If data is the new oil, then first-party data would be jet fuel! – Conversational Commerce Strategy

If data is the new oil, then first-party data would be jet fuel! – Conversational Commerce Strategy

Remember meeting someone for the first time? Asking their name, what do they do, what do they like, why are they here? Actually, getting to know them? Don’t your interactions with them significantly improve once you know a little bit about them?

Well, that’s what Jumper does for you! Our bots interact with people who initiate conversations with your brand and gather first-party data while providing them with the support they need. The information we help you collect is well beyond your primary name, email id, and number. Through a series of questions asked conversationally, you can have a holistic view of your customer by knowing their interests, preferences, pain points, past purchases, and more. All of it is saved in your CRM, available to you through Jumper’s dashboard. 

To understand the importance of first-party data, we need to know the difference between second-party or third-party data.

First-party data is defined as data that your company has collected directly from your audience. “First-party” refers to the party that collected the data firsthand to use for retargeting ads and various customer experiences.

Now coming to second-party data, simply put, it is the first-party data from a trusted partner. The keyword here is “trusted” because you as a marketer need to have faith in the data points you’re being sold. Second-party data may not be entirely accurate, and it may not always have all the data points you would need. In most cases, it would be giving you a small part of the data you need to have a 360-degree view of your customer. It is up to the marketer to engage the audience and gather the remaining data points while making the sale.

If you don’t have access to either of the two mentioned above, you should move on to third-party data. It is the data collected by a business or other entity that doesn’t have any direct link to the visitor or customer. Third party data is often collected, aggregated, and sold to companies to help them build effective advertising and retargeting strategies. Marketers have relied on this for too long while forgetting that this easily could or rather IS being sold to your competitors. That makes you lose your edge. That being said, third-party cookies will soon be a thing of the past because Chrome decided to stop supporting third-party cookies. The California Privacy Rights Act (CPRA) was passed, joining the existing General Data Protection Regulation (GDPR) in the European Union. As a result, consumer targeting methods are evolving.

Now what will you do about it?

The best time to start collecting first party data was when your brand was created, the next best time is now!

There’s a whole lot of difference between creating ads or experiences for “Men, age 24-30, living in India, interested in football” to actually having data of “Malhar, 27, living in Mumbai, whose favorite team is FC Barcelona, whose favorite player is Ronaldinho and has bought 3 products from you last month”. Once you have such rich information directly from the horse’s mouth there’s a whole host of things you can do better! The contextual content you can generate based on the data you’re now equipped with will lead to better targeting, improved email open rates, more engagement, improved measurement and most importantly better ROI.

The beauty of Jumper lies in the fact that brands can immediately act on the first-party data they are gathering while conversing with the customer. Through automated workflows and Artificial intelligence, Jumper.ai can create contextual communications on the fly. You don’t need to wait for the next time to use the data you’ve gathered. Also, for future purposes, one can export customer data from Jumper CRM and upload it to Facebook’s ads manager and reengage the same customer profiles or use the lookalike audience feature to reach customers having similar attributes to your current ones. Jumper successfully enabled Ben and Jerry to collect the said first-party data through the 2 way communication provided in their conversational marketing campaign for sampling new flavors. We saw a complete 100% sample redemption, a 220% increase in customer traction when compared to existing campaigns, and a whopping 68% conversion rate.

Get in touch with us to explore how you can unlock the power of first party data with Jumper!

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