{"id":31044,"date":"2022-02-18T10:19:09","date_gmt":"2022-02-18T10:19:09","guid":{"rendered":"https:\/\/multiplica.com\/?post_type=mx_articulos&p=31044"},"modified":"2022-02-18T10:19:09","modified_gmt":"2022-02-18T10:19:09","slug":"5-success-reasons-of-a-first-party-data-strategy","status":"publish","type":"articles_post","link":"https:\/\/multiplica.com\/en\/articles\/5-success-reasons-of-a-first-party-data-strategy\/","title":{"rendered":"5 success reasons of a First Party Data Strategy"},"content":{"rendered":"

The concept of First Party Data has been trending in companies. The term has been searched on Google Trends over 50% more this year than prior years<\/strong>. We are experiencing impactful changes in the context, from the tendency of users for more privacy and transparency, the technological changes impacting third party cookies and data consent in iOS systems and also the existing regulations \u2013GDPR, CCPA\u2013 that keep emerging in different territories. The First Party Data strategy is being positioned as a main ally to get ahead and better yet, continue stronger.\u00a0<\/span><\/p>\n

Although being a trending topic, there are many existing doubts concerning how First Party Data contributes to add value to a business. Will this trending strategy vanish or is it here to stay?<\/span><\/p>\n

That\u2019s why I\u2019ve wanted to share just 5 ideas of why a first party data strategy allows us to reign in success.<\/span><\/p>\n

 <\/p>\n

1. The ROI of data based initiatives<\/b><\/b><\/h2>\n

When client relationship initiatives are based on First Party Data, outcomes tend to shine because of its presence. Recognizing our client base we can identify their preferences and we are able to deliver more relevant experiences, we are capable not only to influence our KPI but also improve satisfaction and fidelity indicators. With First Party Data our clients are recognized through unique and consistent indicators at each touchpoint and interaction that takes place in each channel. This client ID allows tracing each little piece of information that we receive from them in a transversal fashion, facilitating the work and accomplishing what other third party dependent businesses can\u2019t.<\/span><\/p>\n

Businesses that use First Party Data for marketing initiatives, reach \u2013according to a consultant BCG study with Google\u2013 multiplying their income by a factor of 2 compared to the brands that don\u2019t. Considering that First Party Data allows brands to be 60% more efficient than competitors that don\u2019t employ the strategy, returns skyrocket.\u00a0\u00a0<\/span><\/p>\n

 <\/p>\n

2. Greater autonomy and less vulnerability at the availability of third party data<\/b><\/b><\/h2>\n

By 2023 Google Chrome is expected to give third party cookies \u2013that allow advertisers and editors (publishers) to identify and trace the path of users navigating the web\u2013 the last nudge. This traceability is what allows us to perform remarketing or programmatic buys, amongst other marketing treats.\u00a0<\/span><\/p>\n

The apocalypse is near, and businesses have taken notice of this announced death which is just around the corner, with no clear alternatives that could be put to use in efforts to maintain reach and acquisition habits.\u00a0<\/span><\/p>\n

First Party Data is like the love that we never reciprocated, that was always there to reach but we chose to put it aside\u2026 until we discovered it and started to understand it. It turns out First Party Data is better than we thought\u2026 on top of allowing us to gain a deeper level of understanding of our clients, it is also immune to the short and midterm technological changes, amongst them, the disappearance of third party cookies. The development of a First Party Strategy associates our clients with unique and consistent IDs, granting us autonomy and control over them. So say goodbye to depending on vendor identifiers and external providers, who\u2019s reliability has always been questioned. Did you know that AdBlockers are put to use by 42% of internet users on a global level? The user hero and vendor nemesis. Well, not only do these AdBlockers disable advertisements, they\u2019ve also blocked third party cookies since the dawn of time (on a digital world scale). Cookies have always been fragile, but now they are at the brink of extinction\u2026 there is no point in latching onto them any longer.\u00a0<\/span><\/p>\n

 <\/p>\n

3. Optimal Audience management cycle<\/b><\/b><\/h2>\n

The Customer Journey Map is like that one map from Mario Bros 3, going from one phase to the next via a pipe system, disappearing and appearing in another level. With difficulty increasing as you go through the levels. The degree of understanding that we obtain with each user follows the same footsteps, the more it advances to new superior relationship levels, the more data we can obtain to profile that client inside the audience that better represents the stage of the journey it\u2019s in.\u00a0<\/span><\/p>\n

A First Party Data strategy, considers the obtainment of data from each channel with which our users interact. From the earliest dialogue stages to those where fidelity and recommendation surges. An optimal audience management cycle is one which uses data to create representative audiences of each stage in the journey, nurtures the audiences with each new interaction updating user profiles, activates audiences in relevant experiences and feeds them back from obtained knowledge as a result from those experiences.\u00a0<\/span><\/p>\n

When consulting businesses about how they manage their audiences, the answers tend to stay in the Customer Journey Map analysis, the definition of the Buyer Persona and the adaptation of products and communications based on those profiles. There\u2019s no major update and none of the useful information obtained with each new stage of the cycle is fed back to the profile. What we knew about our clients is slowly turning obsolete, the reason being the missing dynamic audience management, nurtured at all times and applying that vitality in new and relevant dialogue proposals for our clients.<\/span><\/p>\n

It\u2019s like Elton John said in his song “The Circle of Life” but instead of lions or hyenas we have our clients, who we receive as puppies and grow to be the king of the jungle through this relationship with the brand, it\u2019s like that\u2026 the client is king.\u00a0<\/span><\/p>\n

 <\/p>\n

4. Greater percentage of users in compliance with and advocating consent of the use of their data<\/b><\/b><\/h2>\n

Privacy is trending. New beginnings are being conceived such as \u201cPrivacy by Design and by Default\u201d changing the paradigm in which user interfaces are developed. Regulations such as the European GDPR and the United States CCPA set the bar high for businesses that want to obtain user data. Times have changed, the era of user data with no control is rapidly coming to an end\u2026 Does this mean that businesses won\u2019t longer be in a position to gain a closer understanding of their clients? Absolutely not, if that were the case, the purpose of this article would be obsolete. Yes, First Party Data remains the answer, but some salt and pepper is added.<\/span><\/p>\n

The new ingredients we\u2019ll have to consider, a charming set of words that will have to be added to our vocabulary: consent, transparency and reciprocal value. The existing regulations put emphasis on always gaining user consent. Consent for generating the cookies that register their behavior on the website, consent for generating identifiers for advertising aspects, but also consent for using the data for distinct purposes.\u00a0<\/span><\/p>\n

Transparency refers to the requested consent describing clearly why it requires the data and furthermore, what the expected use of the data is. A big button that permits accepting all cookies, or the fallacy of \u201cIf you continue browsing it\u2019s assumed you accept our cookies\u201d does not cut it anymore. Now you tell me crystal clear and with no small text (and no white text over a white background\u2026 that\u2019s quite rude don\u2019t you think?)<\/span><\/p>\n

The reciprocal value is the cherry on top, at least for the user. With every data petition, an incentive has to exist for the user to grant it. \u201cDear user, I’d like to get your demographic and preference data. With this I can provide recommendations and offers that are better adapted to your needs\u201d, or the most popular: \u201cregister your email and you will get a 10% discount on your first purchase\u201d.<\/span><\/p>\n

At last, a First Party Strategy that is compliant with regulations achieves returning value back to the user in exchange for their data, is sustainable and generates competitive advantages over brands that don\u2019t accomplish it \u2013because of their organizational culture or there impotence to survive in this new stage\u2013.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

5. Centralized access, data availability and audience across the entire business<\/b><\/b><\/h2>\n

First Party Data is the democratization of data inside the business. It\u2019s recognizing all the available interactions with our brand under the same user ID, for distinct marketing activities. It\u2019s granting the whole organization audiences crafted and thought out for every step of the journey, and in this way becoming conscious of the communication with our clients, with no importance to which internal team is acting on it. This has been aforementioned in point three\u2026 now the idea is for this to flow, spill and become available.<\/span><\/p>\n

How many<\/span> businesses today recognize that they have acquired plenty of user data through different touchpoints, yet they are incapable of integrating it all in one profile. How do you achieve data unification when each team finds themselves recruiting audiences for their own purposes. First Party Data integrates and unifies the data in different IDs that can be shared, analyzed and activated under the same script, avoiding communication overlaps that are perceived as clumsy and redundant by clients.\u00a0<\/span><\/p>\n

With the emergence of First Party Data, new technologies have appeared facilitating the assimilation and centralization of information. Platforms such as CDP (Customer Data Platform) are technological solutions that integrate the cycle of First Party Data in a simple and practical way. Put together to assist in obtaining and unifying data sources, helping transform, enrich and moderate them. Possibly most importantly: they are integrated with the different communication platforms we have with our clients, to activate all the data and all audiences into more intelligent initiatives. The CDP therefore is one of the greatest allies when it comes to putting our First Party Data strategy on the table and arranging it for the whole organization.\u00a0<\/span><\/p>\n

At Multiplica we\u2019ve achieved this centralization through work with our clients \u2013like Google, Adobe or Tealium\u2013 with whom we integrate the data ecosystem of our clients to promote more relevant experiences.<\/span><\/p>\n

What do you want to know about First Party Data for your company? Contact Richard Johnson, Global Knowledge Leader of Intelligence at Multiplica.<\/a>\u00a0<\/strong><\/span><\/p>\n<\/div><\/div><\/div><\/div>","protected":false},"author":15,"template":"","tags":[],"class_list":["post-31044","articles_post","type-articles_post","status-publish","hentry"],"acf":{"post_type_knowledge_image_module_big":29019,"post_type_knowledge_image_module_small":29024,"post_type_knowledge_image_module_header":29029},"yoast_head":"\n5 success reasons of a First Party Data Strategy - Multiplica<\/title>\n<meta name=\"description\" content=\"Multiplica share five ideas of why a first party data strategy contributes value to a business and allows companies to reign in success.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/multiplica.com\/en\/articles\/5-success-reasons-of-a-first-party-data-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 success reasons of a First Party Data Strategy - 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