Historically, getting customers from point A to point B in their journeys was good enough, and that’s all marketers had to worry about. But with the saturation of competitors in every industry, a finite, two-part journey simply doesn’t cut it anymore.
Today’s tech-savvy customer has higher expectations - they want you to not only foresee the relevant services and products they need, but to also consistently serve them those things at the optimal time, in a non-intrusive way. So how do you deliver on exactly what your customers need, without wasting resources in the process?
The medium marketers use to paint their landscape is customer data. Without a complete palette, it’s nearly impossible to keep up with demands and expectations. When it comes to customer data, there are three different types: 1st, 2nd, and 3rd party. While 1st party data is information gathered from owned customer data pools, 2nd and 3rd party data is obtained from outside sources to gain additional insight into who you want to target.
Your customers give their data to you willingly, so why not use that to your advantage? 1st party data is the most accurate baseline for customers - before you try to find more customers, focus on your existing ones first. By starting with what you already have, you can gain deeper insight into the specifics of what your customers want, not what their lookalikes want. You can even exclude existing customers from your acquisition campaigns to kill two birds with one stone: differentiate between prospects and existing customers, while saving on marketing spend.
1st party data is usually difficult to access and activate for brands due to it being trapped within business silos, and even the most data-driven marketers have difficulty maximizing its value. But if you’re able to unlock this owned data, you can then combine this and other data sources in order to match profiles and actions. Scale your relevance by using your original customers as a basis for building a bigger journey for others.
Change your marketing and dare to be smarter, leaner - leverage your treasure trove of information and build a data rich picture of your customers. With this, you can not only create an ongoing, meaningful conversation with them, but also make efficient use of your budgeting by using what you already own.