The reign of first-party data is imminent and many companies need to shift their focus to first-party data collection. But transitioning and leveraging first-party data is about much more than creating your own cookies, initiating new forms, and establishing a robust database. How can marketing teams remain agile and adapt to the changes arising from the depreciation of the third-party cookie to ensure success?
Leverage Fragmented Data
The current digital era is a fragmented one. With the ability to access information and shop anytime and anywhere, consumers interact with brands across a host of devices and platforms, creating fragmented data points. At first glance, this seems like it would be a roadblock, but that is not the case.
Many astute marketing teams began leveraging fragmented data years ago when engagement with longer form data collection methods dropped. This methodology leverages omnichannel marketing strategies to build first-party data profiles across a consumer base that has a very short attention span.
Keep Customers In the Know
The future of first-party cookies and the data-driven economy gives consumers full control of their personal data; when it is collected, who has access to it, and what it can be utilized for. This means allowing customers to consensually provide their data and indicate what brands they would like to have access to it. Marketing teams that fully understand this, pivoting their strategies to make this a reality sooner rather than later, are the ones who will succeed.
Focus on Quality not Quantity
Marketing is a numbers game. Number of marketing qualified leads (MQLs) and sales qualified leads (SQLS), number of views, number of clicks, number of conversions – the list of measurable quantities goes on and on. In all of the KPI frenzy that is marketing reporting, quality can sometimes get cast aside for quantity. But this is never a good or sustainable practice.
Shrewd marketing teams know that quality eclipses quantity every time. The truth is that the sheer number of names in your database means nothing if they bear no quality in terms of relevance or interest in your brand’s products or services. While it may mean an initial dip in volume, this new age of first-party cookies requires a focus on quality. In other words, marketing teams must ensure the capture and utilization of quality consumer data to leverage in their strategies. Higher quality data means higher quality leads and all marketers know that qualified leads turn into higher ROI for their organizations.
Stay Ahead of Compliance
Transitioning and leveraging first-party data is much more than creating your own cookies, initiating new forms, and establishing a robust database. It also involves adapting to ever-evolving data compliance and privacy laws which is more complicated than it seems. While data compliance is a newer concept, marketing teams have been adapting their strategies to align with emerging privacy laws for years.
Adapting to CAN-SPAM and general data protection regulation (GDPR) were heavy lifts for marketing teams, but these adaptations were preparation for the emerging data privacy laws and compliancy regulations of today and the future. The fact of the matter is, data regulations and privacy laws will keep evolving to appease the consumer call for more transparency and control over their digital property. The marketing teams that stay ahead of these new laws and regulations and adapt their strategies to be fully compliant will succeed in the long term.