Relying on first-party historical data can cause businesses to lose critical parts of the customer profile.
First-party data is crucial for marketers to understand their target audience and create innovative personalised strategies to increase ROI. While first-party data is known for its relevance and quality but, fails to provide depth and scale of customer understanding that is necessary for marketers to improve sales.
Additionally, first-party historical data cannot reveal how consumers’ lives have changed due to the pandemic. To understand the new customer needs and pain points completely, businesses need to combine their data assets with second and third-party data.
Advertisers and publishers should further collaborate with partners and organisations like IAB and the Partnership for Responsible Addressable Media. Leveraging identify solutions and contextual audience targeting can help marketers better engage with customers without raising privacy concerns.
[7 minute read]