Cookies are now in the rear view mirror. So what now for brands? Why First-Party Data is critical for brands in 2023
November 29, 2022
First-Party Data collection and activation can be challenging for marketers in data-scarce verticals such as Consumer Packaged Goods (CPG), where advertisers’ distribution partners tend to own the relationship with the end customer.
As the cookie-less future becomes an imminent reality, CPG brand marketers will need to become even more obsessed with First-Party Data than ever before. In fact, this data will be the key to unleashing real customer intelligence in the future—after all, what your customers tell you about themselves is a gold mine of information that will impact lifetime value, loyalty and churn.
First-party data is collected directly from consumers and not by using tracking pixels, cookies or cross-device identification. Most importantly, first party data is accurate information, not inferred. Marketers can collect it by connecting directly with consumers and gathering the data, insights, and permissions they need to power advertising that clicks. Quite simply, it’s self-reported data like purchase intentions and preference insights to improve personalisation and help build up a picture of the consumer. As it comes directly and willingly from the consumer, there are no intermediaries or guesswork.
Alas, there has always been a question of the scalability of encouraging individual consumers to supply this data, and it’s not simply a case of ask and you shall receive. Digital consumers are more scrupulous than ever when it comes to handing over their personal details and preference data. You need to offer a value exchange.
To truly scale First-Party Data acquisition, consumers need to be entertained, engaged and rewarded in return for their attention and preference data. Marketers can deliver this through interactive experiences that conduct research, accrue explicit opt-ins and deliver an altogether better experience with a value exchange for the consumer.
Competitions, surveys, polls, quizzes, reviews or cashbacks can incorporate reward mechanics that give consumers a genuine reason to engage and submit their first party data. And it doesn’t always have to be a discount or red-letter prize. Exclusive content, social kudos, personalised recommendations, and loyalty schemes can also be the catalyst for the collection of opt-ins and first-party data.
Capturing consumer motivations, intentions, interests, and preferences at scale allows for truly personalised advertising. And by leveraging the right mechanics, and offering a value exchange, your customers will tell you what products they desire, what they look for in a service, and what motivates them to purchase.
Fortunately for CPG brands in Australia, shopper marketing app Shping allows brands to connect directly with Australian shoppers to build their own First-Party Data audiences and insights at scale. It’s super easy to setup up and future proof your marketing strategy. Want to have a chat with someone from Shping about how it can work for your brand? Just request a demo below.