Why First-Party Data Is the Key to Unlocking Omnichannel Success for Your Brand

WeStock Team
June 9, 2023

We get it…how many different types of data can you actually be asked to care about as a founder, marketer, or sales person. 

For years, when people referenced data it really only meant third-party data, or syndicated data. This data shows you key insights into how your product is performing once it is in market. 

The main issues with this type of data include: 

  • It’s expensive 
  • It’s a lagging indicator 
  • It doesn’t provide you with a clear picture of where to go 
  • You don’t own the consumer data
  • It’s only valuable if you have a certain amount of retail distribution 
  • It’s difficult to measure any type of attribution to spikes or decreases 

Everything started to change as brands moved online, they were able to acquire customers for a reasonable price and create an online community for their brand. Everything changed again when iOS14 came out and those customer acquisition costs began to rise, and again a wall was put up between you and your customers. 

That’s why first-party data is key for a brand to reach omnichannel success. You're constantly growing your audience online, but by collecting actionable first-party data during those customer interactions, you can turn that online engagement into retail results. 

The first issue is that your first-party data is scattered. 

Your first-party data (like your customer contacts and current accounts lists) right now is most likely in disarray, and there is no central location for you to visualize it. More importantly, there is no way for you to act on it. The places where you can visualize it are mostly only optimized for e-commerce results and not retail ones. 

WeStock is your single source of truth for all your first-party data.

Where do we start? First, we upload all of your current first-party data to WeStock. All of this data remains safe and protected inside of your dashboard. These uploads can include any type of first-party data lists including: 

  • Shopify 
  • Klaviyo 
  • Email 
  • CRM 

You simply upload your current store list and these scattered customers lists, and WeStock maps your online audience against your retail distribution. 

With everything organized and visualized, you can now start to put your audience to work, meaning we can: 

  • Identify where you should open new stores to serve your current customers
  • Create retail buyer reports to show demand in their area  
  • Visualize pockets where your consumers and stores overlap
  • Drive consumers into current accounts through notifications and SMS campaigns 

  • Segment your audience by retailer and region for more targeted email campaigns 

Now that we have your historical data covered, it’s important be proactive about capturing more of your audience to further understand where your customers shop.

 We do this by creating your request and feedback forms. 

WeStock forms help you better understand where your customers shop and what they think about your product by getting them to make requests and share their feedback. 

WeStock forms can sit on all of your current marketing channels, so you can both passively collect requests through channels like your website and social media bio link managers, or proactively collect them through email campaigns and paid media.

You can access examples of how brands have implemented these forms HERE

Once you have uploaded your data, added your forms to your online platforms, and shared widely in your social and email audiences, the homepage of your dashboard will start to take shape. 

Derive actionable insights and deepen your consumer understanding

Now your online audience is moving into WeStock and filling your dashboard with valuable insights. Once a few requests start to populate, your customer success representative will walk you through all of the dashboard features. 

As you continue to grow your WeStock data set you will be able to use that data to grow both same store sales and new store sales. As the data set grows, your pitch to retailers will strengthen and our reporting will help tell that consumer demand story to the buyer. 

The biggest difference between the third-party data you have always subscribed to and first-party data is the fact that it isn’t just a collection of numbers on a spreadsheet, we actually have the contact information for these customers.

With contact information comes actions, and the actions you can take to drive your customer base in-store with WeStock include: 

  • Segments that flow back to your Klaviyo or email provider 
  • Notifications through WeStock 
  • SMS campaigns 

WeStock actions are the way we close the loop on the customer journey and empower our brand partners to own everything from end to end. 

With our SMS campaigns you can easily create a landing page for your promotion, drive your audience to the page, and have them opt-in to a store level promotion. 

WeStock captures that customer’s store information, enables them to upload their receipt through SMS and redeems them through PayPal or Venmo. We then send a post-purchase survey to the customer. SMS campaigns are a great way to: 

  • Increase trial of your product 
  • Better understand your customer through post-purchase feedback 
  • Create in-store focus groups instantly 
  • Boost incremental sales in key retailers 

WeStock simplifies how brands use first-party data. In the end, you just keep doing what you're doing – building your audience. WeStock just comes along for the ride, turning that online audience into actionable data. 

Creating a complete picture of your retail business

Third-party data will always be a valuable factor when growing your business, but the benefits come mostly from the business insights you can glean from it. First-party data unlocks a deeper relationship with each of your customers and puts you in the driver's seat when it comes to your brand’s growth.

WeStock’s goal is to simplify your first-party data journey and enable your brand to unlock omnichannel success. 

WeStock Team

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