“Data” is no longer a buzzword in the world of marketing, but the lifeblood of strategies that drive growth. Having said that, data collection is not an issue as marketers are already bombarded with plenty of information. The main challenge lies in the effective utilization of data— personalizing customer experiences, improving operational efficiency, optimizing pricing strategy, monitoring business growth, and more. And for this, businesses must know what data to collect!
Getting the Basics Right: Understanding First-Party Data
The information collected directly from customers is known as first-party data. Can you guess what this first-party data includes? Name, phone number, email ID, and physical mailing address— essentially, the information customers submit when placing orders or the company gathers through its channels such as enterprise resource planning platform.
Take this information as the gold standard. Why? Sourced directly from the customers, it's accurate and reliable. You’ll be amazed to know that almost 72.52% of customers are willing to share their information, such as phone, email, etc., with an ecommerce site if they get an incentive in return. Thus, it's important to understand what motivates the customers to make the purchase.
The same survey states that customers prefer discounts over early access to promotions, gifts with discounts, or reward points. Or take it this way, discounts are like the bait that helps brands get valuable information from customers. It is like giving a direct line of communication to brands to connect with their customers. In short, marketers must know the art of creating value exchanges to gather more information.
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