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7 February 2024 / Opinion

Is your first party data powering your paid media?


In today's fast-paced and data-driven world, the value of leveraging your own data cannot be overstated. So, let's dive into the world of data-driven decision-making and glean some insights on how to optimise growth within your marketing strategies.

First and foremost, it's crucial to recognise the goldmine that lies within your own data. Your first-party data holds the key to understanding your customers' behaviours, preferences, and purchase patterns. With the right tools and techniques, you can uncover those golden nuggets of "tada" moments in your data that can propel your business forward. From demographic data to transaction history and customer interactions, every piece of information contributes to painting a vivid picture of your audience.

"As we’re all aware, cookies are crumbling and what we are very passionate about is how much value you've got in your own data. Companies that are data driven outperform their competitors by up to 20%, but yet 87% of marketers say data is their company's most underutilised asset." - Karen Snape, Data Science Director, Jaywing.

Armed with a wealth of insights from your first-party data, the possibilities are endless. Personalisation becomes more than just a buzzword; it becomes a strategic imperative. By understanding the unique segments within your customer base, you can tailor your messaging, promotions, and product offerings to resonate with each group. Imagine sending hyper-targeted emails to specific customer segments, predicting their next purchase, and nurturing their journey with precision.

By harnessing the power of external data sources and enriching your first-party data, you can supercharge your marketing efforts. Whether it's leveraging public data to gain granular insights into customer behaviours, or tapping into third-party data for advanced segmentation, the fusion of internal and external data opens up a world of opportunities for driving growth and personalisation.

A question that many clients ask us at Jaywing is: “where do I start?” Hannah McNally, Paid Media Director at Jaywing, provides some valuable advice:

"A good place to start is by using the knowledge you have from your own data and overlaying some third party data, whether from YouGov or KANTAR, to understand your audience and tailor your messages. For instance, for an online education client, what's valuable to a traditional student differs from someone seeking online education. Break down data by demographics, regions, and income to identify user needs.”

Karen adds:

“Despite the vast data landscape, tackle specific issues, pull at threads, and follow the trail to find solutions. Bringing order to the data chaos and discovering patterns to better serve your customers is a great place to start."

As you embark on this data-driven journey, remember that the key lies in continuous learning and adaptation. Predictive modelling, attribution analysis, and customer lifetime value calculations will guide your decision-making and allow you to adapt your strategies in real-time. By staying agile and responsive to the insights gleaned from your data, you can drive sustainable growth and create meaningful experiences for your customers.

The era of data-driven marketing is here, and it's time to seize the moment. By harnessing the power of your first-party data, enriching it with external sources, and leveraging advanced analytical techniques, you can fuel personalised experiences, optimise your marketing strategies, and drive sustainable growth.

Find out how to harness the power of your first-party data or tap into the wealth of publicly available data

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