How to: Successfully navigate the first-party data economy
“The first-party data economy isn’t coming, it’s here”. It is difficult to have a conversation on data sharing without thinking of the current trends and newly imposed restrictions of data sharing on ads. Google has announced that they will be joining other industry players like Apple in restricting third-party cookies on Safari and Mozilla on Firefox browser.
“The first-party data economy isn’t coming, it’s here”.
It is difficult to have a conversation on data sharing without thinking of the current trends and newly imposed restrictions of data sharing on ads. Google has announced that they will be joining other industry players like Apple in restricting third-party cookies on Safari and Mozilla on Firefox browser. Bloomberg
That being said, customer data is undoubtedly the main currency of the exchange, but with the current industry trends and Microsoft even offering a setting called “Block only third-party cookies” on its browser. Which leads us to the question: how do we find ways to navigate and control our own data?
Why is first-party data so important?
As recent IAB research credits first-party data as the driver for “all significant functions of the enterprise, including product development, customer value analysis, and pricing”, why exactly is first-party data so important?
Accuracy: customers provide it the moment they sign up
Privacy-proof: It is GDPR compliant and not subject to strict privacy guidelines, without being bought from unauthorised data collectors.
Zero cost: customers give it to you directly
Authentic connections: 74% of the marketers surveyed believe first-party data provides the strongest customers insights according to an Econsultancy report.
Essentially first-party data gives you the tools to reduce guesswork and inferences by providing you with accuracy to make the right connections with your customers.
By using the right mechanics and offering a value exchange, your customers will tell you exactly what you want to know. What products and services they desire and what motivates them to make a purchase.
How do we go about owning first-party data in 2020?
It is not difficult to identify traditional ways that brands collect first-party data; Google Analytics, mobile apps, CRM systems, points of purchase etc, but how do we look forward to more innovative ways of doing so?
Interactive experiences with your customer
Add value with rewards
Francesco Petruzzelli, chief technology officer at Bidstack has noted that one of the biggest issues is brands taking a lot of first party data, but not actually turning it into experiences that enrich their consumers’ lives. Therefore interactive experiences and adding value with rewards should really go hand in hand.The Drum
Mumbrella published an article in 2018 on “Why interactive experiences deliver the best first-party data” and noted that “the first-party data economy isn’t coming, it’s here”. Mumbrella
It is imperative that not only should video marketers find interactive ways to collect first party-data, they should also be adding value with rewards for the customer.
The solution?
Vieworks is a new video marketing platform that has effectively created a solution to deal with this challenge, through their opt-in value video exchange (figure 1).
Vieworks have centered their platform around creating a mutually beneficial exchange between the brand and the consumer. As the consumer receives an interactive experience via a ‘video perk’ from the brand, ranging anywhere from VIP experiences to coupons and charity donations. And in return the brand will be able to get their opt-in data as well as attention, trust and eventually quality sales leads and conversions.
Therefore why not focus on delivering experiences within your video marketing that pique consumer interest, encourage their engagement and education, as well as collect data on behalf of yourself. For instance, the Australian Tourism Board is offering viewers the chance to win a trip for 2 to Sydney with Qantas (figure 2), through encouraging engagement, it builds a relationship with the customer.
Vieworks has offices in London and Singapore and created the platform as a solution to maximise customer engagement with a user centric focus on rewards.
To learn more about how you can achieve viewer engagement and grow faster, visit Vieworks at https://www.vieworks.io/ or email