In response to users’ growing demands for stricter privacy regulations and control over their data, Google has announced that it will phase out the third-party cookie. Many businesses faced this tragic news with a sense of panic over how they would continue to grow, monitor and observe their audiences.
This is where first-party data steps up to the plate.
With a new emphasis on first-party data comes an opportunity for businesses to establish more authentic connections with their customers based on trust and transparency, as well as enhancing a more personalised experience, provided they know how to properly obtain and apply this information.
Impact On Advertisers
A shift in customer perspective, privacy regulations such as the General Data Protection Regulation, and Google and Apple’s privacy adjustments have all contributed to the evolving world of privacy.
The loss of third-party cookies creates issues for advertisers, as they rely on this information to target, grow and diversify their audiences. It will be difficult for them to attribute results from customer interactions, or to optimise the customer journey, without this data. Consequently, campaigns could be less efficient, advertising ROI might be lower, and scale would definitely be constrained.
Harnessing The Power Of First-Party Data
In these uncertain times, first-party data offers a reliable solution; data that is accurate, relevant, cost-effective, and readily available. In fact, businesses already have this information in their organisation and marketing database, but understanding how to utilise, and market your own data is essential.
- Separate the data
- Enhance the ways in which first-party data can be gathered
- Find ways to increase profit using first-party data
- Form partnerships in order to obtain second-party data
- Customise your segments
- Ask for permission
A Well-Built First-Party Data Strategy
When building your strategy, ensure that you have a strong third-party and Martech infrastructure. Then you’re ready to capitalise on first-party data for digital activation, as well as for measurement & attribution.
Constructing A Roadmap
Some steps can be taken to combat the challenges that may arise when formulating your plans for implementation;
Step 1: Construct your first-party data strategy
Establish the data sources, clean the data, map the customer journey, and identify opportunities to build data while dismantling organizational silos and data silos.
Step 2: Establish a strong and connected infrastructure
There are various onboarding platforms for you to make use of such as Customer Data Platforms, Creative Management Platforms and Google Marketing Platforms.
Step 3: Develop or enhance capabilities
Embrace data science, advancements in analytics, and platform-based potentials, as well as expand your resources.
Step 4: Utilise first-party data to its full potential
Employ Artificial Intelligence and Machine Learning for a more forward-thinking strategy while applying a full-funnel procedure. Your first-party data should be separated for effective prioritization and personalization.
Why do we care?
While Google has not specified when exactly it will bid a sweet farewell to our beloved third-party cookie, businesses can combat the challenges this adjustment may bring by building first-party data-driven strategies ahead of “Cookie Doomsday”, as well as by learning how to effectively navigate this new era in order to reap all of the benefits first-party data strategies have to offer.Tags: 1thing, digital marketing, google, local, SEO
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