Attention Publishers: Marketers Are Continuing to Place Higher Value on First-Party Data
In an article published last week by Publishing Executive, the point was made that there is a shift in how marketers are buying advertising and how they are working with customer data. There is an opportunity for publishers to capitalize on this shift, and they should do so as soon as possible.
We all have known that there is a lot of value in first-party data:
- It’s cheaper than purchasing third-party data.
- Personalization is able to be maximized, leading to better targeting towards your consumers.
- There is more of an opportunity to generate a 360-degree customer view from this data…
…and the list goes on. All of these qualities are significant, but one that has recently been gaining more importance is the customer consent component of first-party data.
Due-to recent events that have occurred in the last year and a half or so, think the Cambridge Analytica scandal, data privacy is a top trending term in the realm of data. Data security has always been important, but now it is top of mind for both consumers and legislators. Brands are aware that there is a great risk of using customer data that doesn’t have direct consent by the consumers. This is where publishers can launch themselves into the marketers’ forefront. Publishers have a plethora of first-party data that was gathered through honest relationships with their consumers. Brands are looking for more reliable, trustworthy providers for consumer data, and publishers have the means to provide it for them.
The opportunity for publishers is there, but they must be fully prepared to sell and leverage brand client relationships with their first-party data. Primarily, publishers need to ensure their first-party data is as rich and robust as possible. This includes organization of the data from all outlets and connecting consumer behaviors on desktop, mobile, social accounts, etc. to truly create as full of a customer view as possible. Once the data is developed, the final crucial piece for publishers is restructuring their organization. There needs to be a segment committed to selling to potential brands and fostering the client relationships that are formed. This will most likely call for having digital marketing experts in house that can help to align the needs of marketers to utilize the first-party data on hand.
Publishers are much further along than brands in terms of access to and management of high-quality data, but brands are trying to solve this issue as soon as possible. Now is the time for publishers to position themselves as the brands’ providers and experts on first-party data. As 2019 is approaching, this is the perfect time for publishers to maximize on this opportunity and establish long-term relationships while they have this unique advantage.
Here at Omeda, we are dedicated to helping our clients succeed. Please reach out to firstname.lastname@example.org for any help navigating our tools to maximize your first-party data potential.
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