When it comes to B2B marketing, first-party data is essential. Only with reliable and up-to-date data can companies really get to know their customers well and address them in a targeted manner. But what exactly is first party data? We explain it to you!
What is first party data?
First party data is data that is collected by your own company. In the digital world, for example: Website visitor data, CRM data or email addresses of newsletter subscribers. However, there is much more potential behind first party data than you might think at first glance. This is because this data is not only extremely valuable for you, but can also be used for campaigns on other platforms such as Facebook or Google.
What's more, as large platforms such as Google and Facebook are making their data available less and less, companies need to start building their own databases.
How can first party data be generated?
In most cases, first-party data is generated through customer interaction with the company. This can happen online or offline. For example, customers have to provide their contact details when they purchase a product, fill out a survey or sign up for a newsletter or webinar. You can also create online quizzes or surveys to collect relevant information about your target group and offer them more relevant, customised information in exchange. White papers are also a popular format, resolving specific pain points or showing how to deal with current challenges.
In addition, the use of company websites and apps can contribute to the generation of first-party data. Data such as the IP address, the pages accessed or the search terms entered by customers are recorded.
What goals can be achieved with first party data?
Simply collecting data is not enough. It is always important to know in advance what you want to do with the data. These objectives can be very diverse and do not always have to relate solely to marketing. In our article here, however, we want to take a closer look at the two most important of these objectives: Lead generation & customer retention.
Lead generation
This is usually done by companies combining their first party data with external data sources to get a better picture of their target customers. This combination then makes it possible to send the right messages to the right people and thus attract new leads.
Customer loyalty
On the other hand, the data can also be used to better understand existing customers, segment them and thus address them in a more targeted manner. For example, companies can use data analysis to find out what needs their customers have and which products or services might be of interest to them. They can predict purchases or simply show customers that they are being looked after. Whether it's more relevant offers or simply a personalised approach, both help to strengthen customer loyalty.
Take the Penta Hotel Vienna, for example: personalised, handwritten and with the "back" it is clear that they know that you have stayed with them before.
Conclusion: First-party data is an indispensable component of B2B marketing
With a first-party data strategy, you can...
- better understand your contacts and communicate with them in a more targeted way
- improve the user experience - based on preferences, locations and purchase history - and
- target your marketing campaigns to the needs and interests of your customers and thus significantly increase the chances of success of your campaigns.
To summarise: the data you have about your own customers and contacts is irreplaceable for planning and implementing successful marketing campaigns.