“First-party data” was the most-consumed term by brand marketers this week, as measured by Bombora Company Surge, followed by “conversion funnel” – and they are inextricably linked.
With the upcoming cookieless and device identity-less future, companies cannot afford to wait until 2023 to improve their first-party data strategy — which may explain why marketers are reading about these terms at high velocity in recent weeks.
Data in all its forms provides a means to understand your customer -- but they aren’t the end-all be-all.
If consent is now the name of the game, companies should consider the benefits of zero-party data (ZPD) collection. This customer “think and feel” data is shared by a customer proactively, and with intent, as part of a direct value exchange with the brand.
Together, first- and zero-party data can meet customers in their need states through permission-based marketing.
In other words, first-party data collected through lead generation is just the starting point.
Considering these changing dynamics, and an overly saturated digital landscape, organizations should begin designing value-exchange programs supported by identity signals to incentivize the new generation of buyers who crave personalized, helpful, intuitive, and seamless experiences delivered in a casual and engaging way.
A conversion funnel serves as a way to visualize the flow and conversion path of potential customers into paying customers. Significant advances in data-driven digital marketing gives us the ability to analyze the behavioral and response data to determine a clear path to conversion.
The traditional funnel, however, cannot always ascertain deviations on the path to purchase — so it’s important to look beneath the surface and not be so quick to discard an audience set just because it does not respond right away.
Follow the data, and you will find the key to winning capricious customers’ brand loyalty.