Developing a First-Party Data Strategy to Enhance Customer Experience

Today’s customers want to receive highly personalized content, offers and experiences while maintaining a high level of data privacy. Enhancing the customer experience and acting as good stewards of customers’ data is a win-win for brands. In this article, part two of a four-part series, I will discuss having a truly first-party customer view that protects customers’ data while allowing the brand to incorporate accurate insights to provide great experiences.

The industry is changing with the deprecation of third-party cookies, less invasive mobile device tracking and the emergence of privacy-focused data clean rooms. Regulatory and compliance needs are also increasing, with the European Union’s GDPR leading the way. Furthermore, first-party data is important because better, more relevant and accurate data are needed to provide highly personalized experiences. All these reasons mean it’s time for brands to adopt first-party data strategies.

What are the components of a first-party data strategy? Firstly, creating a single view of the customer across all channels. Secondly, consolidating the tools used to collect, manage and analyse the data. Thirdly, data governance to protect customer data and maintain best practices. How does this change your marketing approach? Planting a brand garden, asking the right questions and considering a cooperative approach are all important considerations.

Therefore, having an effective first-party customer data strategy means that you can balance two sets of customer needs: supporting a more personalized experience, and having greater control over customer data to maintain privacy. In the third article of this series, I will discuss the need for brands to embrace a customer lifetime value model.

Originally reported by Martech: https://martech.org/north-star-goals-for-category-leaders-first-party-customer-view/
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