Are you making optimal use of First Party Data for Marketing?
One of the biggest challenges for digital marketers in future will be access to accurate 3rd Party data. The laws on privacy are getting stricter by the year and 3rd Party data aggregators will find it harder to target and deliver campaigns across media properties.
On social media, running campaigns with the same granular targeting that was allowed until now will no longer be possible - leading to increased costs for getting the same reach and results.
First party data, collected directly from website customers or visitors, is transactional and does not provide the depth of information required to build a social profile. But by building a relationship with customers and earning their trust, the potential for increasing business long-term grows exponentially higher.
Data bought from any of the aggregators will be expensive and the accuracy as well as the integrity is questionable. There are several gaps within that may never be filled. First party data acquired through trust is the best bet to build a base of customers and tap into their networks over time through referrals and introductions.
Does your digital strategy rely entirely on 3rd Party data?
It’s time to make the shift, gradually to begin with and then accelerate it over time. Bring customers to the company website and create enough value for them. It’s easier said than done with the amount of good content already available, but is paying higher prices for media a better option?
On a company website, experiments are less expensive. HubSpot can transition the entire website, or in stages. Build depth and the trickle of traffic will grow into a gush over time. And as long as value keeps getting added, the virtuous cycle will grow.
The argument that eCommerce sites will be able to build a steady stream of traffic faster is valid. But there are sites providing special services who have focused on their niche and built relevant traffic to yield results. The key word is relevant. Whatever your business is, you know what customers want. Dig deeper and you’ll find untapped reserves to build on.
Let us take two completely different product sectors and build a content strategy for each of them, as examples. This is to demonstrate that no matter how well-known a product is or little-known, content can become a magnet and a business generator.<2>Two businesses at polar ends of the scale
In the first example, let us consider a florist’s website. A commodity business with high levels of online competition and offline competitors at every street corner. It is also an impulse purchase and customers have multiple options. How can content build traction?
Imagine that the florist creates content to help people decide which bouquets are the best option for occasions. They may decide to focus on wedding bouquets, birthday bouquets or even the best flowers to gift during courtship. This could be in the form of photographs with interesting descriptions, message options and so on. If the florist can set up a WhatsApp option to remind an existing customer once every year about an occasion, additional business can be generated with no extra expense.
Now let’s take another business – cyber security. This is a business that companies across sectors know little about and have no idea of how to choose a partner. By educating customers on what the threats are for various businesses, they can provoke interest, if not alarm. There’s a great deal of media interest in ransomware now and protecting companies against a ransomware attack is sure to generate interest.
If the website focuses on the protective strategies that companies need to arm themselves with, inquiries and conversations happen. And all of this is first party data because customers are directly engaging with both companies. They may not have any extra information about customers beyond their anniversaries and birthdays, for the florist. Or the sector that the cyber security company has a solution for. However, they don’t need more information to generate business because the interaction is for a specific purpose.
How HubSpot helps harness First Party Data
Taking these examples further, imagine that these companies created their CRMs on HubSpot. The florist can create a base of customers who have bought flowers and the address of the recipient. Then, every year, a personalized email can be sent a week in advance as a reminder. If the customer finds that the website does this as a service, chances are that flowers for several other occasions will now generate business for the florist.
And in cyber security, content can be created around whitepapers or emailers detailing what protective steps companies need to take to protect their digital infrastructure. If the information is valuable and managers find it credible, the chances of generating business grow month on month.
And satisfied customers can always be approached for references or testimonials.
In each of the cases, HubSpot CRM and the CMS hub strengths can be harnessed to show the relevant content, show what works and generate higher revenues by broadening the foundation with content and workflows to follow through.
Talk to us and we’ll show you, does not matter which business you are in, there is a strategy to make it work and get to customers directly, rather than rely on 3rd party data and expensive campaigns.
We’ll be happy to show you how it works.