Ask the Expert: Monetizing first-party data

In today's data-driven landscape, understanding and utilizing first-party data is essential for effective consumer engagement and understanding consumer identity.

In this segment of our Ask the Expert series, we ask leaders in the industry about the benefits of first-party data and how to get the most out of their first-party data.

First-party data includes insights you collect directly from your audience through the interactions and transactions they make with your brand. Examples include website behavioral data, CRM records, customer surveys, and loyalty programs. Because it comes straight from your customers, first-party data is generally considered to be a more accurate and reliable source of consumer insights.

In the era of increasing privacy concerns and third-party data limitations, first-party data offers brands a reliable and ethical way to understand their audience. By utilizing this data, businesses can create. targeted campaigns that drive engagement and conversations. 

As we navigate a cookieless future, alternative solutions, such as first-party data, can replace the role third-party cookies have in collecting consumer insights for better marketing. However, your first-party data may be limited because it represents only a portion of consumers in your database.

Working with a data provider can help you enrich your customer data to build more comprehensive consumer profiles for better targeting and measurement. However, not all data is created equal and hard quality data can be hard to find.

Experian is the #1 data provider in terms of having the largest volume of high-accuracy hashed emails with demographic data and #1 in accuracy for 15 marketing data attributes, verified by Truthset. Experian can help you enrich your first-party data to help you better understand your consumers for improved marketing strategies.

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