Developing Your First Party Data Strategy

Next year will finally see Google begin its phase out of third party data. Starting with 1% of chrome users in Q1 2024, the phase out will be completed in Q3 2024. 

Despite the discussion on various forums and threads, there is not going to be a magic work around or rabbit out of the hat from Google, with an alternative solution. 

“Today, we’re making it explicit that once third-party cookies are phased out, we will not build alternate identifiers to track individuals as they browse across the web, nor will we use them in our products” – David Temkin, Direct of Product Management at Google 

Now the phasing out of third party data isn’t a new thing in our industry. Safari has been limiting tracking since 2017 and Firefox has been doing this since 2013. The reason that this is now such a big thing, is that Chrome has just over a 60% share of all browser usage. 

With the phase out of third-party data, there are three main challenges that will occur. These are:

  1. Impact on targeting and personalised advertising 
  2. Measurement and attribution
  3. Ad tech infrastructure such as Data Storage Platforms (DSPs)

With this in mind, over the next couple of weeks I’m going to share four solutions which address the challenges highlighted above. 

1. First Party Data Strategy

First-party data refers to the information collected directly from your audience/customers through interactions with your brand or platforms you own. Using this data allows you to build targeted advertising based off your owned data, as well as segmenting user behaviour. This is so much more powerful longer-term than third party data, in my opinion.

When we talk about first party data this can including the following: 

  • CRM data from your customers 
  • Email subscribers / lead generation activity 
  • On site analytics and user behaviour
  • Social profiles

The other benefits of having a strong first party data strategy is the accuracy and reliability of this data is much higher as it comes directly from your audience and customers, providing insights into their behaviors, preferences, and interests. This then means you can executive personalised marketing efforts tailor experiences, content, and offers to match their preferences.

The other key element to this strategy is your are building trust with your customers by ensuring transparency and consent with how their data is used and collected.

Examples of a First Party Data Strategy:

B2B First Party Data Strategy:

One such strategy is leveraging gated and downloadable assets – an approach that offers value while gathering essential data.

Value-Driven Approach

Webinars, downloadable whitepapers, e-books etc. provide a platform for businesses to share valuable insights, industry trends, or practical solutions with their audience. For instance, a software company might host a webinar on “Emerging Tech Trends in 2024.” The focus is on delivering real value, which encourages participation.

Registration as a Data Collection Point

The registration process for the webinar is your gold mine for first-party data. Here, you can ask attendees to fill in their details like name, company, job role, and contact information. To enhance the data quality, include a few relevant questions like their biggest industry challenges or specific interests related to your field.

Follow-up for Further Engagement

Post-webinar, the engagement shouldn’t stop. Send out a thank you email, include a survey for feedback, and perhaps offer additional resources. This not only helps in maintaining the relationship but also provides more data points based on their interactions with your follow-up content.

Data-Driven Insights

The data collected from registrations and post-webinar interactions are invaluable for understanding your audience better. It allows you to tailor your future marketing efforts, ensuring they are more targeted and effective.

Building Trust and Authority

By providing valuable content through webinars, you establish your brand as an authority in the field. This trust is crucial in B2B relationships and makes your audience more willing to share their data with you.

B2C First Party Data Strategy

Loyalty programmes are a fantastic way for B2C brands to collect first party data.

Creating a Compelling Loyalty Program

Imagine you run a retail clothing brand. You set up a loyalty program where customers earn points for every purchase. But here’s the twist: personalise the program. Allow customers to choose their rewards, be it discounts, early access to new collections, or exclusive merchandise.

Registration: The First Step to Data Collection

To join the program, customers sign up by providing basic information like name, email, and preferences in styles or sizes. This registration process is your primary data collection point. Make it simple yet engaging, emphasising the benefits of joining.

Engagement and Data Enrichment

Once they’re part of the program, track their purchase history and preferences. Use this data to offer tailored recommendations and rewards. For instance, if a customer frequently buys sportswear, send them exclusive offers on your latest sports collection.

Feedback Loops

Regularly request feedback through surveys or quick polls. This not only shows that you value their opinion but also gives you more insights into their preferences and behaviour.

If you’d like to discuss any of the solutions above, or if you need support during the third party cookie phase out, please contact us.