05-17-2024 13:48:00
Sponsored by Resonate* May 17, 2024
Tom Craig, Chief Technology Officer, Resonate
Google Chrome announced in April that it would delay the deprecation, yet again, of third-party cookie, this time until 2025. The stated reason was “ongoing difficulties related to reconciling divergent input from industry, regulators, and developers.”
The delay was both welcome and expected by many. Brands and agencies have both expressed concern about how they will deal with the loss of third party cookies. Another postponement may feel like another chance to find a solution. Even though teams have until next summer, they shouldn’t wait.
Brands and agencies need to prepare for the deprecation of third-party cookies and the privacy concerns that come with it. As they prepare their first-party strategies, there are a few questions and things they should keep in mind.
Teams are preparing for the cookieless world by completing a checklist.
The potential of first-party data for a brand is limitless. It provides insights into the most valuable audience and is a powerful marketing tool that allows marketers to take control of data destiny.
In a world where cookies will soon be banned and consumers’ attitudes, intentions and behaviors are constantly changing, the demand for personalized experiences is at an all time high. Optimizing first-party information to inform meaningful customer experience is even more important. To achieve this, brands must go beyond traditional data strategies.
As marketers, publishers, and networks move towards this deeper data strategy they will need to consider different aspects, both at an industry level, and how these post-cookie changes may affect their business.
The online ecosystem of third-party data will suffer a loss in signals if third-party cookies are removed. Teams must therefore consider how to replace these insights.
Marketers need to know how to conduct their own research to keep up with the changing consumer behavior and sentiment, especially in these unprecedented times.
Marketers should also ensure that their data is always up-to-date to optimize their marketing engine. Freshness and recency of data can make the difference between marketers reaching someone at a critical point in their buying cycle or missing the window of opportunity.
As consumer expectations for personalization rise, marketers must find a way to keep up with the pace of change.
Marketers and publishers need to learn how to adapt to this change.
All these changes will lead to new budget structures, and teams will need to reevaluate where they spend their money in order to ensure its effectiveness.
First-party data enrichment leads more relevant insights
These insights can help marketers, publishers, and networks to create more effective marketing. They can learn what their audiences care about, such as whether they value creativity or excitement, or if corporate responsibility is important to them. Or if Instagram or TikTok are where they spend the majority of their time on social media. By personalizing messages and speaking to consumers outside of their relationship with a particular brand, loyalty and lifetime value increase.
Once teams have a strategy for their first-party data, partnering with a partner that can enrich data and provide fresh, actionable insights will result in heightened understanding, segmentation, and personalized experiences. These enhanced experiences, based on rich, relevant and real-time data, lead to an increase in customer lifetime value.
Sponsored by Resonate
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Source: DigiDay