While the deadline for the demise of third-party cookies may be extended, forward-thinking marketers are continuing to rethink how they use customer data and future-proof their marketing and data strategies.
When asked how they would cope after the “death of the cookie,” more than 60% claimed they would rely heavily on first-party data, according to the IAB’s ‘State of Data 2020’report.
Brands have created strong first-party data strategies to manage the transition. They’re looking into how they protect the data on their customers, which may be a lead or a prospective customer who has previously engaged with them and is now in their marketing database. Marketers are also laser-focused on precisely resolving consumer identity in order to establish meaningful relationships with customers and maintain permission to market and engage with them in the future.
However, in many circumstances, marketers and brands find that their first-party data approach is insufficient and only delivers a limited perspective of the consumer. As a result, forward-thinking marketers are extending their data strategy to complete the picture of the customer journey. They’re aiming to improve the organization of their first-party assets and enrich their data properties. The outcome enables precisely timed contact and engagement with customers, allowing them to create and maintain a sustainable connection with them.
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Data-driven marketing
Enhancing first-party assets enables marketers to link data points such as name, contact information, and geography to complex consumer behavior. This behavioral data completes the customer’s picture by detailing their entire journey—how they arrived at specific pages or items, and how they interact with the business.
This information clarifies the consumer’s goal, behaviors, and personality, giving marketers the highest chance of success with content delivery. Marketers can use this data to develop data-driven segmentation strategies that give a personalized consumer experience based on individual activities. As a result, true 1:1 or person-based marketing can be achieved.
This behavioral data aids marketers in making the best decisions possible based on the activities of specific customers.
Identity resolution
The first step for marketers who want to start upgrading their first-party data is to clean up their CRM—it will be tough to match attributed behaviors if a contact is misaligned with an inaccurate name, geographic region or email address.
The first stage is to confirm and resolve identity, and it must be done in a way that safeguards customer privacy. Identity resolution can help connect fractional “identifiers” to generate a single, unified view of a customer’s identity in CRM or across marketing channels. While browser information and third-party cookies can be used in identity resolution, identity resolution technology does not have to solely rely on these sources.
In fact, to keep data siloed and privacy protected, anonymously matching and linking consumer identities amongst marketing databases, as well as adding in behavioural variables, can be done fully offline or off-site. Marketers don’t need cookies to take advantage of this information. Without the use of cookies, mobile device IDs, or browser tracking, behavioral data can be stored in an offline database. This protects customer information while maintaining valuable marketing insights that can be used to improve personalization without jeopardizing privacy.
Data security and privacy
Enhancing first-party data necessitates an ethical partnership in addition to third-party cookies. It is crucial to maintain the balance between the need to tailor the consumer experience with the requirement to protect privacy. Vendors that understand this respect other people’s data the same way they would treat their own.
The usage of a one-way hash function can help preserve customer data privacy and security. A cryptographic algorithm is used to turn consumer data into an indecipherable string of characters that cannot be reversed back to the original consumer data in this procedure.
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Unlocking more value
When first-party data is combined with behavioral data and insights, a picture of the customer’s path to a certain product or website emerges. Marketers can get a better picture of who they’re talking to and how to approach them by tying these behaviors to current proprietary data. Marketers can use this data to better engage their audiences, improve personalization, and coordinate their efforts for maximum success.
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