Data review
By the end of 2024, third-party cookies will be officially deleted. Although the “cookie crumble” timeline has been constantly pushed around, it’s going to happen. With that in mind, forward-looking leaders are working on strategies to ensure their companies don’t lose lead generation traction when the curtain finally falls on cookie production.
That being said, some leaders continue to look the other way. Adobe research indicates that around three-quarters of marketers are still looking at third-party cookies over them in 2023. Sixty-four percent even told researchers they were going to spend more this year than last year on third-party cookies. – dependent campaigns. While this isn’t necessarily a bad thing since third-party cookies are still available, it does raise a big question: are they hoping against hope for a new “cookie death” timeframe?
Avoiding the inevitable is not a smart way to run a modern railroad or business. While you can always engage in third-party cookie activations, you owe it to your business to find other ways to stay competitive in a cookie-free world. Below are some methods other entrepreneurs, CEOs, and executives are using to get ahead of their peers.
1. They prioritize first-party data.
When third-party cookies are dropped, you will need to rely on first-party data to learn more about your target audience and customers. First party data can only be collected if individuals agree to provide their information to you. And luckily, 80% of consumers said they would hand over some of their private data to brands, according to a Sailthru and Coresight Research survey. The only caveat? They wanted the exchange to bring them some kind of value.
As Kristina Prokop notes in a Wired article, this type of exchange can only take place after a high degree of trust has been established between the brand and the buyer. According to Prokop, who is Managing Director of Dun & Bradstreet, “The evolution we are heading towards is a world focused on direct interaction with consumers… [first-party] the data can be used in its entirety to learn more about your customers, create segments of people you want to reach, and figure out how to communicate with them.
If you haven’t yet made a plan to engage audiences on a deeper level so they’re ready to provide you with first-party data, do it now. Also, make sure you have a centralized location to store and retrieve the data you capture. This way you can enjoy it to the fullest.
2. They are more transparent.
Do you remember the days when you didn’t know websites were collecting information about you? Today, it is increasingly common for companies to offer privacy settings pop-ups. Not only does this make sense from a regulatory standpoint, but it gives users more control. People appreciate brands being transparent about their practices. By increasing your transparency factor, you can fuel more honest and meaningful interactions with target markets.
It’s not just anecdotal. Research shows that transparent companies are about to have stronger connections with their customer base. A Cassie study found that 82% of consumers said they would be more likely to share personal information with a transparent brand. Therefore, it makes sense to revamp and rework your website to assure users that you put their privacy first.
By the way, you can bet your bottom dollar that we’re going to see more privacy laws develop. The sooner you position your business as being on the consumer side, the better off you will be in the long run when asking for first-party data.
3. They experience incitement.
“For what?” This is the main question you need to ask yourself when developing strategies for acquiring consumer data. Why would someone want to give you their information? Why would they see this as a valid trade? Why do some people unsubscribe while others accept your requests for their name, email address, or other identifier?
Resist the temptation to overlook the importance of asking and answering these questions. As Diane Keng, CEO and co-founder of Breinify, writes for a VentureBeat article, “This is valuable information, and consumers know it. You have to give something to get something – and I’m not talking about a weekly email with a few coupons. The incentive must have real value for consumers.
What will motivate your target audiences? The best way to find out is to perform a series of tests. Just be sure to measure each test to determine what works well. Doing this now will give you a head start when cookies go out of style. You might also consider partnering with others, inside and outside your industry, who are doing the same. This could include media agencies, tech entities, or even startups. Allowing your business to be a testing ground for an innovative startup could be a winning move.
4. They shed light on new ways to evaluate data.
Knowing that first-party data will soon be the only data that matters, many companies are exploring ways to use it as efficiently as possible. This includes Michael Hamburger, co-founder and CEO of digital marketing agency Ezzey. His company has made changes in data collection and analysis based on the changing importance of first-party data.
For example, Hamburger is redoubling its efforts to use first-party data to guide decision-making. “Harnessing the power of data is our top priority,” he notes. “This will guide us in our strategic direction, enabling informed decisions and insights into customer behavior, market trends and business performance.” In this role, he and his team invest in emerging technologies such as artificial intelligence and machine learning to improve data analytics, automation and one-to-one marketing, and foster an adaptable culture of innovation and innovation. ‘continuous improvement.
You can be sure that there will be more and more tools and solutions emerging to help businesses get the most out of their first-party data and boost engagement and loyalty. Ease the transition by familiarizing yourself with the latest innovations to land on the market.
Third-party cookies may disappear, but data collection will never go out of style. To be successful, make changes this year so you don’t feel pressured into “dietary restrictions” when cookies are no longer available.