First party data is defined as data that your company has collected directly from your audience — made up of customers, site visitors, and social media followers. “First party” refers to the party that collected the data firsthand to use for re-targeting. In other words, first party data is firsthand data that can be used to target ads more effectively.
This may seem like a minor distinction, but it’s a pretty big deal.
The main difference is that first party data is more reliable than other forms of data because it’s been collected directly from the source.
This means that first party data can be used more effectively for re-targeting purposes, and it can also be used to create more accurate customer profiles.
As a result, first party data is considered to be a valuable asset for any company that wants to improve its advertising and marketing efforts.
A recent study found that first-party data offers a significant advantage over other data sources when it comes to marketing performance. The study, which was conducted by the University of Pennsylvania, found that first-party data can improve short-term performance by up to 30%. This is a significant finding, as it suggests that first-party data is much more valuable than other data sources.
And while first-party data may not be able to explain the relationship with customers and their paths to purchase, it can offer a level of insight that gives brands real control over their commercial destiny. This study is a strong reminder of the importance of first-party data, and the advantages it offers over other data sources.
Most organizations are not taking full advantage of first-party data, even though it could be a major performance marketing resource. First party data is unique and can give organizations insights that other data sources cannot.
Additionally, channels that produce first party data are often of growing importance. For these reasons, first party data should be a key focus for any organization looking to improve its performance and revenue.
First-party data is the most powerful tool in performance marketing, and it should be used to increase customer lifetime value.
This data is unique in its ability to track a customer’s entire experience from first “meeting” the company to leaving it. By taking a longer view, marketers can use this data to improve the customer experience and increase loyalty. In addition, first-party data can be used to target high-value customers and increase sales.
As the importance of first-party data becomes increasingly clear, companies must make sure they are collecting and using this data effectively.