Pharma’s Missed Opportunity: Maximizing the Impact of NBA
The pharmaceutical industry is changing fast.
As the landscape of digital marketing changes, one of the most powerful tools in a marketer's arsenal is first-party data. In this article, we'll dive into the world of first-party data marketing strategy, exploring what it is, why it matters, and how to harness its potential for your business.
So, what is First-party data? First-party data refers to the information that a company collects directly from its customers or website visitors. The ability to understand your customer base lies in your first-party data, as it originates from genuine engagements with your brand across various touch points. This data captures both historical interactions and current real-time engagement, as opposed to the actions of similar individuals that transpired weeks or months ago.
First-party data consists of information that individuals willingly share with you, often in exchange for your product or service. It stands alone as the primary source of insight to acknowledge, connect with, and react to your customers in more meaningful and valuable ways.
First-party data matters because it provides accurate, customer-centric insights that empower businesses to enhance their offerings, build trust, and remain competitive in today’s data-driven market.
So, what is first-party data in marketing? Why is it so important to understand first-party data and the ways to ensure it is utilised for the biggest impact. Here are our top 4 reasons why First-party data is the future of data.
Personalisation is the key to engaging today's digitally savvy consumers. With first-party data, you can tailor your marketing efforts to each individual's behaviours and preferences. Whether it's product recommendations, content, or messaging, first-party data allows you to provide a highly personalised experience that resonates with your audience.
Understanding your customers on a granular level enables you to deliver a better customer experience for that individual and build stronger relationships. This will drive loyalty and retention as well as increasing customer lifetime value by identifying appropriate opportunities for upsell and cross-sell.
First-party data is a relatively untapped but very valuable opportunity for digital advertisers. It allows you to create highly targeted advertising campaigns, reaching the right audience with the right message at the right time. Strategies such as Lookalike campaigns where you can increase reach beyond your current database but utilise your first party data as a seed list enhances the opportunity further. These approaches not only increases the efficiency of your ad spend but also maximises your ROI.
Since the shifts in data privacy regulations like GDPR and CCPA, utilising first-party data is a way to ensure compliance whilst also building trust with your customer base. This data is willingly provided by your customers, so you can use it with confidence.
Now that we've established the importance of first-party data, let's discuss how to create and implement an effective strategy:
Start by ensuring that you are able to accurately recognise and collect data from the various touch points you have with your customers, for example your website, social media pages, and email campaigns. Stitch and integrate this data with your existing product purchase and profile data into a single customer view. This should then be integrated into your insights and channel platform tools for a holistic and actionable view of your customers.
Segment your customer data set in to actionable audiences based on characteristics, behaviours, and preferences. This segmentation will be the foundation for personalised marketing campaigns and can be used to trigger specific activity based on customer behaviour opposed to blanket communication to all. It can be enhanced further through modelling of the data to predict future behaviour and propensities to take certain actions or be of certain value to your business. These models don’t have to be overly complex to provide new insight, and can be extremely powerful.
Once you have the customer data integrated and segmented, you can craft tailored marketing messages, offers, and content for each audience segment. You can run customers through meaningful and relevant journeys opposed to repetitive sales campaigns. To streamline and optimise the process, use the capabilities of a journey orchestration tool which can coordinate the delivery across multiple channels so the customers seamlessly receive your carefully crafted messages with reduced manual effort and risk.
Regularly analyse your first-party data to identify trends, shifts in customer behaviours, and emerging opportunities. The on-going analysis will provide you with a deeper understanding of how your customer base evolves and how your marketing activity affects it. This should also be supported by continuous testing of your marketing activity so you can learn what works most effectively.
Ensure that your data collection and storage practices comply with relevant data privacy laws. Implement robust security measures to protect your customers' sensitive information. Encrypting data and enforcing strict access controls.
First-party data marketing strategy is not just a competitive advantage; it's a necessity. Leveraging the wealth of information provided by your own customers can catapult your marketing efforts to new heights. By personalising content, improving customer retention, and ensuring data compliance, you can create a winning formula for sustained business success in today's data-driven world.
Need help with moving to a first-party data led strategy? Get in touch with our experts today.
The pharmaceutical industry is changing fast.
Social media has unleashed valuable unfiltered patient insights, shaping pharmaceutical marketing strategies.