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How to Apply First-Party Data to Enhance Customer Experience

OSG
June 6th, 2022 - 9:00AM

We talked in our last post about how a digital transformation initiative starts with first-party data, an asset that every business has in some capacity. Once you’ve taken the steps outlined in that post to understand where in your organization this data lives, and how to centralize it, you can begin utilizing it to better connect with your customers. This ultimately improve business outcomes. 

Segment your database

Segmented email marketing campaigns deliver a 760% increase in email revenue over regular promotional emails. Your first-party data can help you segment your audience to design customized emails specific to each group. You can also A/B test subject lines, headlines and other email components to gauge which ones produce the best response from each segment.

Acquire new customers

With customer acquisition costs rising due to the increasing inability to track and target consumers in traditional ways, brands will need their first-party data to fill in the gaps.

First-party data, especially when enriched with second- and third-party data, forms the basis of robust customer profiles. You can leverage the knowledge you have around these existing profiles to model your highest-value customers and target lookalike prospects. A first-party data foundation can strengthen both the accuracy of your targeting and the customer experience because you have more reliable information about their interests, behaviors, preferences and demographics. The bonus: lower cost per acquisition from utilizing your customer’s engagement profile.

Craft cross-sell and upsell messaging

Cross-selling can increase sales by 20% and profits by 30%. Start by reviewing first-party customer data to see which opportunities exist, then plan to upsell or cross-sell through your billing/payment portal or on an e-statement.

For example, an automotive financial services company could promote the latest car model on an e-statement, or a lender could offer a better mortgage rate when a customer is paying their bill. You can surface centralized, user-level behavioral data to send these messages across channels, including using drag-and-drop, interactive PDF statements to message paperless adopters.

Make changes in real-time

You can never assume a customer will continue to behave the same way they always have. Customer preferences and behavior change based on a number of factors and being able to apply first-party data in the moment to stay in tune with these shifts is critical. You can use first-party data to orchestrate a seamless experience for the customer with messaging that changes to fit the new dynamic of the conversation.

But being nimble in this way is not easy. You need the right technology partner to help you plan out and execute your strategy. A platform with interconnected communication solutions, that allows each customer’s interaction to flow into the next with all the details, data and preferences preserved, is how you can apply first-party data to make real-time adjustments.

Use existing first-party data to get more data

Here’s the thing about first-party customer data: the more quality information you have, the more quality information you can get. Because quality first-party data helps you better personalize communications, customers will be more likely to share more of their information so they can continue having a relevant dialogue with you. You can collect demographic information through opt-in forms and surveys and behavioral data through email marketing metrics and social media insights, to name a few methods.  

There’s a bigger-picture goal here in helping to build a stronger value exchange between you and your customer, which is how marketing communications gradually improve over time to spark more conversions. The new OSG EverView platform can help you use data so you can meet your customers wherever they are, let them pay however they want and create long-term loyalty. 

Learn more here.

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