Most Convincing First-party Marketing Data Myths Business Must Burst

    Most Convincing First-party Marketing Data Myths Business Must Burst

    Data collection is becoming crucial for digital businesses today. And the importance is multiplying. That makes marketers clear the air of first-party marketing data myths strongly to provide new marketing methods and enhance customer experience.

    Since most prominent brands have changed their data policies, all the cookies will soon disappear as a prime medium to collect data. With the necessity to keep their users’ data safe, brands and marketers need to clear the air of some convincing myths about first-party data. Because customers now want to share their data with the brands only if they maintain their privacy. That makes marketers more concerned about providing value from new digital marketing, which is becoming more challenging. B2B marketers must rely on first-party data for overall digital marketing efforts.

    Also Read: Three Riveting Myths of Marketing Intent Data

    Using first-party data has several benefits. Despite its benefits, certain myths about the data avert marketers from leveraging it. What are those myths brands need to burst at this moment? These circulating myths need vital facts to show the reality behind them.

    Myth

    First-party Data Are Only Provided and Create Customer 360 View

    The ability to provide a 360-degree customer perspective is one of the essential first-party data benefits. This myth has led many marketing teams to believe in their overall marketing efforts. However, to simplify marketing bottlenecks, brands must understand that first-party data is more than just providing customer perspective.

    Fact

    There is no other authentic value in collating and unifying data with the help of first-party sources. Putting the data to work from the source to drive revenue and grow the customer base effectively makes first-party data workable and worthwhile.

    Brands should own enterprise-grade first-party data tools that provide analytics that will help marketers to predict customer information and orchestration capabilities.

    The in-depth information collated from the source will allow marketers to develop real-time customer experiences, boost connected customer journeys, and prosper engagement.

    Myth

    First-party data is the Most Accurate Source

    Today, it is undeniable that first-party data is becoming more powerful than third-party data in improving user experience. However, third-party data is not dead yet. It is still workable for many brands as they rely on its ability to extract valuable data. Marketers may still leverage third-party data sources, but they need to be extra cautious as they get complex while controlling data. The concern has also made marketers believe that they may get inaccurate data if they do not leverage first-party sources for data extraction.

    Fact

    The fact is that accuracy is never a concern with first-party data. Investing in first-party data technology, tools, and strategy leads to providing customers with privacy preferences, which is the foremost aspect every brand follows today. Data privacy is a prime concern for brands and even customers. Customers engage with brands that encourage data privacy measures and use them purposefully. Besides data accuracy, brands leverage first-party data to gain deep insights into the potential and existing customers at scale.

    Marketers create a two-way relationship with the customers using such data. They provide personalized product or service recommendations or offerings in personalized ways. With the right tools and permissions, first-party data delivers actionable insights unique to the business and customer interactions.

    Myth

    First-Party Data is Only Good for Digital Marketing Use Cases

    As third-party data resources are limited, such as being focused only on accumulating data or optimizing content for website visitors, many brands think similarly for first-party data.

    Fact

    Enterprise-grade first-party technology and tools allow marketers to personalize online and offline customer experiences across marketing and customer services with the help of their information. First-party data insights are automatically stored online (cloud storage) and later used for offline marketing initiatives to engage customers through their preferable devices. The bottom line is that marketers need to debunk the myth by knowing that the right tools will empower CX strategies across customers’ online and offline touchpoints. Data that only focus on digital experiences based on customers’ interactions with brands also result in uninterrupted customer experiences with personalization.

    Myth

    First-Party Data Activation is Inflexible and Complex

    The next myth marketers must debunk is that first-party data activation is inflexible and complex. The perception is based on the fact that brands need to purchase a particular CDP or partner with vendors to perform a complex infrastructure. All these results in huge investments and brands need a proper setting before beginning marketing efforts.

    Fact

    The fact shows that it is not necessarily true that first-party data activation is complex. Instead, it depends on defined use cases of data. Marketers need to know how to leverage data and what tools to extract data that may help augment decision-making for hard marketing use cases. The key to successfully leveraging the data is to align use cases based on a clear customer base and have a transparent performance metrics platform to extract first-party data.

    Activating data requires the right tools. Brands may also have customized versions of data platforms set according to business objectives and accomplish data collecting through first-party sources. That puts marketers first to identify the business objectives, second, the marketing goals, and third, the strategies to employ.

    Myth

    Cookie Deprecation Will Interrupt Website Tags

    Many marketers use cookies and website tags to identify customer activities and conversions. Now that third-party cookies are failing, how marketers can measure their conversions is one of the major concerns. Marketers still believe that the disappearance of cookies will interrupt website performance.

    Fact

    However, the deprecation of third-party cookies doesn’t hit website tags. Marketers need to understand that accurate data measurements will boost more with the help of first-party data and its strong tagging mechanism. With first-party data infrastructure, marketers can efficiently work with new marketing attribution capabilities. Therefore, it is recommended that marketers adopt an advanced tagging solution that is durable for all kinds of data extracted through first-party tools.

    Also Read: Seven Compelling Myths About Digital Marketing

    Marketers Must Clear These Mythical Air Circulating Around First-Party Data

    Although amassing third-party data is still active among many brands, first-party data solutions are still actively incorporated rapidly, which may take flight fully in the future. Brands and marketers must take the capabilities of first-party data seriously in the wake of rising customer demand and expectations. While brands are still adapting to the new trend, it is time for marketers to begin leveraging first-party data in full swing and provide customers with more customized experiences. It is time for marketers to level up their data game by incorporating first-party resources fully. They must develop and restructure ways they use to target potential customers.

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