As we head into 2023, one of the top priorities for enterprise businesses is preparing for the retirement of third-party cookies. This will force many companies to reassess their marketing and technology stacks to focus more on first-party data.
As the move toward stronger privacy protections gains momentum and the demise of third-party cookies seems almost guaranteed, data management platforms historically built on third-party data will soon may become obsolete. Brands can start embracing their own data today to future-proof their acquisition strategies and deliver experiences that convert customers.
Experts and industry leaders all agree that shifting focus to first-party data is proving to be an arduous path for most companies, but failing to provide a pivot will likely lead to corporate acquisitions. There is no doubt that costs will increase. Relying on strategies that use third-party data will become less effective in the near future. So how can businesses future-proof their strategies for working together and acquiring new customers in a cookie-free world? Combined with , businesses can easily transition to a cookie-free future. Below are some strategies for how marketers can leverage their data to drive acquisition.
Opt-in to a first-party data strategy
IT or engineering often manages customer data, and business users primarily handle data activation by running campaigns and reports. Opportunity to implement technology today that supports the collection and authentication of customer data and enables business users to activate this data to deliver high-quality, personalized experiences and drive long-term business value there is. More than ever, holistic marketing data strategies rely on their own data to design more meaningful experiences for their customers. Plus, this reduces your dependence on your walled garden when the cookies finally crumble. The sooner business users start, the better.
Investing in Robust Mar-Tech Infrastructure
According to Gartner, by 2024, 75% of the world’s population will have personal data subject to privacy regulations. GDPR, CCPA, ITP, and ATT are some of the acronyms that influence marketers and will continue to play an increasingly important role in our strategy. Privacy regulations and technological changes will continue to gain momentum over the next few years, and sooner or later third-party cookies will come to an end. Google has provided a much-needed reprieve by bringing forward the date of deprecating his cookies for third parties. Late 2024but it’s imperative for businesses to proactively start moving to an infrastructure built for the future and leverage technology to help break down data silos.
If your business traditionally uses a data management platform (DMP) built on third-party data, you’ll need to replace it with one that supports current and future identity frameworks. Consider implementing a CDP to manage and activate your company’s data.
Building a partnership ecosystem
Consider building second-party data sharing agreements with brands and publishers and invest in direct relationships with other data provider marketplaces. These are becoming increasingly popular due to some of the privacy regulations and changes mentioned in this article. These partnerships are complex and time consuming to build, so start these conversations early It is important to
Cookie deprecation brings one of the biggest changes we’ve seen in recent times. Enterprises must proactively update their technology stacks with future-proof solutions that don’t rely on third-party data. Organizations are actively decommissioning DMPs, once a key part of the ad tech ecosystem.
Adopting first-party data, restructuring the technology stack, creating value by personalizing the consumer experience, and a global understanding of privacy regulations and consumer experience are just some of the challenges and changes facing businesses today. Times may be uncertain, but we must remember that only change is constant.
These changes won’t be easy, but they definitely give us the opportunity to take control of customer data and deliver more personalized, impactful and exemplary experiences that create long-term value for our customers. If you haven’t taken steps to mitigate the risk posed by party data loss and understand the changes required to become a true privacy and consumer-first business, start the conversation.
