With the recent announcement by Google that it is postponing the phasing out of third-party cookies to the second half of 2024, CMOs have got a sufficient amount of time to make necessary changes to brace for the impact of a cookie-less future.
The marketing landscape is evolving; as the customer, market, and employees demand change, marketers have to make strategic modifications to their pre-sales operations. Governing bodies around the world, such as Europe’s General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and others, continuously update the laws to strengthen the customer’s right to privacy. As the world slowly moves towards a privacy-first landscape, data has become the key to ensuring business scalability. To ensure sustainable growth, marketers should consider measuring compliance adherence relevant to their businesses, which includes aligning marketing outcomes to business goals, implementing a culture of innovation, and bridging the gaps in data as they scale.
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Implement strategic plans to brace for the impact
The demise of third-party cookies has increased the challenges of the overall MarTech advertising landscape. As marketers will not be able to use third-party cookies has created disruption in their retargeting and mobile data acquisition processes. The lack of third-party cookies might impact affiliate advertising and social media marketing strategies.
Instead of waiting for privacy rules and regulations to be formally enforced, marketers should consider setting proactive processes to stay ahead of the competition by utilizing their time, energy, and resources efficiently to find out effective ways to rely less on third-party data.
Modern CMOS need effective workflows that have proactive approaches and advanced MarTech Stack to adapt to the needs of new privacy regulation. Organizations can accomplish this by both educating the workforce and empowering them with the right tools to adhere to all the data acquisition compliance policies in a cookie-less world. CMOs can consider from following ways to minimize their dependence on third-party data:
Establish a fair value exchange for data
Organizations need to ensure that they offer fair value exchange while asking the clients to provide their data. CMOs need to strike a perfect balance that offers businesses and customers equal benefits while exchanging data. Businesses have bigger benefits from gathering customer data, but they need to ensure that they meet the customer’s right to privacy.
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Develop customer trust
Forcing the customer to provide customer data that they are uncomfortable sharing will hamper the user experience and create distrust within the organization. Setting fair expectations while asking for data about how they will use and store data is crucial for enterprises of all sizes. CMOs should consider improving the customer experience by creating transparency about data will enable the customers to provide data without any hesitation.
Enterprises make the data collection process transparent by making it easy to view what data has been collected, while also offering an easier and more intuitive way for users to manage their data. Organizations that offer easier options to delete their data or unsubscribe from the marketing mailing list will have effective data acquisition strategies in a privacy-first world.
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