Google will block third-party data collection in chrome by the end of 2024. If your marketing relies on this, that means you have a year to figure out customer data practices (but you’re not alone!).
Our research study shows that about half of marketers worry about their organization’s ability to succeed without third-party data. At the same time, nearly three in four marketers believe that company-owned data about customers and prospects is more valuable than ever. It’s clear that the road ahead is paved with first-party data.
Most of us know we can’t rely on third-party data much. Longer, but analyzing first-party data to turn insights into action. Can be challenging. Our research suggests that marketers need more data skills to make. The transition away from third-party cookies — about one in three marketers. Say their organizations don’t have the skills to use. Customer data effectively.
Now’s the time to take steps toward a first-party data
Future if you haven’t already because you need to be strategic about data practices and your transition plan.
Implications for reliant marketers
Moving from third-party (paid) data to first-party (owned) data is a smart strategy for marketing professionals. Here are five implications you’ll see when the switch happens.
You won’t be able to track customers across the internet. Without third-party cookies, you won’t have the same insights about your customers’ movements and behaviors, including purchasing habits, interests and demographics. Retargeting, frequency capping and attribution are all strategies that will be impacted by the change.
Tech stacks will become more complex
Gathering your own data means investing in technologies, data-related tasks and skilled employees. Because there will be more data to manage, you’ll need to spend more time keeping it secure and organized and deriving actionable insights.
Transparency, privacy and consent will lead to customer insights. Consumers are leading data privacy policy changes by asking for more protection and transparency. Privacy legislation is becoming more commonplace, and there’s a lot that’s outside of marketers’ control. Customers today expect a lot from companies — they want to know what you stand for and if they share your values.
Data-forward companies are better positioned to sell. Companies prioritizing first-party data have a competitive advantage when it comes time to attract customers. A company that knows its customers well is a better investment.
