The COVID-19 pandemic has undoubtedly accelerated the growth of eCommerce, and retailers like Walmart, Amazon, and Tesco have been the primary beneficiaries of this trend. To maintain their competitive edge, these retailers are demanding higher investments in retail media from brands, which has a direct impact on eCommerce profit margins.
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We’ve reached the end of our 3-part, first-party data and lead generation series of articles. If you missed the first two, read them here and here. Now that you’ve identified your 1PD initiative and picked a tool to streamline the process, let’s cover the most common mistakes that EVERY SINGLE marketer has committed and how to avoid, and ideas on how to fix them.
This is a huge article, so grab some coffee and let’s dive right in.
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First-party data is all the data that is generated and collected directly by a company’s own properties and audience. Companies are able to use this data to improve their products and services, understand customers’ needs, and generally provide a better customer experience.
First-party data is immensely valuable for your business as you have ownership of that data. The data you’ve collected can be used for better customer service, increased understanding of your customers, more precise messaging for your marketing and advertising, and knowing for a fact that a 3rd party such as Facebook, Google, or Amazon can’t just change their algorithms and take away customer data from your business.
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As consumers, we’re always conditioned to consume through a number of signals from companies. After all, without consumerism, much of our economy won’t exist and most of us probably won’t have a job.
Back in the olden days, consumerism tends to focus on thematic periods that justify spending.
This could be the classic holiday season, birthdays, graduation, weddings, and similar peaks spread throughout the entire year. This event-based relationship with shopping tends to make us think more carefully about what we buy, especially during cash/cheque-dependent days.
However, today’s shopping malls and commercial areas blanket every corner in most metropolises, and the prevalence of credit-based shopping made impulse purchases easier than ever. Efficiencies in production and globalization also contributed to most non-essential goods being more accessible to purchase than ever.
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You were enjoying a casual, relaxing stroll in the park on a lovely Saturday morning,
It was an absolutely perfect day. The sun shone brightly, the birds were chirping and the air was crisp. You walked through the park on a winding trail, taking in all of nature’s beauty. You spent the week stressing about work and home duties and you finally were able to kick off those leather heels and put on your bright pink hiking shoes to tackle the outdoors.
Out of nowhere, an overzealous character leaped out behind the park bench and said:
“Excuse me, are you hungry? There’s a great delicatessen nearby!”
You politely declined and quickened your steps by a few paces thinking “well, that was weird, but at least he’s gone, let me get back to this wonderful stroll”
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