First Party Data is All About Measuring Only What Counts
By the end of 2024, 3d party data will not be available. That said, the increasing availability of five sources of 1st party data can and should lead to insights which help marketers identify and focus on their most profitable users to deliver brand growth especially profitable brand growth.
Here are the five sources of 1st party data:
- Experiential marketing users;
- Influencer marketing creators and users
- Purpose branding acceptors and users;
- Ecommerce users;
- Retail buyers' data sold to marketers.
All five sources of 1st party data provide why, what and how users buy brands.
The results: Less is More because 1st party data is all about measuring only what counts.
NOTE: ANA's Measurement Initiative encourages the industry to measure only what counts.
Key result of 1st party data availability: marketers ability to differentiate between brand loyalists and brand occasionalists.
Brand loyalists do not require price reduction, which is different than brand occasionalists who buy only when brand price is reduced.
Important note: The five groups of brand users who provide their 1st party data: Experiential, Influencer, Purpose, Ecommerce, and Retail Buyers... allow marketers to improve brand growth especially profitable growth by price promoting only against brand occasionalists.
Posted at MediaVillage through the Thought Leadership self-publishing platform.
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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.org/MyersBizNet.
Michael Donahue
Mike Donahue is a former Executive Vice President of the 4As, Senior Director of the ANA and CEO of Connect the Dots, a management consultancy.
