First Party Data refers to data and information collected and obtained by the company. First party data is considered the most valuable and trustworthy as it comes directly from the companies employers as well as it is primary data directly from the customer. First party data can be used for marketing purposes such as targeted advertising, retargeting, and email marketing. Receiving a customers email and other information at checkout is helpful in continuing to build the customer business relationship. It can also be used to improve the customer experience by providing more relevant content and personalized recommendations.
First Party Data will be crucial and incredibly important for building a loyal customer following. Knowing primary source information about your customers will be extremely valuable to building and continuing the unique and personal customer and business relationship.
How is First Party Data collected?
First party data can be collected through surveys, website analytics, customer service interactions, loyalty programs, purchase history and more.
What are the benefits of using First Party Data?
The main benefit of using first party data is that it provides companies with direct insight into their customers’ needs and preferences. This helps them to better target their marketing efforts and create more effective campaigns. Additionally, first party data is typically more accurate than third-party data since it comes directly from the source.
Fun Fact:
According to a survey conducted by eMarketer in 2019, "72% of marketers agree that first-party data is the most important source for personalizing customer experiences." (eMarketer, 2019)