The Business Challenge
First-party data enablement is a great fit for brands that believe in the power of data and want to remain on the forefront of their industry, or aspire be the next leader in their vertical.
One key to solving such an ambitious goal is to establish organizational alignment around questions such as “what is first-party data” or “how should we use our own first-party data to grow enterprise value, revenue, and RoAS.”
The stakeholders in IT or Finance, for example, might view the role of first-party data in driving revenue or RoAS very differently from stakeholders in Marketing, Advertising, Analytics, or Data Science.
Aligning stakeholders on the areas listed below will help to democratize the power of your first-party data:
- What is the current state and role of first-party advertising, website and app, transactional, channel, or customer data?
- Should your brand focus on retention and increasing LTV, or acquire more net-new customers to the file?
- What is the role of top-funnel awareness, or bottom-funnel performance, and how to measure both?
- Is the right AdTech stack in the right place to capture and store first-party data?
- What are the gaps in in-house talent that might be holding back progress?
The Benefits of Solving It
When your internal teams align on what is urgent and important in the context of your own first-party data, your brand will capture the following benefits:
- Prioritized list of data and advertising activities for the next 3 months (quick wins) and 12 months (long-term goals)
- List of achievable, measurable targets to quantify the value of your initiatives to present to executive leadership
- Clear roadmap of next steps that can be easily integrated into your marketing and media planning. DELVE can support various project management methodologies while building this list.
- Alignment and buy-in from all key stakeholders to focus on which first-party data activities should be prioritized to move the needle on advertising ROI or overall revenue growth
Our Approach to First-Party Data Enablement
- Prior to the workshop, DELVE will distribute a set of questions to you, your internal team, and other stakeholders to tease out the main issues around first-party data collection and activation.
- During the sessions, a DELVE consultant will leverage the gathered feedback to facilitate a discussion between your teams, serving as a moderator and liaison. For example, DELVE will provide a prioritized list of first-party data initiatives (such as a customer data platform or data lake) that your internal team will select from.
- Next, DELVE will facilitate the second round of discussions to create a prioritized roadmap, and assign internal and external resources accordingly.
- Finally, DELVE will partner with your team (and your internal stakeholders if appropriate) to help orchestrate the people, process, and technology needed to ensure delivery of the agreed-upon plan.
- Clarity about what first-party data you already have, can have, and should have to achieve the desired results
- A “mindmap” of people, processes, and tech platforms necessary to enable the identified first-party use cases
- A clear list of next steps that all stakeholders collaborated on, which can be translated into an annual marketing plan or quarterly “sprint”
- Prioritization of initiatives that have quick direct impact on personalization, advertising RoAS, or overall enterprise revenue and value
Take Control of Your Future
Are you ready to build a data-driven culture where your people, process, and technology become a competitive advantage?contact us