Google has published a strategy article on data and measurement that reviews the near future for cookies, privacy, and conversion tracking. The article outlines what 2023 will look like for marketers and what they need to do now to prepare.
The article points to the staggering statistic that in 2020 only 10% of the population was covered by privacy regulations and that by 2023 the entire 65% of the population will live in countries with privacy protections that limit the amount of their online activity that can be tracked. .
The article discusses strategies for driving conversions and presents these methods in the form of shattering three myths surrounding the very near future privacy-first marketing reality.
Three myths about privacy first
- Myth 1: Turning off cookies will disable website tags
- Myth 2: Accurate measurement depends on third-party data
- Myth 3: Protecting privacy and driving business results are mutually exclusive
Myth 1: Neglecting cookies and website tags
Google notes that third party cookies will eventually be phased out, but this will not affect the ability to accurately measure and improve your online marketing campaigns.
They recommend using the global site tag (gtag.js) or Google Tag Manager in order to optimize your marketing campaigns.
Google has stated that these metrics provide:
“…accurate measurement, with positive downstream effects, optimizing conversion models and bidding.”
Myth 2: Loss of third-party data will affect accurate measurement
Third-party cookies enabled contextually relevant ads that improved customer targeting for advertisers, which consumers jokingly refer to as crawler ads.
Google suggests it’s time to start planning your first-party data strategy.
The article links to a video titled, “How marketers should think about building a first-party data strategyJaylen Baca, Global Product Lead at Google.
The presentation begins by defining first-party data as all the information collected about each customer from every type of interaction, including telephone interactions, in-store interactions, and app interactions.
Baca suggests creating B2B partnerships with relevant companies that can help build more first-party data.
Present this scenario:
“For example, if you’re a food and beverage company, you might consider partnering with a home meal kit vendor like Home Chef or HelloFresh to expand your audience reach and build out your data.”
Myth 3: Protecting privacy will negatively affect business results
Google acknowledges that third party data loss will result in “measurement gaps” and states that this is inevitable.
However, they suggest that privacy-safe machine learning models could step in to help provide accurate customer journey reporting.
“Machine learning works by analyzing data to identify trends, correlations, and other insights that might otherwise be missed, through human error or otherwise.”
There is a link to a five-minute video explainer on Conversion Modeling that provides an overview of how machine learning, combined with first-party data, can help increase campaign performance, citing a study showing that machine learning tools can increase campaign performance by 35%. %.