With the deprecation of the 3rd party cookie across browsers, first party data is taking centre stage in advertising and marketing. How marketers leverage their first party data will differentiate the winners in these times of flux and change. Visionary marketers are quickly ramping up their data strategy to move beyond cookie-based advertising and move toward people-based solutions to serve new customers and engage existing ones with personalization at scale. Thousands of marketers across sectors and geographies are working with Lifesight to ramp up their first party data strategy. Here’s how –
Marketers are breaking the data silos with identity resolution
The first challenge marketers face with first party data is that it is spread across the enterprise, from store interactions to social media teams, from form submissions to CRM teams. But in order to make the most of first party data, marketers need a unified view of customer insights. This is the first step of a sound customer intelligence strategy, where platform partners like Lifesight enable onboarding first party customer data onto the platform via a secure data vault. This step is critical in order to unify disparate data sources about the customer, i.e. store interactions, social interactions, email, phone, among several other existing data sources.
Marketers are building to holistic, 360° view of target segments with data enrichment
With the vast amounts of data now available from online and offline platforms, brands can now build an anonymized single source of truth about each consumer. With customer intelligence and customer data integrations, brands can now identify intersections and opportunities for highly personalized promotions, marketing messaging and creatives, and customer experience, especially for high value customers.
Creating master identities for stronger segmentation, enabling highly personalized creatives and messaging across marketing touchpoints, and eventually, high value business outcomes is one of the key results of using customer data in the right ways. Marketers also are able to better identify their high value customers.
Marketers are executing new customer acquisition with lookalike modelling
Once marketers know who their most valuable customers are, they can find new customers with similar attributes. Brands now have access to demographic as well as other offline behavioural elements through data companies such as Lifesight. By merging these customer behaviours with first party customer data, brands can find new customers that are most likely to engage with them simply because they share attributes similar to the brands’ existing customers. Lookalike modelling can be an effective tool for audience targeting and segmentation. It makes the process of identifying new customers who behave like your current customers not only easier but also cost-effective.
Marketers are measuring their customers better with first party data
By unifying their customer data, marketers can have a better understanding of their customers’ buying journeys and take the right action. This includes measuring their omni-channel touch points such as websites, campaigns and offline activity. In addition to that, marketers can also onboard their campaign and conversion data from multiple sources on to the CI platform to gain a full view into their campaign performance.
In the new omni-channel environment, users are shifting their media consumption and web activity to multiple devices and screens. In such a context, it is time for all marketers to adopt a first party data strategy. For some years now, advertisers have been looking beyond cookies for high-impact marketing engagements, and Lifesight is partnering with brands and marketers every single day to devise these new identity-led strategies.
You don’t have to navigate the complexities of a cookie-less future all alone. We are future ready, and here to help. Holler for a demo!