Key Steps for creating a first-party data strategy
For all the talk about a first-party data strategy, there hasn’t been much discussion of what a first-party data strategy actually is or how you should think about one. The truth is, any company with a customer has a first-party data strategy. A first-party data strategy is your plan for using this data to support your goals and with third-party cookies going away, there’s no better time than now to use the data from your customer engagements to create a differentiated customer experience. So, how should you think about a first-party data strategy? Here are some basics to get started.
Business Objectives: Define Your Use Cases and Objectives - Even though having a first-party data strategy might be new to you, your goals are not. It feels obvious to say, but start with what you want to do for your customer.
Your Target Audience: Define Customer Lifecycle and Audience Segments - When you define your own customer lifecycle, you know the key stages when visitors are engaging with your business in different contexts and using different channels.
Required Data: What Are Your Data Sources? It ALL Starts with Data Collection - In Step 2, the right first-party data helped define your customer lifecycle and audience segments. There are a variety of ways to understand your customers through Customer data platforms.
Required Systems: Where Do You Want to Use Your Insights? - The way you segment your customer base in step 2 also plays a huge role in your first-party data strategy. A VIP could be someone who buys a lot or buys frequently.
Measurement: What Do You Want to Measure? -
Last, but not least…measurement! This is an ongoing process of defining targets, measurements, and establishing the necessary reporting and monitoring to ensure success.
For more such updates, check Out recent Martech Cube blogs.