Second-Party 101: Preparing Transparent Data with Ingredients That Work
Your website is an essential part of your consumer’s path to purchase. It’s also an obligatory vehicle for collecting valuable first-party audience data to use in your marketing campaigns. Thing is, your website serves more as your virtual business card than an effective sales channel. Read our recent blog The Case of the Underutilized Website for more on why this really, really matters to your advertising initiatives.
So if your website isn’t selling, and your sales are suffering, are your e-commerce efforts to blame? Here’s the thing – visitors leaving your site without making a purchase is actually quite normal – in fact, ownerIQ found that less than 8% of in-market consumers buy directly from a brand or manufacturer’s e-commerce channel. In other words, it’s not your website that’s costing you.
Let’s take a step back. If 100% of your website’s efforts (including your retargeting budget) is responsible for just under 8% its of sales, that means that your website is missing out on 92% of your in-market shoppers! Not good.
At the same time, according to Forrester, over 80% of shoppers are still purchasing at retail (versus a brand’s e-commerce website). So really, the idea that your website needs to sell is antiquated. Instead, your website must cultivate browsers’ interest and lead potential consumers in the right direction towards a purchase – at retail (where a sale can occur online or in-store).
Using your website, what’s the best recipe for achieving success? Team ownerIQ takes a culinary spin on a guide to Michelin-star worthy data…
Let’s try cooking with only the data ingredients that work, and staying competitive by joining the second-party. For those interested in taking advantage of 92% of their potential buyers, there’s a new recipe that works:
- Your brand’s website – a critical stage in the consideration process
- Set aside your website’s first-party data to simmer for sharing
- Select brands or retailers with a common target audience (be careful to avoid competitors)
- Form partnerships for co-marketing campaigns
- Your chosen partner’s first-party data – dramatically expanding your advertising and marketing outreach possibilities
- A platter/platform for combining, or sharing, your first-party data with the relevant and equally transparent first-party data of your retailers – we recommend using ownerIQ to streamline the process
There you have it. You’ve successfully whipped up some rich and transparent second-party data.
While we hope you enjoyed this delectably fun application to the 2nd party data, please do also keep in mind that we’re serious about the necessity for change in digital advertising. Losing out on a huge percentage of your in-market audience due to an antiquated data strategy results in a tremendous opportunity cost.
Let’s face it – if you’re a brand, buyers are not going to abandon their tried-and-true ways today and start buying solely from your website tomorrow – they’ll continue buying from retailers for the foreseeable future. And this is why the power of the second-party is going mainstream.
Hungry for more? Access our FREE eBook Not All Data Parties Are Created Equal today.