How prepared is your organization for the imminent loss of third-party data?
Are you ready for first-party data to take center stage in your marketing strategy?
Maybe you’re feeling unsure of how to use first-party data?
While cookies going away will reduce your access to third-party data, you can still strike the right balance with your acquisition strategies and provide your customers with high-converting, personalized experiences.
On April 27, I moderated a webinar with Vishal Maru, Vice President of Digital Solutions at iQuanti. He explained how enterprises could embrace the power of first-party data and better connect with their customers.
Here is a summary of the webinar. To access the entire presentation, complete the form.
How Advertisers Will Be Affected
The changing privacy landscape has a dramatic impact on the digital marketing ecosystem and is caused by:
- A change in customer mindset.
- Privacy regulations, such as GDPR, CCPA, etc.
- Privacy changes from key players, such as Google & Apple.
What This Means For Advertisers
The reduction and removal of third-party data has the potential to cause:
- Ineffective targeting.
- Challenges with measurement & attribution.
- An inability to track reach and frequency.
These all lead to lower campaign efficiencies, lower advertising ROI, and scale limits.
Why First-Party Data?
First-party data is the only sure solution during these uncertain privacy changes, in terms of:
How To Leverage First-Party Data Effectively
The great news is that first-party data already exists within your organization and marketing database.
The key is understanding how to locate, use, and implement your owned data:
- Actively increase ways to build first-party data.
- Optimize for profitability.
- Create partnerships to leverage second-party data.
- Gather consent.
Key Components For Building A Strong First-Party Data Strategy
- Build a robust first-party data and MarTech infrastructure.
- Effectively leverage first-party data for digital activation.
- Effectively leverage first-party data for measurement and attribution.
How To Build A Roadmap For Implementation
Organizations face challenges with effectively leveraging first-party data for digital marketing.
These challenges are:
- Organizational & data silos.
- Lack of in-house capabilities.
- Lack of effective full-funnel activation strategy.
Steps To Overcoming Challenges & Building A Roadmap
Step 1: Build a first-party data strategy.
- Break organizational and data silos.
- Come together to build a first-party data strategy (including identifying all data sources, data cleaning, mapping across the customer journey, and opportunities for building data).
Step 2: Invest in a robust infrastructure.
- Use onboarding platforms – CDP, CMP, ID Resolution, personalization, GMP, etc.
- Build a connected infrastructure.
Step 3: Build or augment capabilities.
- Utilize data science, advanced analytics, and platform-specific (CDP, personalization, etc.) capabilities.
- Augment resources.
Step 4: Activate first-party data effectively.
- Segment for prioritization & personalization.
- Take a full-funnel approach.
- Leverage AI/ML for an advanced strategy (for example, predictive audiences).
[Slides] How To Harness First-Party Data & Win In A Cookieless Future
Here’s the presentation:
Join Us For Our Next Webinar!
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Featured Image: Paulo Bobita/Search Engine Journal