Published On: 21 Nov 2023
According to a survey conducted by Statista in June 2023, 53% of advertisers mentioned that they face issues with reaching their target audience at scale. Most of these marketers have been relying on third-party cookies for their marketing attribution. But lately, these cookies have not really been a good friend to marketers.
We hosted a panel of three experts in the marketing and advertising space who have a cumulative experience of 25+ years helping both B2B and B2C brands with data-driven marketing to answer the question: “How can advertisers overcome signal loss and identity issues?
In this blog post, we will expand on some key takeaways from this conversation.
Alternatively, if you want to get the video recording of the panel talk, head to the following link - How advertisers overcome signal loss & identity issues?
With Google planning to slowly kill off third-party cookies, marketers are already seeing the repercussions in the form of broken and inaccurate customer journeys. To make things worse, advertising platforms like Google, Facebook, and the like are trying to gain more control over the walled gardens created by them.
With data being held by these platforms marketers are finding it hard to devise campaigns and prove ROI. Also, GDPR laws are increasingly becoming more stringent across the globe and the message is very clear for marketers: User data privacy is paramount going forward.
Companies like Apple too are forcing marketers to make data privacy the centerpiece of their overall marketing strategy with their ATT framework.
But there's a solution and it's called first-party data.
As data becomes more scarce in the third-party world, companies started shifting towards owning their data. In the last five years, the term "first-party data" has seen up to a 4x increase in interest across the globe.
The first-party data movement, if we may call it, is helping businesses get rid of the walls of these advertising platforms and structure their data around user consent and privacy.
This approach is a win-win for both businesses and customers and frankly a more reliable way to get a holistic view of the entire customer journey.
Take Starbucks for example. Starbucks has been collecting relevant user data with consent and is using it not just to drive better customer experiences but also to make major decisions on expansions and product launches.
On the face of it, first-party data collection and implementation look easy, but in reality, it is a complex puzzle with different stakeholders.
First and foremost, it needs investment from companies to set up the infrastructure that can help you with first-party data collection and implementation. And where there is investment there is also buy-in.
With multiple teams interacting with your marketing data, you need to convince not just the C-suite, but also other stakeholders to realign their data strategy.
And before we address the how it needs a thorough audit to understand the current data sources and what role they play in marketing data collection.
Finally, before you jump into any investment, be crystal clear on what are your expectations. Adopting a new strategy or a platform without this can lead to more problems.
This is an ongoing question with every technology - Should we build it in-house or should we take the vendor route?
According to Anant Damle, Head of Solutions Architect at Google, there are someimportant factors to consider before you choose any side.
You might be thinking of cost as a factor as well. But it's hard to put a number to that. The cost of a platform, whether you build it or buy it, is going to differ for different companies. The three factors listed above are a testament to it. Moreover, we recommend you not see that as a cost and more as an investment. Finalize how much ROI are you expecting out of the platform and then decide on what cost are you willing to pay.
Marketing is heavily dependent on buyer psychology, irrespective of whether you are a B2B organization or a B2C organization. And this buyer behavior is constantly changing.
With every major event, the buying behavior changes rapidly. For instance, COVID-19 saw the rise of D2C businesses, but as things got more stable, we are sitting at a time when omnichannel is more important than ever.
Third-party cookies being digital tools won't help you address this shift. You need something that links offline data to online, and first-party data platforms have the potential to do it.
More importantly, first-party data gives freedom from the walled gardens and brings autonomy to businesses. This is an advantage that is worthy of your investment for now and in the future.
The challenges posed by signal loss and identity issues in advertising are real and pressing. The imminent demise of third-party cookies, compounded by stricter data privacy regulations has forced marketers to seek alternative solutions. First-party data acts as a beacon of hope for those looking to future-proof their advertising strategies.
We at Lifesight are propellers of first-party data and have been helping multiple businesses get started with first-party data and implement it to get the best ROI possible. Our platform not only helps you own your data but also gives you insight into how your marketing campaigns are working, what channels are bringing in revenue, and how much. We help you answer questions like “Do I really need to spend so much on this channel”? or “Is this region bringing in as much revenue as the others”?.
So, if you are a curious marketer who regularly asks these questions and is willing to explore the opportunities that first-party data can unlock for your business, sign up for a demo.
We promise you won't be disappointed.
Interviews, tips, guides, industry best practices, and news.
With the correct strategies, first-party data can bring along many benefits, including high ROI. In this article, we dee...
Supercharge your marketing with data enrichment. Discover how Lifesight's platform boosts engagement and drives results ...
Forecast accurately with no-code ML & AI model setup that provides comprehensive predictive insights
Stay in the know with always-on measurements providing real-time channel performance