Unlocking the Power of First-Party Data: A Conversation with Andrew and Megan - www.ciceron.com

Unlocking the Power of First-Party Data: A Conversation with Andrew and Megan.

In this insightful conversation, Andrew Eklund, Founder, and Megan Cameron, Director of Analytics and Marketing Intelligence, shed light on the untapped potential of first-party data, its diverse sources, and the strategic approaches to unlock its power in the dynamic landscape of digital marketing.

Andrew: “So one of the many things that I love about you, Megan, is that you’re super enthusiastic about what you do. And when you get enthusiastic in particular is when we’re working with a client and you realize that they have a lot of untapped first-party data.” This data often lies dormant, waiting to be explored and leveraged for strategic purposes.

“Where do you see all of that first-party data being tapped? Rather than say, ‘Well, why would I look at the people in CRM? They’re already our customers. Right. I don’t want to advertise against them.” This raises a crucial question about the untapped potential of first-party data, challenging the notion of exclusively targeting existing customers. Ciceron explores the possibilities of activating data beyond the obvious, encouraging a broader perspective.

Megan: “I think, in the past, ever since the discussions of cookie deprecation, first-party data has been top of mind. Have people activated as much as they can and should? probably not.” This hints at a gap in the activation of such data, suggesting that there’s more potential waiting to be unlocked.

“When I see that first-party data, whether it’s CRM or if it’s just like an audience that they have activated against in the past, I think anything that they have is valuable.” Essentially, every piece of data is valuable, holding the potential to drive meaningful insights and strategies.

“We can run it through our platforms, [now including a heavier dose of emerging AI to process lots of unstructured data]. We can, like you said, do lookalike, let’s match lists, try to run these up against different audiences to just figure out who these people are.” These methods aim to unravel the characteristics of the audience and identify potential lookalike segments for targeted campaigns.

“That’s kind of one of the key components at the beginning of an audience design project is recognizing what kind of first-party data you have.” Recognizing the available data sets the foundation for a robust strategy and ensures a more informed and targeted approach. Understanding the data’s nuances is crucial for ethical and effective use, ensuring compliance with data privacy standards.

Full video post available here