The Value of Organizing First Party Data in a CRM
Looking toward a cookie-less world, the value of First Party Data has become more and more apparent. We talk about the value a lot about First Party Data a lot but don’t often talk about the logistics of actually having it. What is the best way to store and organize First Party Data? How can you collect it?
What is first party data?
One of the reasons First Party Data is so valuable in the era of increased digital data privacy, is that first party data is data that a consumer has given freely. It’s going to be the most accurate. With First Party Data you can clearly see who your audience really is and how they prefer to interact with you.
Why is it important to organize your First Party Data?
Because First Party Data is collected directly from consumers, it usually reflects the best examples of characteristics your audience shows. When looking at your First Party Data as a whole, it easy to see who your audience truly is.
In order to best see the characteristics of your first party data, your data needs to be organized. Without organized First Party Data, the data provides little value. In order to benefit from First Party Data, it needs to be easily accessed and organized in a way to see commonalities and demographics.
Most businesses use some type CRM to organize their data.
What is a CRM?
A CRM is the modern version of a Rolodex. Unlike a Rolodex, most CRMs (Customer Relationship Management) software categorize more than just contact information. CRMs can organize and keep track of every interaction a consumer has with a company.
How can you use a CRM?
Since First Party Data is more than just names, emails, general demographics, a CRM can be used to consolidate platforms and softwares to create a more complete picture of a contact. For example, our CRM integrates Facebook and Instagram data. With this data connected to our contact data, we can see information about the people who interact with us on Facebook, Instagram, Twitter, our email campaigns, as well as phone calls all at once. Being able to see an overview of all our communication with contacts, helps us make decisions about the things such as what channels to prioritize.
Additional Benefits to Using a CRM
- Better customer service
Having all the information about contacts in one spot makes it easier to streamline communication with them. If every conversation and communication is kept in one place, it avoids duplicate conversations and miscommunications.
2. Streamlined Sales Process
With all contact data and information in one spot, it can simplify and streamline the sales process. A CRM can implement a step by step process across channels that can guarantees potentials are nurtured effectively.
It can also make sure that contacts are nurtured well even after they make purchases.
3. Increased Productivity and Efficiency
Along with centralizing data and information, a CRM can sort through tasks and handle menial jobs. Which makes sure that important tasks are handled in a timely fashion, by the best person to handle the task. The CRM can also automate things like marketing emails or drip campaigns, to free up time for tasks that can’t be automated.
How can you collect First Party Data?
Where can you find data to fill out your CRM? There are many ways you can collect data about your prospects or potentials. Here are a few ways:
1. Forms and surveys
2. Use a variety of social media platforms and marketing channels
3. Spend time developing your brand and the top of the funnel
People are a lot more likely to give their information to a brand they know and trust. Focusing on branding and developing content starts the cycle of collecting First Party Data.
What success have you found utilizing a CRM?