‘First-party data is gold, but it needs to be mined’ – Experian Marketing Forward
Bridget Bidlack says, “Every organization has first-party data — and first-party data is every organization’s golden goose. But not all organizations understand how to capitalize on its potential. Part of the challenge: With data growing at such an exponential rate, many marketers struggle to sift through the attributes that can inform their next customer interaction. While the abundance of available data can have tremendous value, it can be rendered useless without the know-how to activate it properly.
I recently participated in a panel at the AdExchanger Programmatic I/O Conference, where we discussed the nuances of first-party data, as well as how we’ve seen it evolve over the years. One of the many discussion points we came to a consensus on: All marketers need to develop a true data-driven marketing approach.
Take stock of all available data
Too many marketers lack sufficient knowledge about all the data housed by their organizations. With the sheer volume of data available, marketers need to determine which data points are most useful to their campaigns. Unfortunately, many organizations have decentralized first-party data sets — causing marketers to ask, “Who owns the data?””.
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