The untapped potential of first-party behavioral knowledge: 3 in 4 entrepreneurs say accumulating it’s important, however lower than half are at present doing so

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Manufacturers and companies are endlessly making an attempt to determine methods to acquire visibility into buyer engagement and develop buyer lifetime worth, and entrepreneurs know that with the ability to acquire significant behavioral knowledge and derive insights from it’s important to optimizing the client journey. However entrepreneurs wrestle to leverage this knowledge in any respect phases of the client journey, limiting the personalization they’ll present. 

New survey analysis from B2C-focused advertising and marketing and buyer engagement supplier Acoustic finds that three-quarters of respondents (75 p.c) say accumulating real-time expertise knowledge, or first-party knowledge, is important to the enterprise, however lower than half (47 p.c) are at present accumulating it. 

first-party data

The agency’s new examine, Strengthen Buyer Retention And Engagement With Behavioral Knowledge, based mostly on a survey of greater than 1,200 advertising and marketing decision-makers by Forrester Consulting, explores how entrepreneurs acquire buyer behavioral alerts and apply the info to their manufacturers’ buyer engagement and retention methods, affirming vital gaps in manufacturers’ buyer knowledge methods amid the turbulent privateness panorama. By understanding buyer behaviors within the second, entrepreneurs can higher meet their wants on the proper time of their buy journey.

Lower than half (45 p.c) of respondents are doing any form of journey orchestration utilizing buyer behavioral alerts. With entrepreneurs principally specializing in the early phases of the client journey, this leaves a considerable hole in creating data-driven experiences at every touchpoint with a model.

first-party data

Different findings present that personalizing buyer outreach (67 p.c) and analyzing buyer knowledge and alerts (66 p.c) are among the many prime challenges going through entrepreneurs right now. Notably, respondents are additionally involved with advertising and marketing automation (73 p.c) and viewers administration and segmentation (69 p.c). This means that entrepreneurs lack the required instruments to create personalised buyer experiences based mostly on shoppers’ behaviors.

“As manufacturers try and navigate the altering privateness panorama, investing in first-party knowledge methods that allow privacy-compliant personalization is important. But Forrester’s findings exhibit that entrepreneurs proceed to wrestle with accumulating and leveraging buyer behavioral alerts all through the client journey,” stated Mark Cattini, CEO of Acoustic, in a information launch. “With out the suitable know-how and technique in place, this hole will solely develop as third-party cookies deprecate and entrepreneurs lose visibility into buyer engagement.”

first-party data

Obtain the complete report right here.

Forrester VP and Principal Analyst, Joe Stanhope, may also be a part of Acoustic as a visitor speaker to debate key insights from the examine throughout an upcoming webinar. Register for the occasion right here.

Forrester performed a web based survey of 1,203 buyer engagement decision-makers at organizations in North America, Europe, the Center East, Africa, Asia Pacific, and Latin America to judge the gathering and use of buyer behavioral knowledge in advertising and marketing and buyer engagement methods. Survey individuals included decision-makers in a number of departments. Questions offered to the individuals requested about their present buyer behavioral knowledge technique. Respondents have been supplied a small incentive as a thank-you for time spent on the survey. The examine started and was accomplished in January 2024.