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February 11, 2020

How Third-Party Data Creates More Meaningful CX

GUEST: Aimee Irwin, VP of Strategy for Targeting at Experian B2B_Revenue_Executive_Experience_Aimee_Irwin_Title

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Developing a more meaningful experience for your customers takes more than just first-party data.

Imagine if you could uncover more pieces of the puzzle to create a holistic CX.

In this episode of the B2B Revenue Executive Experience, I speak with Aimee Irwin, VP of Strategy for Targeting at Experian. Experian provides businesses with essential data and analytics to meet the consumer’s demands for an all-encompassing experience.

Today, we’re exploring:

  • The value third-party data offers the customer experience
  • 3 tips for finding success by combining first and third-party data
  • How interacting with your own messaging can help you enhance the CX

Let’s jump in!

The value of third-party data

The digital footprint you extract from your company’s primary data only tells part of the customer’s story. There are other touchpoints you may have not even considered that help you get a 360-degree view of your customer.

Aimee points out that helping Experian’s clients generate a more holistic view of their customers always depends on the vertical. Take, for example, a retailer.

Third-party data & retailers

Retailers tend to have excessive amounts of first-party data. You’d wonder what retail businesses could gain from working with a provider like Experian.

The thing is, it can be really overwhelming dealing with all of that available first-party data. Customers are making smaller, more frequent purchases, resulting in a complex digital footprint that probably doesn’t make much sense at first glance.

Each digital footprint is only one piece of the puzzle. To really get the full picture requires a tremendous amount of data and intelligence.”

AIMEE IRWIN from Experian
 

That’s where Experian is helpful. Their team sorts through the first-party data and matches it with their own analytics to develop a cohesive story.

In essence, Experian makes the data sets more digestible for retailers.

Third-party data & car dealerships

Now, think about the first-party data an auto dealer collects. There are far fewer touchpoints between a car dealership and its customers than a retailer and its customers. Fewer touchpoints mean less first-party data.

To generate a holistic view of their ideal customers, car dealers need third-party data to supplement their customer knowledge. Third-party data that would help car dealers create a more meaningful CX include:

  • If the customer has demonstrated loyalty to a make or model
  • The type of vehicles the customer has purchased in the past
  • The region in which the customer lives
  • If the customer’s family has recently grown
  • If the customer has recently moved

All these bits of information, when pieced together, create a better understanding of the ideal customer. This, in turn, builds a better buying experience for the customer.

3 steps to success with first & third-party data

There are three major components to finding success with first and third-party data. Leaving one step out will derail the entire process.

  1. Harness all of your first-party data across all channels. It can be surprising finding out how much useful data you actually have on customers. Using an intelligent CRM is probably the best way to document that data in a helpful way.

    Be sure to collect all data sets from every touchpoint your team has with customers. You never know how valuable a seemingly small piece of information might be once combined with third-party data.

  2. Combine your first-party data with third-party data. (Didn’t see this one coming, did you?) By connecting first and third-party data, you’re fleshing out the story about your customer.

    You now have much clearer insights into your ideal customer’s needs and frustrations. You’re more capable of relating to them and finding the best solution for them.

  3. The customer is your priority. After gaining a more complete view of your ideal customer, keep in mind this is about their experience.

    Of course, you want to sell more of your offerings; but once you put your customer at the top of your list, it becomes about finding the solution that works best for them. If the customer sees that your #1 concern is resolving their problem, it’s likely they’ll want to continue working with you (aka, purchasing from you).

Collecting all of your first-party data, connecting it with relevant third-party data, and keeping the customer as your priority will surely pay off in dividends.

Remember: The whole point of combining first and third-party data is to make a more meaningful experience for the customer.

Try interacting with your own messaging

If you’re truly concerned with developing a better CX, Aimee suggests using your products and services as if you were your own customer.

Use your products and services as your customers do.”

AIMEE IRWIN from Experian

 

  • Is the messaging effective?
  • Can you relate to the scenarios?
  • Does it make you want to learn or purchase more?
  • Does it make your life easier?
  • Is it respectful of your time?

Sometimes, simply interacting with your own offerings can give you a relatively good idea of how a customer’s experience plays out.

In addition to third-party data, using your product can provide exceptional insight into what your customer is going through. That way, you can be constantly tweaking and improving the features of your product or marketing material to make the customer’s life easier.


Enhance your CX

In the end, it’s about offering a frictionless experience to your ideal customers.

I’ll leave you with this analogy:

Your customer is a kid at the top of a snowy hill, ready to take the plunge on her sled. It would be too bad if there were bumps along the way, keeping her from sledding smoothly (and quickly) to the bottom, right?

Luckily, you’re able to smooth out the bumps with the help of first and third-party data. Why would you take the time to do this?

Because your customer is your priority and their experience should be fluid.

This blog post includes highlights of our podcast interview with Aimee Irwin, VP of Strategy for Targeting at Experian.

To hear this episode, and many more like it, subscribe to the B2B Revenue Executive Experience.

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