Ad Targeting in a Cookieless Future
The phase-out of third-party cookies is here. Ad targeting and User tracking will not be easy to tap into. In a 2021 survey overseen by Boston Consulting Group, partnered with LinkedIn, concluded that 39% of marketers affirmed that data losses have already begun affecting their marketing performance, and 56% expected this impact to grow.
Maximising first-party data
Though audiences have asked for more privacy, they will still expect to see personalized advertisements, and the first way to achieve this will be through first-party data. Brands can leverage first-party data from their website, CRM, and in-app data. This can help us relevant individual information to those who have already shown interest in the product. Advertisers can establish a more personalized and sophisticated interaction with users.
In addition, advertisers can also use a tool to enable first-party data across multiple channels in real-time, this will help organize and have a complete view of each customer.
According to Think With Google, 92% of leading marketers believe using first-party data to continuously build an understanding of what people want is critical to growth. Likewise, studies have also shown that 88% of marketers sought out second and third-party data as a means of learning more about their target audience.
It’s clear that multiple targeting strategies are important, but how does that relate to the overall marketing campaigns that you run? There are several significant similarities and differences when considering second vs. first-party data targeting strategies, so let’s discuss how they relate to marketing strategies.
What are the benefits of first-party data?
As first-party data is owned by you, and you alone, it offers great insights into your audience. This means that it offers many benefits which include:
- Personalization and Integration
- Target the right customers
- Accuracy and control
- Strengthen customer relationships
- Compliance with privacy laws
- Lower cost
It also leaves your competitors in the dark about why you choose to do certain marketing activities or try new tactics. Where previously anyone could access the same data through third-party sources, only you have insight into your customers’ preferences and behaviours.