What is First Party Data (and why is it important)?

In the modern digital landscape where every organisation is competing for consumer attention, it’s increasingly important to be seen by your customers at the right time and place and deliver valuable messaging that resonates. With the degradation of third party cookies, the rise of first-party data is allowing companies to glide a magnifying glass over the digital habits of customers, website visitors and social media followers. And enabling the creation of better and more personalised customer experiences.

What is first party data?

First-party data is a company’s closest ally in understanding their audience. Defined as proprietary information exclusively collected from the customer with consent and owned by a company, this information is entrusted solely to its intended user and derives from real interactions. Data is drawn from all touchpoints across the consumer journey from website interactions, social media scrolling, email subscription services, customer relationship management, feedback or surveys, and purchase history. 

By consenting to first party data collection, customers are ultimately crafting their own unique and personalised experiences and allowing businesses to nurture and enhance the encounter through targeted advertising and messaging. Integrating information from various touchpoints allows companies to compile this data to improve target advertising precision, increase relevance, advance omnichannel connections and map the customer’s entire journey.

So how can companies simplify and centralise the collection and storing of this data?

Customer Data Platform (CDP). will store and organise first-party data collected from both online and offline (for example, Instore POS) touchpoints to create customer profiles and in turn inform marketing and targeted advertising decisions.

By integrating first party data from all customer touchpoints businesses can establish a single view of the customer, empower more accurate analysis and attribution, map buyer journeys and enhance omni-channel personalisation at scale. Advanced CDPs will allow organisations to analyse and action that data using machine learning (ML) and artificial intelligence (AI) to provide audience segmentation, churn and lifetime value models.

The Wondaris Customer Data Platform allows data to become centralized and actionable. Our advanced CDP allows you quickly and easily to push your audiences into any activation platform that can ingest audience, behavioural or event data, and automate future pushes to ensure you are always using the most current and accurate data.

With an increasing number of destinations already available and the ability to build custom destinations, Wondaris supercharges your existing ecosystem by empowering first-party data. To supercharge your customer data get in touch with one the Wondaris team today here.