Where’s the Real Potential In First-Party Data? Views from Coty, General Mills and More
While few would dispute the value of first-party data, how it's collected and leveraged can vary for each organization.
Craig Price, head of sales centre of excellence at alcohol beverage manufacturer Distell, sees the most potential in layering the data and its ability to demonstrate value to your retailer partners.
“I think a stitched-up view is where the most potential is right now. There's a lot of data floating around there, but if you can overlay first-party data with a whole lot of the other data that exists out there, particularly around where people shop, where people live, and their first-party data. Once you've got that combined view, you really are able to engage with your consumers and your customers, your resellers, in a much more meaningful way.
“Because that combined view doesn't really exist right now. And particularly your customers, in a B2B2C environment, they don't have the resources or time to invest behind single brands. So if you as a brand can go to them and [say], ‘Here's the insight that we have at a regional, sub-regional channel level, and this is how you can engage with your consumers, who are our consumers, for better value.’ That's the golden key that unlocks everything.”
For Kavita Thekkakara, BI director at Coty, it’s all about consumer loyalty and being able to fill in those gaps:
“There's a lot of really valuable data that we purchase from second-party and third-party vendors. But first party is really important to us, because these are our people. These are our loyal consumers. And so we want to make sure that we're able to fill in the gaps in terms of what we actually already purchase and consume, but really have a holistic view of how they're using our brands and using all of our products.”
Watch to learn insights from Price and Thekkakara, as well as:
- Mohamed Al Lawati, Director, Digital and E-commerce, Bimbo Canada
- Cheriti Swigart, Director, Digital and Technology Solutions, General Mills