer data.
Sounds odd, right?
Odd that another entity, that you’re paying, is taking ownership of data about your customers.
We totally understand the importance of these platforms to find new customers, in fact, we use them too! These ad platforms have the best reach and best technology. However, you need to ensure that you are in control of your customer data.
We like to call platforms that let you use their data for rent, such as Google or Facebook, the data landlords of the internet. They rent to you, on a daily basis, customer data to advertise with.
It’s time to buy your own real estate and be free from these platforms. Simply use them when you need them, but come with your own prime real estate when you do.
How you can start to gather your own First Party Data for business growth:
With Upswing, we can help you grow your own fully owner first party data immediately. We have two ways we can help with that, and both allow you to grow your business and find new ideal leads.