Retail Realities: Creating deeper customer connections through first party data

With consumers feeling the pinch of mounting economic uncertainty, the need for retailers to have a robust digital strategy that delivers reliable growth is vital. 

The first webinar in our ‘Retail Realities’ series brought together industry leaders to share their insights on how businesses can create deeper customer connections through first party data, particularly as we enter a cookie-less world. 

Our expert panel included: 

• Nick Henthorn, SVP Sales, UK & Europe at InfoSum 
• Paul Floyer, Digital Commercial Director at Nectar360 
• Ross Partington, Deputy Digital Controller at ITV 
• Maria Thorpe, Head of Data Science at 26 

The discussion, facilitated our very own Commercial Director Alex Blaikley, provided valuable insights for businesses seeking to collect and activate their first-party data. 

1. The death of third-party cookies will transform the way we interact with consumers 

By autumn, third-party cookies will be no more. While this will improve consumer privacy standard, it simultaneously limits their relationship with brands. In response, marketers need to step up to the plate with the way they use first-party data. Customers expect a bespoke experience that reflects their interactions, and they want these interactions to come directly to them. 

2. There has to be a clear value exchange 

Customer satisfaction is key to success, and you can’t meet their needs if you don’t understand them.  For potential customers to hand over their data to your business, they need to see a clear benefit. There needs to be a clear value exchange where the data the customer provides your organisation is used effectively to benefit them, such as more personalised experiences or discounted prices.  

3. A good customer-data relationship relies on transparency, trust and control 

A good customer-data relationship relies on transparency, trust and control. Customers need to clearly understand what you intend to do with their data, trust your business to do the right thing with their data and have full control to opt out of giving your organisation their data. Without any of these key tenets, your customer-data relationship will fail to reach its potential. 

4. The way businesses approach data needs to change 

There’s been a paradigm shift when it comes to data. It’s no longer just the responsibility of the paid, social or the data team. For businesses to maximise the potential of their data, they need to have a robust digital strategy that incorporates and encourages collaboration from people across the organisation. 

5. A data clean room is more like a data collaboration room 

A data clean room allows for a secure environment where organisations can collect data from multiple sources and combine it with their first-party data. This process is where first-party data really comes into its own. By combining your data, no matter how little, with other information from data identity providers, tech integration partners and media and advertising agencies, you can start to gain key insights into your target demographics such as their preferences and where to target them. 

The switch to first-party data in a cookie-less world is not without its challenges, but by exhibiting a clear value exchange with your customer that establishes a relationship built on trust and transparency, you can create deeper connections with your customer. 

You can watch the on-demand webinar here, or if you're looking for immediate support in defining and activating your first-party data strategy, get in touch with our team.