Category: Strategies

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The difference between first, second, third-party data and how to use them

The difference between first, second & third-party data and how to use them

Our society today is generating an enormous amount of data on a daily basis.

The source of this data generation includes the internet, social media, services, communication channels and so on.

Proper data analysis using the right systems can be used to improve a variety of processes involved in healthcare, energy production & distribution, finance, communication, marketing, etc

Data is an extremely valuable resource that can be fed into advanced systems and used to address a lot of societal issues.

In digital marketing, customer data can provide high quality and in-depth information about changing consumer behavior, needs and interests.

These distinct pieces of information can then be used by marketers to develop and implement an effective and efficient marketing strategy.

The primary aim of data-driven digital marketing is to utilize consumer insights to develop personalized content that will prompt conversions and sales.

In this article, we are going through the difference between first, second and third-party data and how to use them.

First-Party Data.

First-party data refers to information your brand obtains on your audience and customers.

First-party data plays a major role in site and customer relationship management (CRM) retargeting efforts because it provides you with insights about your existing customers.

This makes the information obtained reliable for making forecasts on future user behaviors and patterns.

With first-party data, you can target your customers by capitalizing on previous actions they have taken on your brand’s website.

First-party data include information collected from users’ behavior on your website or mobile application, surveys, customer relationship management (CRM) platform, customer feedback, point of purchase, etc.

How To Use First-Party Data.

The high quality, accuracy, and in-depth nature of first-party data increases its value and relevance in enriching your digital marketing efforts.

First-party data is also associated with minimal privacy risk as you are required to seek the consent of your customers before collection.

During the process, you are expected to comply with all the rules and regulations surrounding consumer data protection and privacy.

As the marketer who collects and manages this data, you have direct control and outright ownership over it.

Here are three ways you as a marketer can use first-party data:

1. Personalize customer experience:

The data you collect can give in-depth knowledge of your visitor’s needs and interests. You can then use these insights to create personalized content and advertisements. Meeting the needs and satisfying the interest of your audience is one way to stimulate repeat purchases.

2. Predict trends:

First-party data can provide you with valuable insights into your customer’s behavior. With this information, you can predict how they will respond to your marketing strategy or product offerings.

3. Improve Audience segmentation:

You can use the rich insight first-party data generates about your audience to organize them into different groups with similar behavioral patterns, preferences, and interests. This increases your chances of success with personalized user experience.

Second Party Data.

Second-party data is information that a company collects from its audience and trades with another company in a mutual agreement.

This data is from a different audience other than your own with whom you do not have any connection with.

Second-party data is basically a second-hand data because it is the first-party data of another company.

It typically includes information gotten from surveys, customer feedback, past purchases, product interests, digital interactions and so on.

For you to drive up sales and improve overall growth, you cannot rely solely on data gotten from your audience. Therefore, the need for second-party data from a trusted partner with a demographic that is favorable to your business interest.

Second-party data plays a pivotal role in helping you to expand your reach, target a new audience and possibly capture new high paying customers.

How to use second-party data.

There has been a rapid increase in the number of participants leveraging second-party data. This massive surge in its use can be attributed to more companies recognizing it’s value.

The use of second-party data provides you with similar benefits of first-party data but also gives you the ability to gain a broader understanding of different consumer needs and interests.

Below are some ways for you to use second-party data:

1. Enhance your marketing campaigns:

Second-party data can provide you with deeper insights to improve your marketing strategy and targeting tactics.

2. Enrich your database:

First-party data is of high quality but limited in its scale. This is because it consists only of data gotten from your existing customers. Enriching your database would require additional data from a trusted second party. An increase in your database will allow you to expand your digital marketing campaigns.

3. Reach new audiences:

First-party data limits your marketing campaigns to only your existing customers. You cannot rely on this for sustainable and effective business growth. You can use the information gotten from second-party data to expand your reach and generate more exposure from a new market that will be beneficial to your business interests.

Third-Party Data.

Third-Party Data is data that you purchase from external sources who did not collect the data directly. These external sources are companies or entities referred to as Data aggregators.

Data aggregators obtain the data they sell from other brands, businesses, and organizations. They pay the initial data collectors a certain fee in exchange for the data. These data are managed and stored in a central database as third party data.

A significant number of companies sell their first-party data to data aggregators which makes them accessible through different mediums.

After collecting large amounts of data from different publishers, the data collectors categorize them into different segments.

These include but are not limited to psycho-graphic factors (like audience behavior, user preferences, interests, etc), demographic factors (like age, gender, occupation, income level, etc), industry and so on.

The categories can further be broken down into specific sections from which the buyer can pick. These sections usually align with their business interest or marketing tactic.

Some benefits of third party data is access to a large pool of user data and its extensive coverage.

However, since this data is not collected directly from your existing customers, it is not exclusive and available to your competitors.

How to use third party data.

1. Discover new audiences:

The broad scope of third party data can help you identify a new demographic that might have an interest in your products or services. This allows you to expand your reach, make more sales and grow your business. You can also study user data to identify common preferences and use that information to improve a new product you might be developing, to make it more appealing.

2. Increase the accuracy of your targeting:

The proper analysis of third-party data can help to increase the precision with which you target specific sections of your audience.

3. Complement your first-party data:

While first-party data provides you with high quality and quality information on your existing customers, it might be lacking in volume. This is especially true for small to medium scale businesses.

Third-party data helps to provide you with the scale first-party data usually lacks. Using third party data gives you an ability to reach a wider volume of users who might be interested in your products and target them with personalized advertisements.

November 30, 2024
Five Ways to Make it Easier for Customers to Purchase from your Small Business

Five Ways to Make it Easier for Customers to Purchase from your Small Business

If you’re struggling to make your small business becoming a large, booming business, you have to start at the basics. It can be easy to get caught up in the minute details without seeing the forest for the trees. Yes, all those details matter, but what matters most is turning potential customers into paying ones. Let’s go over five of the top ways to make sure that your business is set up to be a successful one with these next tips.

Five ways to make it easier for customers to purchase from your small business

1. Have an online payment option that is obvious

Even if your business is predominantly a physical store-front, there’s no reason to not make purchasing easy. Make your payment option simple and easy. One option is to have an online option; with options like Payanywhere, there’s no reason to not accept virtual payments. This way, your customers can browse at their leisure, and you can accept credit card payments right from your computer. If a customer calls you up after they’ve left your store intent on buying something they saw earlier, the last thing you want to say is, can you come back in to pay for it? By that point, you’ve lost the customer, so make payments simple.

2. Maintain your website

If you offer a physical product or service, ensure that your website is up-to-date with contact information. Have an online presence that covers the basics of your storefront or service, including commonly asked questions so that customers spend less time trying to figure out exactly what you do. At the very least have a phone number, hours of business, and, if you offer a more seasonal service, the average lead time.

3. Remind the customer of your expertise

If you operate solely with an online presence, make sure that your website is detailed and thorough. The last thing you want is a potential customer wavering between purchasing your service and not; by giving them all the information up-front, you’re reassuring them that you are an expert in your field.

4. Provide good customer service

This may seem obvious but check your voicemails. This seems silly, but many businesses get so caught up with everything they need to do each morning that they forget one of the obvious things – to follow up with customers reaching out to you. Whether that’s via an online portal, email, or voicemail, make sure you give those customers a bit of time each day so that you’re turning potential clients into payments.

5. Offer subscription services

A customer who needs something repeatedly is unlikely to stray and try another store or website if they can rest assured that what they’re needing is going to show up at their door front each month. If you run a software-as-a-service, you likely know the importance of repeat customers, and the easiest way to turn one-time customers into recurring ones is by offering a subscription. This is true for physical goods as well; if you run a business that has customers returning to your website or storefront every couple of months, offer them the option of having something delivered each month to them.

There you have it: Five simple ways to make customer purchases easier for your small business. Put these five tips to use and notice as your conversions increase over the next several months.

November 30, 2024
How to Make the Most Out of Your First Solo Ads Campaign

How to Make the Most Out of Your First Solo Ads Campaign

Looking to make the most out of your first solo ad? You’re at the right place. These helpful tips should help you get started even if you’ve never done any sort of email advertising in the past.

So without wasting much time, let’s get started.

1. Setting Up Your Landing Page

Before you go ahead and make a purchase, it’s recommended to set up a capture page for capturing visitors’ emails. This will ensure you’re able to collect the maximum number of emails, which in turn will improve your return on investment (ROI).

ROI plays a huge role in paid advertising, and it’s one metric you can’t overlook or it’s too easy to lose money. With a funnel to collect visitors’ emails and a back-end sequence (autoresponder automation emails), your chances to break even on your ad spend are much higher.

Without collecting emails, you’re instantly losing most of the visitors forever, There’s simply no way you’ll ever have a way to contact them again unless you collect the people’s information. Email marketing is heavily used by the leading marketing agencies (and digital marketers) from all over the world for a reason – it simply works!

Make use of email marketing + automation sequence in your online business if you haven’t already. It will pay dividends for years to come.

2. Using a Click Tracker

Using a link tracking software will make sure you’re able to accurately track your marketing campaigns’ performance. Not only can you track the number of clicks to a link (link clicks), but also metrics like opt-in rate, engagement rate, and determine what exactly are people doing in your funnel.

If you’d rather not know your numbers, paid ads are a big no-no. It’s better to start with free marketing methods, and only scale once you know you can do better with paid advertising.

There are many free and paid click tracking tools out there, simply choose the one that best fits your requirements. Testing multiple at a time won’t hurt either as you’ll quickly know which ones suit you better. It also helps most of the paid link trackers come with a free trial option for you to explore the platform at no extra cost.

3. Getting Ready

With a decent landing page and a link tracker set up, you’re now ready to purchase your first solo ad. You can either find sellers via a quick Google search or via Skype groups. https://oursoloads.com/ is among one of our favorite traffic providers. They’re also willing to making your first ad campaign a lot more special by dropping in a 10% discount.

Before you purchase an ad, make sure you check out the vendor’s testimonials. The more they have, the merrier! Always reach out to them to make sure your offer is a good fit with their lists. With solo ads, targeting is everything and you definitely want targeted prospects for your business opportunity.

Think of it like this – are you likely to purchase something which you don’t want? No, correct? That’s it. If you show a pet product to a person who doesn’t have a pet, are they likely to buy from you? On the other hand, if you show relevant fishing gear to a person who absolutely loves fishing, what are your chances here? Astronomically higher!

4. Making Your Purchase

The day has come, it’s time to book your first ad campaign. If you’ve contacted the vendor already, it’s often recommended to negotiate a little and find the best deals. Most legitimate traffic vendors will happily get you a better deal than is displayed on the sales pages.

This will eventually help in the end since it will surely improve your cost per lead (CPL). The lower your acquisition rate per subscriber is, the better. Like mentioned before, it’s a game of numbers.

You also want to break even as soon as possible. Promoting cheaper front-end offers (free CPL programs or inexpensive $7-27) products will help you cut costs in your list building campaigns.

Send traffic to a landing page, collect visitors’ emails (or if needed, first names as well), then send to offers via a bridge page. The bridge page, also known as thank you page can do the pre-selling for you and prepare the visitors for the front end offer.

Understand the audience’s pain point, make it relevant and your job will get much easier in the end.

5. Traffic Quality

It’s recommended to only go for 100% Tier1 traffic for obvious reasons. These people are native English speakers, have access to credit cards and other means to make a purchase. Tier2/Tier3 works as well, but you’re more likely to encounter some tire-kickers who would fight to save a penny!

Not saying T2/T3 traffic won’t work, but with T1 traffic, your odds are much better. If you’re receiving some discounts anyway, why not make the most out of it?

There are sometimes issues with refunds, and chargebacks. These are more common with T3 countries.

6. Keeping It Clean

Once you get it going, it’s easy not to look back. It’s recommended to continue to clean your e-mail list every once in a while by getting rid of inactive subscribers. Why if you may ask? Since some of these are not engaged anymore, they’re only adding to your monthly autoresponder bill.

If you get rid of them, it will create more space in your account without the need to upgrade. For starters, clear leads who haven’t engaged with your content in the last 30 days (if they were received your emails that is).

Moreover, it can often help with your email delivery (inboxing) as well. Email automation companies like AWeber like it when your audience’s engagement is better than the industry average.

Final Words

That brings us to the conclusion of this resource. We hope this helps with your first (or next) solo ad purchase.

What’s your favorite step out of these? Have you ever purchased a solo ad before?

Or did we miss anything?

Either way, do let us know by leaving a quick comment down below.

November 30, 2024
How To Invest Smartly During Recession?
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Getting Ready For Recession

Recession is coming and there is no better thing you can do right now but to prepare for it. I know it is scary but this is certainly something you cannot avoid. The Covid-19 is an unprecedented event and had affected businesses around the world.

Here are 5 simple steps to invest during recession.
- Control your spending
- Define needs and wants
- Focus in building more income streams
- Stay connected with the latest investment tips
- Allocate a portion of funds for saving
- Pay off large debts as much as possible
Smart Financials During Recession

Being smart is critical during recession. It doesn’t matter if you are in Malaysia, Singapore, United Kingdom or United States—you will be impacted with financial crisis (up to a certain level) when recession hits.

The trick of being financially stable is being able to think out of the box to do timely investment. It can be in a form of saving, stocks, cryptocurrencies and many others.

Start investors focus in spending the minimum amount of money possible for both short term and long term investment gains.

Side Hustle Is An Important Investment

Site hustle such as blogging and freelancing are two great examples of investments. Starting a side hustle business may require some funds (usually under $100 with a small commitment of under $50 per month).

These forms of investments don’t bear the fruits immediately and oftentimes after a period of time.

Those who are focused and determined enough will be able to generate sufficient income streams from this form of investment.

The Sensitive Forex, Stocks, Cryptocurrencies And HYIP Investments

Last but not least, these are some of the high-yield investment types that offer huge payout with moderate to high risks.

Personally, I recommend you to take a step (one step at a time) especially when investing in these.

The risk of losing money is real and at the same time, the opportunity of making money from these (quickly) are also huge.

Invest in what you can afford If you want to dip your toes into these investment programs during recession, put in a small amount (such as $100) and learn the way the system works. There are many who make thousands of dollars—and those who lose thousands too. Being smart and having a clear mindset is critical in successful investment during recession.

Investing During Recession (Recap)

The best time to invest is during recession. If you have not started any investment, I recommend you to get started right now!

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About Reginald

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November 30, 2024
How Can SEO Help With Online Casino?
When investors establish an online casino, two important questions linger in their minds. The first is how long it will take before the casino attracts customers. The second one pertains to how they can make the platform more competitive. Unlike conventional casinos that attract customers from advertising through traditional methods like TV, radio, and print media, a casino that is based on the web should invest in search engine optimization and PPC.

Investing in SEO is a better way of generating leads to your website compared to other methods like pay per click (PPC) ads and advertisements on social media. With PPC, you can end up spending a lot of money but get poor results. For a PPC account like Google AdWords to generate a lot of traffic, the account has to be managed well by experienced personnel. On the other hand, do not expect to get quality leads from social media platforms on the Internet. Quality leads are those that can convert into sales when a user lands on your website or online casino thereof.

With a well-managed SEO campaign, you can rest reassured that you will get the desired results. These can be described as a higher rank on the first Search Engine Results Page of Google and other popular search engines.

The secret of performing well in SEO is to make your pages more attractive than those of other websites. Your first step should be to closely link your keywords with the geographical area that you intend to target. For instance, these days, many people in Malaysia are choosing to play casino games online. You can include a keyword like online casino Malaysia if your target audience lives in this nation. This way, people searching for an online casino that can serve the needs of people in Malaysia can easily find yours. Take time to learn how to select keywords.

Some tips for how to choose effective keywords for your online SEO content include:
- Examine your online gaming website as if you are a customer who wants to buy items on it. This will help you pick good keywords that are closely linked with what internet users type into their search engine boxes when they want to look for an online casino.
- You should also include long-tail keywords that have three to five words only. A few good examples are online casinos in Malaysia, the convenience of online gambling, and the best casino games online. Long-tail keywords have a better probability of being clicked and indexed by search engines because they are more specific and friendly to search engines.
- Use some tools like Google Search Console and Moz keyword Explorer that do an excellent job of researching the best keywords for your website. For instance, if many websites already rank for a particular keyword, these tools will suggest new keywords. These tools are not only useful for searching for words but also come in handy when you want to look for or investigate your rank in search engines. This will help you track changes that your strategies have brought about. As you might have guessed already, monitoring your SEO campaign will help you determine the strategies that work and those that do not.
The following are some of the benefits of SEO for online casinos:

Ranking higher on search engine results pages

The casino industry is highly competitive, and your competitors are also fighting for the top rank on search engines. You should also compete for high rankings. Research shows that 60 percent of internet users click one of the top 3 search results. Make sure you earn one of the top three positions so you can increase organic traffic to your site. Organic search results enable a business to gain reputability and credibility. By using SEO services, you can capture the attention of people ready to play and increase revenue.

Improving user experience

Excellent SEO also aims to enhance the user experience. It can provide your audience with easy to navigate web pages, relevant information, related videos, or photos to support text and a website configuration that is mobile friendly.

Higher conversion rates

When your website ranks high on search engines, you can get higher conversion rates. Your target audience will know more about your casino when you maintain your top position. As customers become familiar with your brand and their knowledge about your services increases, there is a higher chance that they will want to sign up and play games on your casino.

Lowers advertising costs

According to a report by the Search Engine Journal, inbound links can reduce the expense of lead generation by 61 percent. The way search engine optimization reduces advertising costs is straightforward. When your website ranks high on search engines, you do not need to advertise it. You will continue to remain above the other search results as Internet users click your search links repeatedly. Some activities that pertain to inbound lead generation include social media management, search engine optimization, referrals, and blogging, which do not cost much. Outbound lead generation strategies include visiting clients, making cold calls, and direct selling.

Builds the credibility of a brand

When your website ranks first, second, or third in search engine results pages, your customers may have the impression that you are a leading player in the industry. High rankings show that your online casino is popular and many users have researched about it. On the other hand, if your casino appears at the bottom of search results, customers might think you are not yet well known, or that you do not have the budget to improve your rankings.

Establish brand awareness

This is the extent to which your target audience recognizes your brand. As stated by Investopedia, creating brand awareness is a significant step in marketing any product. With SEO, search engines can easily index your online casino through organic and regular searches. When you remain on top of the rankings, people looking for online casinos will be able to see your site often. Therefore, there is a higher likelihood that people will click your link and end up on your website.

Gain market share

When your site is on top of the search list, Internet users can find it quickly, and you can consider them as your leads. After the leads visit your website and find the information they need, they can turn into customers. They can sign up to become members, and your conversion rate will increase. When this happens, your online casino will gain a share of the market.

SEO can help you achieve higher rankings in search results, and this can enhance brand awareness. With effective SEO, your website can gain qualitative and quantitative visits. Therefore, it is time to use SEO to your advantage. Nonetheless, remember that the efforts you make towards improving your site’s rank on search engines may not reap the fruit immediately. This and the fact that you might not have such a profound experience in optimizing websites makes outsourcing SEO services viable. Look for service providers who have a good reputation and use the latest techniques to optimize your website for excellent rankings.
November 30, 2024
Tips to Running a Successful Online Business

Tips to Running a Successful Online Business

With today’s society switching more and more towards an online model, it only makes sense that you change your business to meet this model. Online businesses run very similar to their real-world counterparts, however, there are a few extra tips and tricks one can use to propel their company to the next level. The benefits of an online business are quite clear as well. If done correctly, your business can make much more money while incurring much less expense.

Here are some tips to running a successful online business:

Sales Prospecting

If you are a business that sells goods to other companies, you need a way to be able to target an audience and turn them into sales prospects. It is important to note that this type of company is referred to as a business-to-business service or B2B for short. Sales prospecting is not about closing a one-time sale with someone, it’s about creating a relationship with someone who in turn chooses your services and your products.

People often confuse sales products with leads. A lead is often established from a cold call or an email. You have no idea if things are going to work out, but you are in communication with them regarding your product. A prospect, on the other hand, is someone who not only has an interest in what you do, but is also a perfect match for your product.

Establishing sales prospects online puts your business in a place to succeed. If you are unsure about how to create a prospect from a lead, there is a guide to B2B prospecting for you to transform them. Leads are an important part of any B2B company, but unless the proper steps are taken, these will disappear and fade away to nothing.

Make sure that you know how to get prospects and how to deal with them to build a customer. Sales prospecting is an important part of building a successful business online.

Search Engine Optimization

The next step towards building a successful business online is getting the traffic and views it needs. It does not matter how great your deals are or how welcoming your business model is, if people are unable to discover you, they will not be able to do business with you.

Therefore, it is essential to look into search engine optimization or SEO for your business. Oftentimes, when people search for something on an engine, they will not go past the first or second page. If you are just starting as a company, the chances of you appearing are very slim. Search engine optimization is a method used by companies to boost their web traffic and make them appear much higher on the results page.

This guarantees that you will generate much more web traffic and also create more sales prospects. Some companies can help with SEO to get you the exposure that you need. If you intend for your business to take off online, you have to keep up with other companies and employ the use of SEO.

Advertise Online

Search engine optimization is only one direction in which people can discover your business. Consider creating advertisements online to let people know what you do. These advertisements can also easily redirect them over to your website. In order to make the most of this method, look to rent out advertising space on high traffic websites that are similar to your business model.

Create a model and a target audience and conduct research to find out where your advertisements would best be suited. An ad in the wrong place will be a waste of money and generate no traffic. A big area to look into is social media. With so many businesses turning towards LinkedIn and other popular apps, advertisements on those platforms will be seen by thousands if not more.

The ads can also be created to specifically cater to your audience and entice them to look further. Social media advertising can be expensive, but in the long run, it is worth it due to the large audience that you will reach. Look into online advertisements to spread your company’s name and reach.

Employ Proper Web Design

No amount of sales prospecting or SEO work will generate sales if your website is not laid out properly. The final step towards running a successful online business is making sure that your website is easy to navigate and easily allow your potential customers to contact you and purchase your product.

If someone is struggling to figure out how to contact your company, they will quickly click away and check out a new company to meet their demands. Therefore, it is important that one of the first things your sales prospects see is a method to contact you with any inquiries they might have. They should also be able to see a clear sales and company model along with the products that you offer.

Along with that, ensure that your website has a professional design to it. Websites with too much color will look like they are done by an amateur, while sites with no color will be bland or boring. Find the right combination to grab a customer’s attention without sending the wrong message. Always remember that in the online world, an impression is made in the first ten seconds of a person using your website.

What happens in that time frame dictates if you will retain them or if they will move on to another website. By ensuring that your page has proper web design, you can retain your viewers and increase your sales numbers.

By following all of these tips, you can create an online business that will have a great deal of success. Always be on the hunt for sales prospects. Knowing how to turn your leads into sales will go a long way. Search engine optimization will ensure that your business is seen by many more people. Finally, ensure that your website is properly designed for ease of use. What will your company model look like?

November 30, 2024