Traditionally, personalization strategies have been derived from looking at behavioral trends, such as click-stream paths, search terms, purchase history and other indicators to try and ‘second guess’ the intentions and desires of the buyer. The problem with this implicit personalization is that it’s guesswork, and often wrong.
While the results of personalization strategies are routinely scrutinized, the quality of the data that fueled them seldom is. It’s time to flip the perspective.
Why Is Third-Party Bad Data?
Third-party data is frequently aggregated from a host of unrelated and unreliable sources like credit scores, cookies and click trails. As a result it quickly becomes obsolete and severely hampers the effectiveness of personalization campaigns.
Consumer choices, incomes, dependents and the like fluctuate over time, and therefore third-party consumer data rapidly becomes useless.
And fueling personalization campaigns with incorrect data will not only be ineffective, but will alienate potential customers. Nobody wants to be bombarded with ads for a product they’ve already bought, but this is an all too familiar problem for consumers.
Only 22% of online consumers are satisfied with the level of personalization they currently receive
First-Party Data Drives Better Personalization
It is possible for marketers to collect first-party data shared intentionally and proactively by the consumer. This type of data offers a window into their motivations, interests, intentions, preferences, and what really makes them tick.
To attain this data, marketers need to offer a value exchange and deliver interactive experiences that ask the consumer questions in real-time, empowering brands to recommend products, services and content that is truly personalized.
85% of consumers are more likely to make a purchase if the offer is personalized
How To Collect First-Party Data At Speed And Scale
Consumers the world over are more fastidious than ever when it comes to handing over their personal data and purchasing intentions. But modern, digitally savvy consumers want better personalization, and to get it they know they need to tell marketers their purchasing preferences.
Marketers can fill this void by leveraging interactive digital experiences that conduct market research, accrue opt-ins and deliver an altogether better experience with a tangible value exchange for the consumer.
Whether a questionnaire, sweepstakes or social story, these interactive experiences incorporate incentive mechanics such as instant wins or coupons with simple data capture forms to collect first-party data at speed and scale, but more importantly, offering the consumer something in return for their data.
52% of consumers would share personal data in exchange for product recommendations
Putting The Theory Into Practice
By leveraging Wayin, outdoor sports brand Bowtech was able to rapidly create huge amounts interactive marketing experiences across multiple digital channels that captured first-party data at speed and scale.
The results saw them not only beat the market by 20%, but load its CRM with rich, actionable first-party data, reduce marketing costs and personalize their campaigns to bring them closer to its customers.
400 segments of geo-tagged audiences that Bowtech activate with experiences across email, sms and other marketing campaigns
Collect First-Party Data Across The Entire Customer Lifecycle
A step-by-step guide to collecting actionable first-party data and driving better personalization across the customer lifecycle through interactive digital experiences.Download Playbook