{"id":71738,"date":"2022-10-24T12:42:39","date_gmt":"2022-10-24T10:42:39","guid":{"rendered":"https:\/\/visionarymarketing.com\/?p=71738"},"modified":"2023-06-05T16:46:02","modified_gmt":"2023-06-05T14:46:02","slug":"first-party-data-an-18-percent-increase-in-consumer-conversion","status":"publish","type":"post","link":"https:\/\/visionarymarketing.com\/en\/2022\/10\/24\/first-party-data-an-18-percent-increase-in-consumer-conversion\/","title":{"rendered":"First Party Data : An 18% Increase in Consumer Conversion"},"content":{"rendered":"

First party data<\/strong><\/span> collection has become more important<\/strong> than ever. With consumer concern<\/a><\/strong>\u00a0and the inevitable<\/strong> demise of third party data<\/strong><\/a>, companies<\/strong> are turning to first party data<\/strong>. This not only helps companies receive<\/strong> more accurate data<\/strong>, but offers a transparent<\/strong> and secure<\/strong> option for data collection<\/strong>. Subsequently, this is generating great results<\/strong>.<\/em><\/p>\n

This was confirmed<\/strong> by Camille Mar\u00e9chal<\/a><\/strong> and Ombeline Nguy\u00ean<\/a><\/strong> from RAZORFISH<\/a><\/strong>. In our interview<\/strong>, organized by Adobe<\/a><\/strong>*, we discuss how first party data<\/strong> is innovating<\/strong> the marketing world<\/strong> and its importance<\/strong> to conversion rate optimization (CRO)<\/strong>.<\/em><\/p>\n

First Party Data : An 18% Increase in Consumer Conversion <\/span><\/strong><\/h3>\n
\"First
Nissan’s first party data approach to conversion rate optimization described in our interview with Razorfish<\/figcaption><\/figure>\n

* Disclosure, Adobe is a client of Visionary Marketing<\/i><\/span><\/p>\n

<\/h3>\n

Third Vs First Party<\/strong><\/span><\/h3>\n

Third party data<\/strong><\/span>, also called cookies<\/strong>, is information collected<\/strong> through several different sources<\/strong>. Most typically<\/strong> gathered through various websites<\/strong> as you surf the internet<\/strong>, taking note<\/strong> of what you search<\/strong> and deciphering<\/strong> your interests<\/strong>. This builds<\/strong> a virtual profile<\/strong> of you<\/strong>, and companies will purchase this information from data providers<\/strong>.<\/p>\n

First party data<\/strong><\/span> is information<\/strong> collected directly<\/strong> by the organization<\/strong>. This is collected<\/strong> through surveys<\/strong>, feedback<\/strong>, website behavior<\/strong>, and by several<\/strong> other means within their own website<\/strong> or app<\/strong>. Nguy\u00ean<\/strong> refers to this as \u2018logged environments<\/strong>\u2019. It ensures reliability<\/strong>, accuracy<\/strong>, and is a more transparen<\/strong>t to the consumer<\/strong>.<\/p>\n

With the data breaches<\/strong><\/a> caused<\/span> by cookies<\/strong>, businesses<\/strong> are looking towards its counterpart<\/strong>.\u00a0<\/span><\/p>\n

Camille Mar\u00e9chal:<\/span><\/strong><\/span> “We need to anticipate<\/strong> the upcoming change<\/strong> around the deletion<\/strong> of cookies<\/strong>, and focus<\/strong> on First Party Data<\/strong> to improve customer experience<\/strong> and conversions<\/strong>.<\/em><\/span><\/p>\n

It’s a business objective, not a technological one<\/p><\/blockquote>\n

So instead<\/strong> of companies extracting data<\/strong> from consumers<\/strong> through the veil of hidden cookies<\/strong>, they simply acquire<\/strong> that information themselves<\/strong>. This results<\/strong> in receiving<\/strong> more accurate<\/strong> data with 100% significance<\/strong>.<\/p>\n

More importantly<\/strong>, this gains<\/strong> the consumers trust<\/strong> and consent<\/strong>.<\/p>\n

\"alt\"<\/p>\n

How does this relate to Conversion Rate Optimization (CRO)?<\/strong><\/h3>\n

Customer conversion<\/span><\/strong> sounds<\/strong> quite robotic<\/strong> and a bit frightening<\/strong> if I\u2019m going to be honest! Essentially, this is a business term<\/strong> for getting customers<\/strong> to perform<\/strong> a specific task<\/strong>. It\u2019s quantifiable data<\/strong> that can take the form<\/strong> of more subscriptions<\/strong> for a catalog, an increase in sales<\/strong> on a product, more downloads<\/strong>, or anything the business desires<\/strong>.<\/p>\n

In other words, turning potential customers into customers, subscribers into members, or a lead into a sale.<\/strong><\/p>\n

\"Customer\"<\/p>\n

Having first party data<\/strong> is a key component<\/strong> to CRO<\/strong>. It allows<\/strong> for the company to tailor ads<\/strong> or cater an experience<\/strong> to a user<\/strong> who has shown interest<\/strong> in a specific area<\/strong>.<\/p>\n

\n

Customers won’t convert if you are displaying ads for pencils when they\u2019re in the market for a keyboard<\/p>\n<\/blockquote>\n

The CRO Cycle<\/strong><\/h3>\n

Ombeline Nguy\u00ean:<\/strong><\/span> “There is no specific methodology<\/strong> for the conversion rate optimization cycle<\/strong>. Though there are structures<\/strong> that are typically followed<\/strong>.”<\/p>\n

\n

Conversion rate optimization is developing in a major way<\/p>\n

The process depends on each company and the resources they are able to allocate to it<\/p>\n<\/blockquote>\n

A simple structure<\/strong> is as follows:<\/p>\n

    \n
  1. Have a goal: <\/strong><\/span>There must be clear<\/strong>\u00a0objective<\/strong>\u00a0and should be measurable<\/strong><\/em><\/li>\n
  2. Collect the First Party Data: <\/strong><\/span>Be sure to collect relevant information<\/strong>\u00a0from your demographic<\/strong>. Let me stress the word \u2018relevant<\/strong>\u2019 in that sentence<\/em><\/li>\n
  3. Implement: <\/span><\/strong>Design the experience<\/strong> or direct the ads,\u00a0prioritizing the goal<\/strong><\/em><\/li>\n
  4. Track the Progress: <\/strong><\/span>Look<\/strong> to see if sales, clicks, or subscriptions<\/strong> are being made<\/strong> throughout the CRO marketing efforts<\/strong><\/em><\/li>\n
  5. Adjust: <\/strong><\/span>Use results<\/strong> and feedback<\/strong> from the efforts and adjust accordingly<\/strong><\/em><\/li>\n<\/ol>\n

    \"The<\/p>\n

    To reiterate<\/strong><\/span>, each company is different<\/strong> and what works<\/strong> for one may not work<\/strong> for the next. The important<\/strong> thing is to understand the customers values<\/strong>. That way not only the business<\/strong> can reach their goal<\/strong> faster, but the user<\/strong> can as well.\u00a0<\/span><\/p>\n

    Camille Mar\u00e9chal:<\/strong><\/span> \u201cWe may have less data<\/strong> in this new landscape<\/strong>, but it will be more accurate<\/strong> and allow<\/strong> for a more tailored experience<\/strong>.”<\/p>\n

    \n

    This makes the process much more enjoyable for the user<\/p>\n<\/blockquote>\n

    Nissan\u2019s First Party Data Project<\/strong><\/h3>\n

    In Nissan\u2019s first party data project<\/span><\/strong>, they implemented<\/strong> this sort of technique<\/strong>. The Covid-19 period<\/strong> had put Nissan<\/strong> in a very bad position<\/strong>.\u00a0 <\/span>People weren\u2019t able test-drive<\/strong> the cars<\/strong> and weren\u2019t requesting quotes<\/strong>, which was the way Nissan<\/strong> had generated <\/strong>their leads<\/strong>. As a result, they had to reimagine<\/strong> their business model<\/strong>.<\/p>\n

    The goal<\/span><\/strong> was to generate more leads<\/strong> through their website<\/strong>. They began collecting first party data<\/strong> rather than acquiring cookies<\/strong>. Then redeveloped<\/strong> their website<\/strong> and implemented<\/strong> a new, tailor-made experience<\/strong> for their users.<\/p>\n

    Camille Mar\u00e9chal: <\/strong><\/span>“They evolved<\/strong> and added<\/strong> new things as they went along.”<\/span><\/p>\n

    \n

    Nissan utilized UX-UI tools to research, design, and analyze their progress, and adjusted as needed<\/p>\n<\/blockquote>\n

    This proved to be a huge success.<\/strong><\/p>\n

    Nissan gained an 18% increase in customer conversion<\/strong>\u00a0through their new\u00a0conversion rate optimization<\/strong>\u00a0tactic\u00a0alone<\/strong>. Taking\u00a0full advantage<\/strong>\u00a0of the\u00a0first party data<\/strong>\u00a0they\u2019ve\u00a0collected<\/strong>. Not only did they\u00a0succeed<\/strong>\u00a0in generating\u00a0more sales<\/strong>, but they did it in a transparent<\/strong>,\u00a0trustworthy<\/strong>, and\u00a0efficient<\/strong>\u00a0manner.\u00a0<\/span><\/p>\n

    \"First
    Source – Nissan.co.uk<\/figcaption><\/figure>\n

    First Party Data: First Place Prize<\/strong><\/h3>\n

    \"First<\/p>\n

    In conclusion<\/span><\/strong>, first party data<\/strong> is proving to be more important<\/strong> than\u00a0ever before. Not only through the future extinction<\/strong> of cookies<\/strong>, but as an effective<\/strong> and trustworthy<\/strong> way to create customized experiences<\/strong> for users. Nissan<\/strong> was able to prove<\/strong> this with great results<\/strong>.<\/p>\n

    We are on the cusp<\/strong> of big change<\/strong> in CRO<\/strong> with the use of first party data<\/strong>. Companies<\/strong> are beginning<\/strong> to recognize<\/strong> this. Resulting in\u00a0user experience<\/strong> and trust building<\/strong> becoming a higher priority<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    First party data collection has become more important than ever. With consumer concern\u00a0and the inevitable demise of third party data, companies are turning to first party data. This not only helps companies receive more accurate data, but offers a transparent and secure option for data collection. Subsequently, this is generating great results. This was confirmed …<\/p>\n","protected":false},"author":113,"featured_media":71670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5141,4078,4069],"tags":[],"class_list":["post-71738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adobe-marketing-en","category-crm-cx","category-digital-marketing"],"yoast_head":"\nFirst Party Data : An 18% Increase in Consumer Conversion<\/title>\n<meta name=\"description\" content=\"First party data collection has become more important than ever before. 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