Three Elements to Build a Robust First-Party Data Strategy

    Three Elements to Build a Robust First-Party Data Strategy-01

    With third-party data sources soon to depreciate, B2B marketers will need to identify ways to strengthen their first-party data strategy.

    The demand for a more personalized experience is growing at an unprecedented rate. In fact, as per a 2020 report from Walker titled “Customers 2020: A progress report,” 88% of the customers want a tailored experience. If not received, they are more likely to take their business somewhere else. While this highlights the importance of delivering an exceptional digital experience, implementing such an experience in today’s times of strict laws and regulations is tricky.

    With the third-party data set to be depreciated in the near future, organizations that have been heavily relying on them will be hit hard. Surviving without third-party data, while maybe a challenging venture, will set the stage for more ethical data practices.

    In 2022 and beyond, creating a more personalized data experience while keeping the customer data safe will require organizations to capitalize on first-party data, which is often easier said than done.

    Executing this requires B2B marketers to incorporate elements of a first-party data strategy that will set their organization up for success in today’s dynamic B2B marketing landscape.

    Here are three key components that B2B marketers can incorporate to build a robust first-party data strategy:

    Also Read: Adopting a Value-Based Marketing Approach to Attract and Retain B2B Buyers

    Unified Customer Views 

    Offering tailored content, offers, as well as experience, is not possible if the B2B marketers do not know about the customer and the data to support it. Hence, B2B marketers should have a single source of truth that will help them to take actionable insights. They should consider implementing a unified customer view, whether potential, present or lapsed.

    B2B marketers should incorporate a customer data platform (CDP), which ties multiple data sources into a single cohesive view. This platform enables them to deliver exceptional customer experience via personalization, automation, and tailored customer support.

    Strengthen the Martech stack

    The second aspect that B2B marketers should incorporate into their first-party data strategy is examining their martech to put their unified customer profile to work. With CDP sitting at the core, a robust first-party data strategy abandons outdated or redundant platforms while simultaneously leveraging other advanced marketing solutions such as customer journey orchestration to deliver a more tailored experience.

    B2B marketers should also assess the relationship between the CRM system, marketing automation platforms, data management platforms (DMP), email providers, and more.

    Also Read: Customer Engagement: Four Strategies Every B2B Marketer Must Adopt

    Manage Risk Associated with Data

    The third critical aspect of a first-party data strategy is enabling organizations to manage the risk associated with collecting and storing a customer’s data. Fragmented data poses a threat to the brand due to vulnerabilities across multiple touchpoints. Additionally, utilizing inaccurate or incomplete data to create a strategy leads to customer dissatisfaction.

    Therefore, B2B marketers should urge their organization to have a data governance team in place. These members should not store information and keep it safe but also help the B2B marketers extract actionable insights while continuing to earn their trust.

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