In today’s competitive digital landscape, every marketing cent counts for your cut of the attention economy. The move away from third-party cookies, driven by privacy considerations, presents both challenges and opportunities for digital marketers.
While it may disrupt tracking and targeting for some, it opens doors to building trust-based relationships with customers. Embracing ‘first-party data’ ensures data compliance and enables hyper-targeted, customer-centric marketing.
Google remains committed to achieving its deadline for completely discontinuing third-party cookies on Chrome by the second half of 2024. This decision is contingent upon addressing any additional concerns raised by the UK Competition and Markets Authority, but is a reality digital marketers based around the world need to prepare for.
This change creates a significant shift in value towards data. The way it’s used varies among brands and industries but, ultimately, anyone who has a lot of good quality data is sitting on a goldmine.
‘Data is the currency of any business, but some are using it better than others,’ says Dan Levy, Co-Founder and Co-CEO of Flow. ‘The relatively new and evolving player in the digital arena, ‘first-party data’, is a potent force with the capability to impact various facets of business from analytics to overarching marketing strategies.’
What Is ‘First-Party Data’ And Why Does It Hold Such Significance?
Unique consumer information collected from a company’s customer base, subscribers, social media and website visitors comprises ‘first party data’. When visiting a website, the user has to give consent, making their data the property of a brand. This direct information helps to shape strategies and boost campaign precision as it taps directly into customer behaviour and preferences. Unlike purchased data, it allows for personalised marketing strategies that resonate on a deeper level.
This valuable data is collected during interactions with the website, app, marketing efforts, or through purchases and belongs to a company, without requiring third-party cookies. ‘Its significance lies in its direct origin, providing exclusive insights into how customers engage with a brand,’ Levy said.
‘Brands can integrate ‘first-party data’ strategically for market growth, optimised campaigns, a deeper understanding of customers and a unique edge in the digital landscape,’ added Gil Sperling, Co-Founder and Co-CEO of Flow. ‘It’s about collaboration, innovation and uncovering unique characteristics when targeting high-intent buyers, building personalised messages and campaigns to reach them cost-effectively.’
The Plethora Of Information Available Through ‘First Party Data’ Can Be Overwhelming
Using ‘first-party data’ allows brands to stay agile in a dynamic market, personalising adverts in real time and minimising spend, all the while reaching profiled audiences beyond demographics and geographics, including buyer profiles and price points.
In the evolving digital landscape and the era of third-party cookies crumbling, businesses need to shift focus to ‘first-party data’. This data holds immense value for marketers, especially amidst rising privacy concerns.
‘As the shift to a cookie-less future is inevitable, businesses can embrace ‘first-party data’ strategies to discover the keys to elevating customer relationships, ensuring privacy compliance, and optimising the digital marketing landscape,’ Levy concluded.
