Why first party data is important – Benefits for Event Marketers

Event marketers must find new ways to get client data now that third-party cookies are no longer used to safeguard user privacy and comply with laws like the GDPR. This presents a problem for several firms that have relied on cookies to monitor user activity as well as promote through digital channels. 

This is a substantial departure from the event marketing industry’s previous reliance on data from other websites to promote and track actions across domains. However, this has been anticipated for a while, and event organizers are now under pressure to find substitutes for providing prospects and consumers with individualized information. 

We’ll go through the following to assist you get the most out of your first-party data and comprehend how to utilize it to customize your communications: 

First-party data – what is it? 

First-party data is information that you get from your audience through digital channels that you own. People have given their approval for you to utilize their data to get in touch with and engage them, making it trustworthy and problem-free. 

First-party data sources include: 

  • Behavior of a virtual event or event app 
  • Subscribers to newsletters and emails of event 
  • Campaigns for generating leads 
  • Surveys 
  • Facebook Subscriptions 
  • Customer opinions 
  • Sales and customer service interactions 
  • Online conversation 

Different Types of Marketing Data 

First party data

By defining first-party data it is “knowledge that your organization has acquired.” Examples of first-party data and event hosting that he gives include participant registration data and their behavior throughout the event. Essentially, because they are the only ones with access to this information, event organizers may utilize it to their advantage in digital marketing campaigns. We receive advertisements that are extremely precise or tailored to our likes thanks to a process known as “item-based collaborative filtering.” 

Second party data

Second-party data is “gathered by a company that is frequently a partner of yours, typically not a rival.” This can entail taking part at an exhibition stand at an event or co-hosting a webinar. Second party data is particular to emphasize since other people have access to the obtained data, and it lacks the exclusivity of first-party data. 

Third party data

Third party data is gathered by a data aggregation business is referred to as third-party data. Think about Google, LinkedIn, and Facebook. This information is available to rivals, which is frequently not ideal. 

How is first party data collected? 

By including a pixel about their actions and online habits or by utilizing a tracking platform, you can keep track of users across your website/app and social network accounts. This method keeps tabs on the websites user’s visit, the conversations they have, and the subjects they find interesting (for example, what blogs they read). Additionally, data like your IP address, chosen language, timestamps, and visited URLs are available. 

All of this data must be input into your customer relationship management system in order to build a database of visitors to your owned properties. This will help you develop a profile of that person over time so you can target them with pertinent content that will be more persuasive. 

Consider what first-party data you want to gather at each phase of the customer experience. Look for information, for instance, through a subscription or social lead gen form during the awareness stage. Webinars may be effective for obtaining information or examining purchasing patterns to acquire insights while participants are still at the interest stage. 

What obstacles exist in the way of gathering first-party data? 

First-party data has enormous value and is becoming increasingly crucial to gather and use, yet many businesses are having trouble realizing its full potential. 

There are organizational and technological elements at play that make it challenging, according to Google’s studies in the APAC region. The first reason is a failure to integrate technology and the secondary reason is a lack of comprehension of data. 

Ineffective team structures and a lack of internal talent are impediments on the organizational side, which may be related to a rivalry for digital skills in 2022 and a lack of cross-functionality among departments. 

Don’t let these obstacles cause your business to fail. Make sure your organization can link and share your data, and that you have the skills to assess and apply the pertinent data in a way that prioritizes and improves the customer experience and generates ROI. 

Why is it important – Benefits of First Party Data for Event Marketers? 

Events are ultimately one of the most effective and amazing methods for event marketers to increase the volume and quality of the first-party data we have access to. Similar to those who participate in the digital event, event participants get the chance to engage in a vibrant online community in exchange for voluntarily giving registration, payment, and tracking information. Everyone benefits. 

Beyond the typical email list with a first and last name attached, HexaFair provides a wide range of options for often gathering attendance data. Our analytics are able to not only keep track of which sessions a participant entered, but also how long they were there and if they downloaded a pdf that was made available along with the session’s information. This type of information offers vital insights on the quality of your products and how to interact with that expanding audience. 

Utilizing Data to Create Customized Experiences 

Because customers are becoming more intelligent, customer experience is always changing. They now have more access to information on the internet to aid in their purchasing decisions, and they have higher expectations of how businesses should treat them. 

For more relevant, individualized experiences, consumers are prepared to exchange their information. You can create those experiences with the help of first-party data since you have access to reliable, pertinent information. When a consumer has a bad experience, they frequently leave and take their information and business with them. 

Offers total command and sole ownership 

Without having to take biases and extraneous effects into account, brands can collect, manage, and utilize first party data from their customers. They also don’t have to worry about other businesses getting access to the same information, which gives them an edge. 

With second- and third-party data, other companies choose what data to gather and how to offer it, which may reduce its efficacy. For instance, rival businesses could concentrate on gathering particular client subgroups or types of data that are unrelated to a brand’s objectives. First-party data is obtained directly from the source, free of any other opinions that could affect how marketers use it. Additionally, brands have an advantage over rival businesses since they aren’t concerned about them having access to the same data. 

Protects consumer privacy and data security 

The murky origins of second-party and third-party data are one of the main problems with them, placing companies at danger of breaking data privacy rules. Since marketers won’t know how the data was gathered or if it came with consumers’ awareness and explicit agreement, buying data from other businesses might be risky. Data from third parties poses a particular concern since its sources could be completely obscure. 

Contrarily, first-party data is completely compliant with data protection laws including the California Consumer Privacy Act and the General Data Protection Regulation (GDPR) (CCPA). Businesses are adhering to the fundamental values of openness, confidentiality, accountability, etc. when they collect and use first-party data. This significantly lowers their likelihood of encountering ethical or legal problems or being assessed heavy fines. Companies may feel confident knowing where their information is coming from, how it was gathered, and if it can be utilized when using first-party data. Users are also at ease with the information they submit, who receives it, and how it is utilized. 

Decreases expenses, resources, and obstacles 

Since businesses sometimes have to pay high fees for substantial volumes of data and then devote time and resources into integrating it into their current systems, second-party and third-party data may be both expensive and time-consuming. Additionally, they must spend more money organizing and processing the data they bought to meet their demands. 

First-party data, in contrast, is mostly gathered via regular business activities of a corporation without further effort. For instance, when a person visits a brand’s website, registers for an account, or makes a purchase, the brand records that information. Additionally, this lessens the effort needed from their viewers. Customers won’t need any additional incentives to share their contact information or user preferences; just ask them to.  

Outside of their current business and marketing strategies, brands don’t need to continue investing in resources to persuade customers to provide their first-party data. First-party data reduces the amount of obstacles that stand between a business and its customers, enhancing their connection and encouraging patronage. 

Improves precision, dependability, and relevance 

First-party data is very precise, trustworthy, and pertinent since it derives from how a brand’s target market interacts with its goods and services. They are able to link customer interests, preferences, and actions to their effectiveness and results. They could see, for instance, how a well-liked advertising effort resulted in appreciable improvements in brand recognition and sales. An effective email campaign with customized subject lines may be to blame for increases in website visitors. Brands may then use this information to identify what worked, what didn’t, and why, which informs their business decisions for next marketing campaigns. 

Encourages customization and client loyalty 

Customers of today want businesses to treat them as unique individuals rather than as a component of a group. The personal connection between a business and a customer is strengthened the more knowledge firms have about the interests, preferences, habits, and expectations of their consumers. Customers are retained and show enduring brand loyalty as a result of first-party data’s ability to enable marketers customize their tactics to each person’s buyer journey. Businesses may offer customers specific suggestions based on their prior purchases, for instance. They are able to determine which goods customers are interested in and provide promo coupons to encourage purchases. Companies may further strengthen their relationships with their consumers by taking user input into consideration. If customers are posting critical reviews about a defective product or complimentary remarks about a new release, marketers can use this information to continue improving their brand experience.