Observed Signal · May 30, 2024 · Industry Analysis · Source: CMSWire · Impact: 2/5 · Sentiment: Positive
First-Party Data: Key Benefits and Challenges for Marketers
First-party data, collected directly from customers through website, app, CRM, email, purchase, and survey interactions, is becoming central to marketing as third-party cookies decline. The article, updated May 30, 2024, cites an Adobe survey finding that 75% of marketers still rely heavily on third-party cookies, while 9 out of 10 marketers say first-party data is increasingly important. Benefits include more relevant messaging, precise segmentation and ad targeting, efficient budget allocation, and stronger customer loyalty. Examples include Amazon's segment-based ad targeting, Spotify's personalized playlists, and Starbucks' rewards program. Challenges include integrating siloed data across systems, the need for a company-wide strategy and CDP implementation, and balancing personalization with GDPR and CCPA compliance. Research cited shows brands achieve a 2.9X revenue lift and 1.5X cost savings, and 70% of consumers expect personalized ads.
Educational feature on first-party data strategy; relevant to the marketing and advertising industry but not tied to a specific industry-shifting event or announcement.
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Key Takeaways & Evidence Grounding
- 75% of marketers worldwide still rely heavily on third-party cookies, according to an Adobe survey.
- 9 out of 10 marketers say first-party data is more important than ever.
- Brands using first-party data report a 2.9X revenue lift and a 1.5X increase in cost savings, according to a Think With Google and Boston Consulting Group study.
- 70% of consumers expect brands to personalize ads and product recommendations, per McKinsey research.
- 81% of consumers feel they have little to no control over the data companies collect about them, per Pew Research Center.
Connected Companies & Entities
8 Entities mapped“according to one Adobe survey, 75% of marketers worldwide still rely heavily on third-party cookies to reach target audiences....”
“After analyzing customer purchase history and product searches and views, Amazon segments users into different groups based on their prefere...”
“Spotify uses first-party data gathered from users’ listening habits to recommend music and create personalized playlists....”
“Starbucks takes advantage of first-party data for its 'My Starbucks Rewards' loyalty program....”
“Brands using first-party data for marketing have achieved a 2.9X revenue lift and a 1.5X increase in cost savings, according to a Think With...”
“Brands using first-party data for marketing have achieved a 2.9X revenue lift and a 1.5X increase in cost savings, according to a Think With...”
“According to McKinsey research, consumers very much prefer this approach....”
“said David Chan, managing director at Deloitte Digital....”
Ontology Mapping & Concepts
Related Market Signals & Shifts
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