So, You’ve Got the 1st Party Data – Now What?

Amandeep Singh looks at how to best capitalize on first-party data.

Image by Christina Morillo.

The rise of digital businesses and D2C started a mad rush of collecting data on consumers in the marketing world a few years ago. There have been a lot of success cases of how they have been leveraging it to build business models. The media groups also talk about the demise of the cooking, making the whole retargeting extremely tough.

So everyone jumped on the bandwagon to collect all the data they could.

Fast forward to 2024!


 

While the companies operating on a model where they have direct access to customers like e-commerce, D2C, and owned retail stores are fine because they were already using this data in some ways, the bigger question has been revolving around the whole consumer packaged goods segment.

How do we monetize this data now?

Well, it has been a tough nut to crack but we will outline the ways to do it in today’s edition.

Media Effectiveness

The most sought-after use case has been using the data to have better enrichment, which enables to you make your media targeting more effective.


 

D2C and Subscription

The FPD allows CPG companies to invest with more confidence in building new routes to markets. This of course has its challenges but there are spaces like premium portfolios where it has shown promise

New Products & Services

A strategic and more long-term bet is leveraging the data to create better or newer products that resonate much better with the market. You can identify white spaces, the willingness of features where customers are willing to pay a premium or venture into a service that is extending a business model itself for product-based companies

Co-Marketing

The data also allows CPG companies to look for better synergies with partners to create opportunities to market together. This needs a sharply defined “value exchange” for both parties.

Enhance Loyalty Program

Although the whole notion of loyalty has been challenged by marketing science in this category data allows you to build sharper and better customer experience for loyalty and rewards programs.

Platforms driven by content

A platform play is a good way to move towards monetization which has been done by a few brands already. Not only does it give much more insights into customers, but it also has the potential to be leveraged as an ad inventory solution to other advertisers.

Picture of Amandeep Singh

Amandeep Singh

Amandeep is SVP - Client Solutions & Integration at VML in Mumbai.

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