The era of third party cookies marketing is truly on its dying embers. As internet browsers begin to remove the use of third party cookies in a bid to improve consumer privacy and meet the forthcoming tighter regulations standards, businesses are now faced with the challenge of targeting their key demographics without the benefits of this stored data.
While it’s inevitable that many companies will try to circumnavigate their way around the situation, the brutal reality is that all marketing teams now find themselves on the precipice. You can either adapt and evolve through the use of first-party identity marketing, or you can allow your online presence to decline.
Preparing For The Change: A Global Challenge
Regulatory requirements are changing across the globe, but the reality is that the laws won’t be universal. Naturally, this causes a major headache for all businesses that operate in multiple states or countries.
Knowing where your business stands in each territory will be paramount as you begin the transition away from third-party cookies. Digiday suggests “working closely with industry bodies such as the IAB” to gain a clearer understanding of the new rulings in each relevant location.
Trading Third-Party Cookies For First-Party Identity Marketing
It can be assumed that the relevance of third-party marketing will be dead within the next two or three years. As such, a transition towards first-party data should sit at the very top of your agenda.
A comprehensive first-party data marketing strategy should cover a variety of steps, including but not limited to:
- Building your own first data collection assets that focus on gaining the consumer insights you require in a manner that complies with both GDPR and CCPA regulations.
- Embracing the value of IP address and ID device behavior tracking. The data collected from these methods can be as rewarding as any data previously collected through cookies.
- Establishing stronger connections that focus on transparency, behavioral trends, and authenticity. In turn, this should lead to a heightened sense of value for old and new clients.
- Focus on creating meaningful two-way dialogues through engaging content that encourages users to self-authenticate while staying in full control of the data that they decide to share.
- Diversify formats and channels to maximize the impact of company budget and to engage consumers through multi-channel and omnichannel processes.
- Grow the company’s social media marketing presence and try to leverage success through shareability and the power of consumer recommendation.
It also suggested that companies may wish to focus on creating direct deals with major publishers like Disney and NBC, who can recapture their loyal audiences. Of course, it will be highly beneficial to analyze all tech partners and work exclusively with those that have already started the migration from third-party cookies to identity marketing practices.
Understanding The Shift In Consumer Habits
Companies looking to use first-party data and identity marketing must also remember that compliance with various regulations is only half of the battle. The fact of the matter is that the changes to privacy laws have been sparked by the fact that people have demanded it and will no longer accept giving up so much information through third-party data collection. Respect for their privacy is paramount.
Your business still needs to gain valuable insights. As long as you build a company-consumer relationship that can be deemed mutually beneficial, you won’t go far wrong. Some of the key consumer habits to remember are:
- 84% of consumers actively want more control over their data.
- 70% of consumers prefer to learn about products through content rather than ads.
- 91% of consumers are prepared to reward brands for their authenticity.
- 60% of smartphone users have contacted a business directly using the search results.
- 93% of online experiences begin with a search engine visit.
- 82% of brands agree retention is more cost-effective than new acquisition.
Knowledge is power, especially when dealing with the way modern consumers tick. Adapt your business to the new era, and those challenges will become opportunities.
The Final Word
While the removal of third-party cookies will immediately make company’s take note of the changes needed to meet compliance regulations, your business should also recognize the fact that consumers are seeking to regain control of their data and becoming more concerned about what information is readily shared with companies. In turn, creating stronger relationships that lead to bigger Customer Lifetime Values is vital.
If you need help to make the transition from third-party cookies to identity marketing strategies that focus on first-party data, get in touch with our experts today!