Now is the time to get ahead of the data famine and start building ways to collect more first-party data to leverage the new solutions introduced into the market. How Can You Leverage First-Party Data? • Create Customized Audiences: Collecting first-party data allows you to reach prospects who visit your digital properties, purchase often, and spend the most on your products and services. • Monetize Audiences: Leveraging first-party data allows you to activate immersive household marketing across various channels such as display, direct mail, CTV, Social, Audio, and Video. • Measure Your Marketing Performance: Marketing to first-party data sets allows you to measure the return on ad spend. Measuring marketing performance is essential to understanding which marketing campaigns are working and which are not. • Future-Proof Your Dealership: Collecting first-party data helps open new revenue streams and protects you from outside forces such as pandemics and changing laws and regulations. No one can take your first-party data away from you. It can't be sold and can't be de-platformed. So, Where Do You Start? If you're starting to feel a little overwhelmed about how to get started with first-party data, here are seven questions you can ask a potential data partner: 1. What is the impact of losing third-party cookies on their technology? Do they have a plan? 2. What kind of data am I getting? Not all data is created equal. Make sure to see examples of the data and know where they are getting it. Stay away from IP addresses and mobile IDs. 3. Is your data legally compliant? Ensure your vendors are CCPA-compliant, have a consumer opt-out plan, and the information is checked, validated, and audited. 4. Is it clean data? Ask vendors you are vetting about their data hygiene program. For example, do they run addresses through the NCOA? Are they checking with the USPS to ensure the household is a valid, occupied residence? 5. How will the data be sent? What's their process for accessing your data? Have your data vendor walk you through the process. Ensure the information is accessible to your marketing team while remaining gated and secure. 6. How much of a heavy lift will it be for my team? Many data platforms require a heavy lift on the end-user’s part. You don't want this process to be too much work for your teams. 7. Can you help me activate the data? Ask your partner what they can do with first-party data to support your dealership's growth. Collecting your first-party data is only one part. Activating your data is crucial. The bottom line is third-party cookies and ad identifiers are going away. Dealers, their agencies, and vendors must respond tactically and strategically. Addressable advertising is the default in the digital world and relies on identifying users to serve the right message at the right time. With the demise of third-party data, utilizing first-party data from consumers is critical for success in acquiring and retaining customers for your dealership. Bill Parlaman is CMO of Stream Companies and can be reached at 610.644.8637 x259 or via email at bill@streamcompanies.com. WITH THE DEMISE OF THIRD-PARTY DATA, UTILIZING FIRSTPARTY DATA FROM CONSUMERS IS CRITICAL FOR SUCCESS IN ACQUIRING AND RETAINING CUSTOMERS FOR YOUR DEALERSHIP. We navigate you forward. Arent Fox’s Automotive Group drives innovative strategies. Our cutting-edge, national practice advises leading dealers and dealer groups as the industry faces unprecedented changes and disruptions. We are here to guide you through this crisis and the next one. Smart In Your World arentfox.com 21 njcar.org
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