Three Ways for CMOs to Capitalize on First-party Data in 2022

    Three Ways for CMOs to Capitalize on First-party Data in 2022-01

    With third-party data to be depreciated from future B2B marketing strategies, CMOs should make themselves aware of the possibilities surrounding first-party one.

    Brands today are operating on an omnichannel complex multiverse of data that comes from various sources across the website, application, call center and more. While having a significant amount of data seems to be ideal, it creates confusion around where the brands should prioritize its collection. Furthermore, with the issue around privacy is steadily gaining momentum, brands will have to abandon third parties.

    Also Read: Five Marketing Trends to Watch Out in 2022

    As Peter Mahoney, CEO, Plannuh says, “Apple enacted ever more restrictive privacy updates to its mobile operating system. Users of iOS 14.5 have to deliberately opt to share their unique Identifier for Advertisers (IDFA) with apps. This kind of technology is foundational to digital marketing and the delivery of highly personalized ads. If users choose to opt-out, it will limit the way users are tracked and reached with marketing messages, which will significantly dilute the effectiveness of digital marketing.” Therefore it is critical now for brands to prioritize first-party data investment and strategy.

    While abandoning third-party data in favor of first-party on the surface seems a disadvantage, there are still plenty of ways to go around it. It can help brands to unlock value-driven relationships with their buyers. Additionally, CMOs can leverage their identity and capitalize on moments that matter with the right content and the next best action.

    Here are three ways that CMOs can capitalize on their first-party data strategy to accelerate their digital-first experience:

    Also Read: Collaboration is the Key to a Positive Customer Experience

    • Treating B2B buyers as people

    While business is personal, many brands segment their B2B buyers depending on their job title, accounts, industry and intent. Instead of recognizing their uniqueness and delivering a personalized experience, they deliver uninteresting industry-centric experiences. This contributes to their struggle to connect with the B2B buyers. To deal with this effectively, brands should contextualize and integrate first-party account and contact information with first-party website engagement data. They should continuously profile their B2B buyers while building their first-party data and enhancing their understanding of customers.

    • Embracing data-driven content intelligence 

    Most of the content on the B2B website, such as blogs, case studies, and whitepaper, goes to waste due to a lack of relevance, quality, and customization. This is due to most of the brands treating their website as static publishing platforms instead of a dynamic and unique experience for their B2B buyers. Additionally, they also fail to build a centralized content strategy and continually create fragmented content, which is not enough. Brands should empower their B2B buyers to self-direct their content experience via their journey.

    They should audit their current and in-production content data assets and process, insights and technology to drive the content engine. Additionally, they should have a plan in place to steadily close the data and process gaps identified to improve their content engine. Furthermore, brands should introduce content intelligence driven by AI to turn their unstructured content into meaningful data that powers personalization.

    • Personalizing the website 

    Even though most B2B brands make strong claims about personalizing their site experience, they still have low identification rates along with a high percentage of unknown site visitors. Most brands only concentrate on small known visitors and customize their website depending on their attributes, leaving untapped opportunities to bear strong results.

    CMOs should take time to understand and segment unknown website visitors depending on their site engagement behaviors. This will help them to take the next best action. Moreover, they should accelerate the customer journey toward the self-identification of unknown visitors via value exchange of tests and learning. Lastly, they should establish first-party data and a unification foundation to track and progressively profile the visitors.

    Going forward, CMOs should rethink and reevaluate their data collection strategies to align with today’s complex realities and coming uncertainties. With the power of first-party data as well as the right data strategy, B2B brands can future-proof themselves for success in the continuously evolving digital-first B2B marketing landscape.

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