May 11, 2022
In Pet Forum
First-party data use cases Use cases Industry Email List often go beyond marketing to support customer strategy, experience, and service functions. We see that marketers differ in maturity when it comes to using first-party data. First-party Industry Email List data use cases. Organizations climbing this maturity ladder from single channel to omnichannel are better able to manage fully personalized customer journeys by: combine multiple online and offline data sources and associate them with a unique enterprise-level customer ID. supplement Industry Email List existing first-party data with third-party data and other data such as advertising costs and sales data. enrich their first-party data with predictions from AI-driven models such as propensity-to-buy scores or engagement scores that predict customer behavior. Then activate this prediction Industry Email List in the channels and analyze the whole. From data to decisions to activation To unlock the full potential of your first-party data, you need the data, analytics, and activation Industry Email List building blocks. Data is collected from multiple sources, cleaned, transformed and combined by adding one unique customer ID. This whole is then accessible to other systems that help you gain insights or Industry Email List make predictions. I explain this with an example: From data to decisions to activation in a schedule. In the image above you see a marketing activation situation of an omnichannel retailer. The objective is to only target Industry Email List audiences with Smart Bidding that have a customer lifetime value (CLV) with a positive profit margin. So the bidding algorithm of an advertising platform should not be steered by turnover Industry Email List or value, but rather by profit margin. By feeding the algorithm of the bidding platform with margin data at product level, which also includes discounts, and by correcting returns, you no longer bid on Industry Email List audiences that are loss-making and on the contrary, bid higher on profitable audiences in, for example, Google Ads and on Instagram. To achieve this you have to combine various sources and then score with an algorithm.