{"id":1606,"date":"2022-12-09T19:51:00","date_gmt":"2023-06-06T19:51:06","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=1606"},"modified":"2023-12-21T08:44:06","modified_gmt":"2023-12-21T08:44:06","slug":"first-party-data-economic-uncertainty","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/ap\/blog\/first-party-data-economic-uncertainty\/","title":{"rendered":"Your First-Party Data Strategy Matters \u2014 Especially During Tough Times"},"content":{"rendered":"\n

As budgets tighten, marketing departments may shift their focus toward efficiency. Here\u2019s how a smart customer data-led strategy can hit both targets.<\/p>\n\n\n\n

When businesses see signs of economic uncertainty, the natural reaction is to cut costs and try to do more with less. However, there\u2019s one area where your marketing team shouldn\u2019t look to trim: harnessing the first-party data you collect directly from customers.<\/p>\n\n\n\n

This information gained through call center interactions, mobile app behaviour, and loyalty programs, among others, can be very helpful during lean times.<\/p>\n\n\n\n

Let\u2019s take a look at three areas where these data assets offer a boost:<\/p>\n\n\n\n

1. You can reduce cost per acquisition (CPA) economic uncertainty <\/span> <\/h2>\n\n\n\n

With an unpredictable economic future, limiting the CPA for new customers only becomes more important. Focusing on marketing campaigns fuelled by that first-party data<\/a> can reduce your CPA \u2014 improving cost efficiency and growth.<\/p>\n\n\n\n

CPA is calculated by dividing the cost of your marketing campaign by the number of customers (or conversion events) that you can attribute to that spending. But for many organisations, optimising this formula has felt like a never-ending quest. <\/p>\n\n\n\n

So what does first-party data have to do with reducing a company\u2019s overall CPA? A lot. When you have a better understanding of your current customers \u2014 with data, you\u2019ll know how to speak to future ones. This first-party data comes directly from your customers, going right into channels you own. <\/p>\n\n\n\n

Tapping into this data means understanding which channels, campaigns, and offers work for your customer base as a whole and across key segments. <\/p>\n\n\n\n

And in the (almost) post-cookie age of limited online tracking, these insights are even more valuable. Anyone who has unlocked the power of lookalike audiences within advertising platforms can attest to the value of first-party data. <\/p>\n\n\n\n

The improved performance on your advertising campaigns can be dramatic. But even a small increase in the number of customers acquired per dollar spent is a powerful way to drive efficiency during economic uncertainty.<\/p>\n\n\n\n

2. You can increase customer lifetime value <\/span> <\/h2>\n\n\n\n

Many times the quickest path to greater overall growth and efficiency is deepening the relationship with your current customers. Facing slowing economic growth, CFOs and investors focus on maintaining current levels of profit or operating margin. This means keeping costs in line with slower revenue growth.<\/p>\n\n\n\n

But an effective way to maintain cost discipline without sacrificing growth is enticing your current customers to spend more.<\/p>\n\n\n\n

The additional revenue generated from increasing the lifetime value <\/a>and average order value of your current customers costs less than acquiring new customers. That\u2019s because you\u2019ve already paid to acquire these customers. <\/p>\n\n\n\n

Look for ways to offer greater value to your current customers<\/a>, such as targeted messages and interactive email forms to provide real-time feedback. Engaging customers you already have a relationship with \u2014 and using personalisation to give them exactly what they want \u2014 is the ultimate efficiency. And you\u2019ll likely get more business from them in the short and long term.<\/p>\n\n\n\n

3. You have an always-on focus group <\/span> <\/h2>\n\n\n\n

There\u2019s one more important benefit of focusing on first-party customer data assets: the ability to test and learn from your customers efficiently. <\/p>\n\n\n\n

The marketing examples around things like message testing and discount offers might be obvious, but there\u2019s also a giant opportunity for the entire organisation to learn and improve. <\/p>\n\n\n\n

For example, imagine allowing your product team to A\/B test versions of a new concept with your customers before a launch. They could gain valuable feedback on things like pricing, packaging, and design. And this can also give your marketing team a better view into how campaigns might perform. <\/p>\n\n\n\n

Just because you\u2019re facing economic uncertainty doesn\u2019t mean you have to sacrifice growth for efficiency. If your organisation pushes for cuts because the economy starts to slow, know that investments in customer data capabilities are not at odds with discipline and efficiency. They are indeed a big part of it.<\/p>\n\n\n\n

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Marketers are making every moment go further<\/h2>\n\t\t\t\t\t\t\t

Insights and trends from 6,000 marketers and over 2 trillion outbound marketing communications.<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

\n\t\t\t\t\tHere's how<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t
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This post originally appeared on the U.S.-version of the Salesforce blog.<\/a><\/i>   <\/p>\n\n\n\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

As budgets tighten, marketing departments may shift their focus toward efficiency. 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