The new third party is the first party

Data professionals are confident that there won’t even be any data left after the third-party cookies disappear by 2023. Consumers who do not like being tracked are delighted. Companies are now left to find better ways for companies to gather data from potential and current customers, all with their full consent and knowledge.

Incentivizing customers willingly to provide their data can help companies get offers, content and recommendations. These efforts will lead to custom forms being the new standard for cross-property tracking. Programmatic advertising will soon be dominated by people-based identifiers. When it comes to cookies, the first party will become the new third party.

Marketers also benefit from these changes. Advertisers believed that third-party cookies would allow them to target more people and produce better results. A recent study showed that Chase’s ads on 400,000 websites did not produce better results than those on just 5,000 websites.

These scenarios promise customers greater control over their experience and marketers more power to create effective campaigns. This is the first-party cookie done right. It requires modern techniques.

To win in the era of cookies, it takes to be aware of new marketing trends and best practices. This new era is built around genuine, two-way relationships between customers and vendors.

Audience targeting is a big hit

Companies rely on personalization to reach known customers and prospecting for targeted audiences. These audience targeting uses cases won’t vanish when third-party cookies data is unavailable. However, marketers are still struggling to figure out how to approach these cases.

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Companies are now faced with the challenge of tracking first-time or unrecognized visitors to their sites as third-party cookies become less effective. Companies currently use third-party cookie and mobile advertising IDs to collect audience information via onboarders and data providers. Marketers will be left wondering how to target ads efficiently when these methods are abandoned.

Many companies turn to demand-side platform (DSPs) to reach known customers. These platforms allow agencies and advertisers to buy digital advertising inventory. Companies will need to find new ways to contact DSPs that can support people-based IDs. Scale is still an issue for most DSPs that don’t currently support them.

Prospecting’s future looks bright, with well-known audience lookalikes, new partner ID solutions and contextual targeting on the rise. To find new customers, companies will need to redefine the “target audience”. Companies must find alternative methods to prospecting, that aren’t dependent on MAIDs or third-party cookies, as the trend towards programmatic targeting of unidentified audiences is downwards.

Marketers are shifting more resources to the development of customer journeys and maintaining customers after all the work they put in. To get to this stage, companies need to retool their customer acquisition strategy to eliminate third-party cookie dependency and make it strategic.

Reduce the impact

It is important to be proactive and not reactive in preparing for the discontinuation. To minimize the effect of their demise on advertising strategies, companies have built them around third-party tracking cookies. Now is the time to re-strategize.

Collect omnichannel data

Third-party cookies collect web and mobile data. First-party data will be collected from all customer touchpoints, from the call center to chatbots to the point of sale. You can identify the “ant trails to success” that convert prospects into customers by combining first-party data from different channels.

Real-time personalization and intelligence

You can get data before they click by getting customers to provide their personal information at each stage of their customer journey. You’ll need to know the omnichannel data insights to help you create customer experiences. This is all possible with Adobe Experience Platform solutions such as event data, stream segmentation, offer decisioning and personalization.

Manage the customer journey

Marketers can optimize customer journeys by using first-party data. These three stages are: gaining repeat business from customers, increasing their lifetime value and repairing journeys to combat attrition. Marketers must be able to promote their products across different channels in a customized way at each stage.

Learn how to become an expert in first-party-driven advertising

First-party advertising targets customers based upon their consent and interests. It replaces third-party cookies by first-party IDs. Customers consent can be combined with behavioral and media data that can be scaled up to personalize at the individual level. You can use more reliable, trustworthy data for first party-driven advertising.

  • Prospect between advertisers and publishers based on a combination look-alike models as well as data from a partner.
  • Increase your audience by using identity partner data assets
  • To identify the components that converted prospects into customers, bring this data back to its original form.

To minimize impact, you need to build a first-party infrastructure. You can shift dependency from third-party cookies towards first-party durable IDs such as email or phone number, which will allow you to create customer journey maps that include both online and offline data. This will help you to determine how prospects become authenticated clients.

These five marketing strategies will be in fashion.

It can be difficult to decide how to proceed in this year’s uncertain environment. It’s important to be able to adapt to changes in legislation and remain agile.

Below are five marketing strategies that we think are in fashion right now, and why they are so popular.

1. Personalizing content using first-party cookies

To enrich the customer experience, authenticated first-party cookie and first-party application identifiers will be used in the near future. These insights can also be obtained through artificial intelligence and Machine Learning. This will be used to classify browsers into audiences using real-time customer data profiles. Access to behavioral data, attributes and segment memberships will be available to companies. Personalization’s future will offer richer profiles beyond the current binary of segment and trait qualification.

2. Reaching out to existing customers

Companies can expect rapid industry changes that will require flexible activation of additional IDs. Walled gardens will expand in number and types, including mobile numbers and IDs. This will allow for more flexible activation of additional IDs. The growth of DSPs and the resurgence of direct buys can be used by companies. Marketers who reach known customers successfully activate IDs based on partner and personal data in an open and agnostic fashion.

3. Finding prospects

Companies will need to identify their “target audience” and match them with publisher’s authenticated customers. They also need to target customers directly (or use them for lookalike modeling and expansion), work with identity partners and reach customers using relevant messaging based upon page content. These steps will guarantee success regardless of industry changes.

4. Measurement of the customer data’s value

Switching to the “cost per authenticator” metric should be a priority. Companies can prepare for the future without third-party cookie by focusing on this metric. This metric is focused on customizing the moment at which first-party data is captured, with the goal of:

  • You can personalize your experience based upon each user’s click behavior
  • Find out the exact sequence of your customer journey that maximizes consent-based first-party data
  • Learn why customers leave your website without providing any personal information

5. Customer trust is a top priority

Without the trust of their customers, companies won’t be able to succeed. This is particularly true in an era without third-party cookies. It’s crucial to build trust with customers through respecting and protecting their privacy.

source https://business.adobe.com/blog/the-latest/first-party-is-the-new-third-party

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