Making the Most of First-Party Data Opportunities

Apple’s much-anticipated iOS14 has been out for a few weeks now, and marketing teams are already seeing a shift in ad performance; most notably, differences in core metrics like overall ad spend, conversion reporting, reach, and CPM. Although traditional metrics will continue to be helpful, these changes indicate that marketers may need to re-assess benchmarks, identify new metrics of success, and even re-think budgets and strategic opportunities. 

While recent shifts are undoubtedly connected with the iOS update, they’re also a part of a larger picture of tech and social trends that favor consumer privacy. For many brands with large marketing teams, this shift is manageable and has been expected. Many are already taking the necessary steps to stay ahead of the curve, like using gift cards to track time to purchase, lift and engagement.

It may not seem like it, but marketers should actually be celebrating the demise of third-party data usage. Less reliance on third-party data means more opportunities to focus on data from customers who have intent to connect with the brand. This allows brands to develop an enhanced customer experience, leading to increased LTV. Today’s customers understand this trade-off: a 2020 study from Innovoid reports that 23% of consumers are more willing to share information with brands today than they were 1-2 years ago. 

Adapting your marketing strategy to reduce its reliance on third-party data first requires understanding the full breadth of data immediately available to your brand. Customer records and your brand’s website analytics can offer an abundance of information without relying on third-party data. 

When considering the data you have access to it’s likely that any partnerships with referral, affiliate, or other promotional partners that feature your brand within their site will continue to be able to share highlights and insights about your brand’s performance on their owned platforms. For retailers and service providers these partnerships offer a myriad of potential benefits such as increased awareness, the ability to highlight key products or promotions, and in some cases, immediate captured spend. Platforms based in retail offer an almost instantaneous opportunity to complete the entire buying cycle from awareness to consideration to purchase. 

It’s important to note that while new platforms and partnerships can facilitate opportunities, it’s up to marketers to make the most of these opportunities. At Prizeout, we’ve seen that merchants who are actively engaged with developing and executing strategic plans are the ones who see the biggest benefits. Some merchants have seen upwards of a 600% increase in conversion rate when leveraging strategic promotional offers, with the best results coming from seasonal messaging around holidays and events. Moreover, some merchants have seen a sales increase of 200% within a 30-day timeframe after implementing a strategic promotional campaign.

Additionally, because these platforms are built to support strategic advertising, they can offer brands many of the traditional metrics such as impressions, reach, and CTR. Another bonus is that, for many campaigns, there are no upfront costs associated with promotions— the cost is incurred when a customer finalizes a purchase. This can mean drastically reduced CPM and CPC rates. 

At Prizeout, our platform is developed with a focus on offering brands access to usable, relevant data to identify success. Because of this, many merchants utilize the platform as an opportunity to test new creative styles and messaging within a controlled environment. Brands are able to identify the perfect combination of creative and targeting then take those learnings and use the data to drive revenue not only within the platform but also into other marketing strategies. 

If your current marketing strategy does not use these sorts of platforms, now is a critical time to identify potential partners.

The unique strength these platforms have is that they are directly connected to consumer buying behavior and can capture shareable data. Leveraging these relationships not only provides access to additional data but also helps brands diversify their overall marketing and advertising strategies. As trends continue and large platforms such as Apple and Google continue to shift capabilities, successful marketers understand that diversity in partners is key. Partnerships with referral, affiliate, and similar sites can make this diversification much easier for brands and service providers.

Learn more about the unique marketing and sales opportunities that Prizeout can provide.

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