How prepared is your organization for the imminent loss of third-party data?
Are you ready to let first-party data take center stage in your marketing strategy?
Perhaps you feel unsure about how to use first party data?
While cookies will reduce your access to third party data, you can still strike the right balance with your acquisition strategies and provide your customers with highly converting personalized experiences.
On April 27th, I moderated a webinar with Vishal Maru, Vice President of Digital Solutions at iQuanti. He explained how organizations can embrace the power of first-party data and better communicate with their customers.
Here is a summary of the webinar. To access the entire presentation, Complete the application.
How will advertisers be affected?
The changing privacy landscape has a significant impact on the digital marketing ecosystem and is caused by:
- A change in the customer’s mindset.
- Privacy regulations, such as GDPR, Consumer Privacy Protection Act, etc.
- Privacy changes from major players, such as Google and Apple.
What does this mean for advertisers
Reducing and removing third party data could potentially:
- Ineffective targeting.
- Challenges of measurement and attribution.
- Inability to track reach and frequency.
All of this leads to lower campaign efficiency, lower ad ROI, and scope limits.
Why first party data?
First Party Data is the only surefire solution during these uncertain privacy changes, in terms of:
How to make effective use of first party data
The good news is that first-party data already exists within your organization and your marketing database.
The key is understanding how your proprietary data is located, used, and implemented:
- Actively increase first-party data creation methods.
- Improve profitability.
- Create partnerships to take advantage of second-party data.
- Collect consent.
Essential Components for Building a Strong First Party Data Strategy
- Build a robust first-party data and MarTech infrastructure.
- Make efficient use of first-party data for digital activation.
- Effective use of first-party data for measurement and attribution.
How to build an implementation roadmap
Organizations face challenges by effectively leveraging first-party data for digital marketing.
These challenges are:
- Organization and data silos.
- Lack of internal capabilities.
- Lack of an effective activation strategy for the full course.
Steps to overcome challenges and build a roadmap
Step 1: Build your first-party data strategy.
- Break down organizational and data warehouses.
- Come together to build the first-party data strategy (including identifying all data sources, data cleaning, mapping across the customer journey, and building data opportunities).
Step Two: Invest in a strong infrastructure.
- Use setup platforms – CDP, CMP, ID Resolution, Customize, GMP, etc.
- Building a connected infrastructure.
The third step: building or increasing capacities.
- Utilize data science, advanced analytics, and platform-specific capabilities (CDP, personalization, etc.).
- Increase resources.
Step 4: Activate first-party data effectively.
- Section for prioritization and personalization.
- Take the full suppression approach.
- Leverage AI/ML for advanced strategy (eg, predictive audiences).
[Slides] How to harness first-party data and win a cookie-free future
Here is the presentation:
Join us for our next educational webinar!
How to speed up your keyword research with powerful topic combinations
Join us and Dave Snyder, CEO and Founder at CopyPress as he talks about how this method can help you rank higher.
Reserve my seat
Featured Image: Paolo Bobita/Search Engine Magazine