Get full-funnel functional: The role of first-party insights
Partner content
The purchase cycle may be evolving, but the key lies in the accessibility and functionality of first-party customer data, its deployment and its effective application.
Are people still talking about the death of the funnel? The purchase cycle certainly keeps turning, as so-called linear purchase journeys are forever in flux. Given the rapid expansion of retail media, coupled with economic instability putting greater pressure on delivering sales, certain elements of the process are looming large in retailer mindsets.
The key to making this sales cycle evolution effective is the accessibility and functionality of first-party customer data and its deployment throughout the process. Effective application of data is also central to how the customer journey will continue to evolve and be understood by brands long into the future.
If you’re sleeping on your first-party data, you may well be the only one. One survey puts first-party data as a major priority for well over four-fifths of advertisers, with reliance on these signals only set to increase further.
It’s certainly a primary asset for us at Mail Metro Media, a key benefit when growing a digital ecosystem and expanding our more innovative propositions like commerce. Most importantly, first-party data is the engine driving how we deepen relationships with our audiences and keep serving them the kind of content they specifically seek out from us: relevant, insightful, informative and inspiring information.
Influence of the funnel
Within commerce, the funnel may be old hat. But its influence and impact is very much now. Retail media’s growth is fuelled by a desire for new revenue streams in a highly uncertain economic environment, from retailers also seeking to actively give their shoppers more of what they want. By opening up point-of-purchase insights to others as a communications tool, it provides incremental income but sharpens the brand’s stature and usefulness to the consumer.
Where things are currently limited is the scope of that data and the fact that this touchpoint comes so close to point of purchase. Basket-level insights don’t keep feeding new prospects in and questions are being asked already about retail media’s capacity to influence choice and encourage incremental purchase.
The connection points between publisher commerce strategies and retailer focus are emerging as solutions to these issues, as the two areas can be very complementary. Publishers excel at discovery and inspiration, introducing users to new concepts or products that they may never otherwise have encountered.
We can also significantly expand the horizons of retailer data audiences well beyond their current limits, keeping the top of that funnel fed with new, like-minded people matching existing shopper profiles.
Our insights enhance the data retailers already have, matching those audiences and expanding the scope of how retailers understand their life stages, preferences and needs. This is only possible through our vast reserves of data connections: over 200bn of them on a monthly basis, informing deep wells of personal interest knowledge, in market triggers and intent signals, that brands can capitalise on in the moment.
Trends towards curation, collaboration and the ongoing diversification of digital publisher strategies also all draw heavily on the connective tissue of first-party data to inform and optimise successful partnership strategies.
Our most successful commerce approaches build out from the solid base of our editorial expertise, tone of voice and integrity. This foundation directly informs and enhances brand approaches: we recently ran a campaign for a major electrical goods retailer that initially wanted to focus on promoting large white goods. Our reader data and the journalistic eye for emerging trends told the commerce team that coffee-makers would be a more effective angle with our users.
The resulting campaign not only exceeded expectations for engagement, it also increased the retailer’s large white goods sales simultaneously.
Game remains the same
Most importantly, however the funnel evolves, it must be kept full. In an omnichannel world, retailers must meet their customers where they are and vanishingly few people only rely on one single media channel for their needs.
Publisher collaborations reach well beyond a single channel strategy, casting the nets for retail wide. In the last 12 months, our shopper content has reached 7.4m people through TikTok, generating just shy of 10m views. This is backed by over 2,000 commerce articles published on our trusted website, forays into TikTok Shop and an additional 19m accounts across YouTube and Snap.
Ultimately, these data insights, editorial heritage and in-depth audience understanding combine to support the formation of deep, fully integrated shared success stories with commercial partners that act on all parts of the customer journey. All the while, users enjoy enhanced relevance, preferential offers or discounts and introductions to brands they may never otherwise have considered. All delivered alongside the trusted and valued content they have come to expect from their chosen publications.
The structure of the funnel may change, but the game remains the same: from discovery through inspiration, to connection and purchase, publisher platforms can light a spark that fuels commerce success.
Lauren Dick is managing director, media and commerce, at Mail Metro Media