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We are in a particularly turbulent time for growth marketing, especially for brands who have previously relied on Facebook data to track growth. With recent changes in iOS 14.5, ad personalization and performance reporting may be limited and brands may notice a shift in their metrics. In our most recent webinar, we gathered experts in first-party data to share how they are managing data to drive customer acquisition even during this tumultuous time.
What we learned:
- Use first-party data for exclusive information on your customers
- Diversify testing methodologies to ensure the most accurate information
- Personalize using machine learning
- Aubrie Richey, Vice President, Media Intelligence at TechStyle Fashion Group
- Katie Miller Reed, Vice President, Performance Marketing at Society6 & Saatchi Art
- Seiya Vogt, VP Marketing at Keeps
- Richard Harris, CEO and Founder at Black Crow AI
- Moderated by Veronika Sonsev, Co-Founder at CommerceNext
Watch the replay here or read the recap below.
Make the Most of Your First-Party Data
With recent changes to data, many forms of data are outdated for current use. The rise in consumer privacy protection means many third party data sources are being eliminated or are no longer viable. Brands that previously relied on third party data need to shift towards making the most of their own data.
As Black Crow AI points out, brands may have more first-party data than they initially believe. Machine learning technology can unlock this high-quality data for your company, which helps you better understand where the data is coming from and ensure its integrity.
Using first-party data is also an exclusive asset that can transform your return on advertising spend (ROAS) metrics at a time when many marketers face problems with falling ROAS. To hear more about how brands are shifting marketing spend due to changing customer privacy regulations, register for CommerceNext 2022 in NYC this June 21-22, 2022.
Diversify Data Methods to Ensure Accuracy
With the current uncertainty around the accuracy of Facebook data, it is now more important than ever to leverage other testing methodologies. TechStyle Fashion Group cross validates their Facebook data to ensure they’re collecting the most accurate data. Collecting data on how users get to the brand, how quickly they’re moving through the site and where they’re spending their time are all important data points that you won’t see in your CRM analytics.
Use Zero Party Data To Increase Conversion
Zero-party data can also be an important source to add to current CRM databases. This is proactive, since customers want you to understand this information about them. Society6 & Saatchi Art use quizzes to gather important data on their customers, and has found the customers who are willing to participate in the quizzes have a high conversion rate. For more information about the power of zero-party data, check out our recap of a webinar on Unlocking Zero-Party Data with Loyalty.
Intelligently Diversity Channels
Many brands are diversifying away from Facebook to develop other channels in their mix, such as Snapchat, Instagram, Pinterest or TikTok. This also provides the opportunity to include influencer advertising on other platforms and introduce your brand to new audiences. Keeps has found influencer marketing to have a high dividend payoff, and uses data on related topics to find what influencers are the best for their brand. First-party data gives you the tools to identify what channels are sending the most high quality traffic, which cuts your learning curve by months.
However, be cautious when it comes to pivoting to other channels. These new avenues can accumulate a high number of visitors, but might not provide a high percentage of promising users. After TechStyle Fashion Group pivoted to TikTok, they realized there were significant diminishing returns. Machine learning can help you understand what channels are most effective for driving purchases.
Personalize Using Machine Learning Technology
During a time when costs are rising while performance is decreasing, it’s critical to avoid wasting retargeting dollars on low value users. Black Crow says 98% of first-time site visitors won’t ever make a purchase. This is when machine learning can help use first-party data to automatically focus advertising spend on the best prospects. Society6 & Saatchi Art use machine learning to serve the best data and understand spend on individual customers, which helps understand high future value visitors.
Utilizing machine learning to better understand first-party data also helps you effectively diversify creatives while targeting the most profitable users. This can be used across channels, not just on Facebook.
Ultimately, our experts agree Facebook is still a great platform for driving brand awareness and retargeting site visitors even if recent changes have reduced the efficiency for marketers. Understanding how to deploy first-party data and machine learning to focus on the best prospects and personalize the brand experience can help retain profitability while acquiring new customers.
For more on using first-party data to drive customer acquisition register to attend CommerceNext 2022 in New York, listen to the Conversations with CommerceNext podcast and check out the blog recap of our webinar on Unlocking Zero-Party Data with Loyalty.