First Party Data reveals valuable insight into consumer behavior
Reaching target consumers, monitoring the types and numbers of people that visit a site, and which surfing habits an internet user has, is all transferred into various types of data which can be very valuable when it comes to advertising your products.
First party data is basically the data and research collected by brands themselves. First Party Data is often very valuable (and mostly confidential) to brands, giving them the knowledge about certain types of data means helps them as advertisers know the how and why to re-reach consumers or understand what prospective users might look like. By using first party data along side their advertising campaigns allows them target their advertising spend on reaching the exact target consumer.
There are endless types of first party data a brand advertiser might collect and use to re-engage with their target audience. These include but are not limited to a potential customer’s ;
- Registration Data
- Previous online shopping activity i.e did they purchase or abandon their shopping cart
- Likelihood or intention of buying
- Geo Location
- Time on their site
- How many times they have visited
- Number of pages viewed
- What product pages they viewed
- Operating System
The most important fist party data to most companies is registration data. This provides the most in depth data about the person and is what is the most confidential data, hence why many companies will not share data. By knowing vital information such as this, an advertiser can focus their attentions on advertising to specific customers. The analysis of first party data is essential before using in your next advertising campaign. Without data analysis, you could be advertising to people that are unlikely to be interested in your product due to their age, gender, occupation or lifestyle. Many brands use DMPs ( data management platforms) to manage their first party data, first collecting it and then using it when media buying.
Advertisers can use First Party Data within the Gourmet Ads Marketplace
One of the advantages of using a Private Ad Exchange such as Gourmet Ads Marketplace, is the ease and ability to use your own first party data. Gourmet Ads offers a private ad exchange where advertisers can take advantage of using the pre-arranged and fixed CPM prices for inventory.
First party data allows you to spend your money wisely and to carefully place adverts without wasting money on adverts that won’t be reaching the right consumers. First Party Data can even be used to personalize advertising creative aimed at specific consumers. This in turn is more likely for the brand to see a conversion.
Gourmet Ads believe that 2012 will be a year where advertisers everywhere will realise the phenomenal benefits of advertising using first party data. Brands that are yet to reap the benefits of using their own first party data to increase advertising sales will be able to personalise their advertising campaigns, reach various types of customers as well as target newer customers as well.