It’s a Goldmine You Already Know Of – First Party Data
Businesses often look to constantly find new customers—starting from their details to latest interests, all of it. However, most businesses rely on second- or third-party resources to bring them this unique information. But there’s one thing businesses can do to reduce unnecessary expenditure. It is to rely on ‘First party data’.
What exactly is First party data? It is simply the data that a company collects on its own through various mediums—Newsletters, website visitors, customer sign ups etc. Having a database of customers that you have organically generated can do you so much good. Most importantly, it is reliable and secure.
Why is this crucial? Let’s take a look at some unique stats that are in favour of first party data.
- According to Google, 87 percent of APAC brands consider first party data critical to their marketing efforts.
- 64% of marketing executives “strongly agree” that data-driven marketing is crucial in today’s economy. (Forbes)
- The probability of selling to an existing customer is up to 14 times higher than the probability of selling to a new customer
Marketers who don’t take advantage of their first-party data for all that it offers clearly miss out on great opportunities to create a powerful customer experience. It’s imperative for brand practitioners to include this in their strategies because to customers that personalized feeling is really everything – moreover, it costs 6 times more to acquire new ones. So why not?