With the slow but sure death of third party cookies, first party data becomes critical to a marketer who wants to create engaging and relevant customer experiences for his audience.
First party data is the most reliable data in the hands of a marketer. Using it, marketers can get insights into their audiences and create highly personalized experiences for them. Apart from this, marketers can spot patterns and logical sequences in this data and based on which can improve their retargeting strategies and even predict future trends.
Take a look at Gumtree’s story. Gumtree is an online classifieds and community site that gives users the space to find and advertise various things. Gumtree’s executives wanted to make data work harder in their ad deals and they looked for a better technology that was better at matching advertisers to audiences who were visiting the online classifieds site. And so they switched technology partners, and got a new strategy in place to achieve that goal.
The magic started to happen.
The click through rate of the direct ad campaigns that ran during the first three months of the year was about 36% higher than the rates for the whole of 2022! If you compared the average cost per thousand impressions of this direct inventory of this time period, to the same period a year ago, this year showed a 14% increase! Gumtree makes a killing in the open programmatic marketplace.
After crunching the data that they had, they were able to add at least 400 different audience segments to their tally, and way more audience types.
This has attracted more advertisers who have wanted to buy and also pay more for them!