What is third-party data?
Third-party data is information businesses gather without a direct relationship with their customers. Third-party data is collected by a third-party data company and can be quite costly to purchase.
Everything we do in this connected world generates data. As a result, when it comes to third-party data collection, there are serious concerns about individual privacy. With the death of third-party cookies to protect user privacy and comply with strict regulations, your company will require new methods to collect customer information.
So how can we combat the death of cookies with first-party data strategies?
To begin, you must determine where you fall on the data maturity spectrum and what your next steps should be.
The greater your customer data maturity, the more direct access you have to your end customers and the higher the amount of authenticated customer traffic you have across your digital channels. Your end goal, regardless of your level of customer data maturity, is to prepare your brand for a world where the privacy of your customers comes first.
There are some considerations you might want to take into account when developing your first-party data strategy. Depending on your advertising needs, you may start in the various stages of mastering your first-party data maturity.
- Do you want to start with short-term fixes to address your immediate advertising needs? Perhaps explore tactics that will meet immediate advertising needs such as contextual advertising.
- Maybe you need future-proofing strategies and improving customer data collection in order to foster stronger relationships with other brands to offset the loss of your third-party data.
- Perhaps you already have some strategies in mind? Why not begin by calibrating your marketing technology stack and launching your first-party data strategies so that you can begin to test, measure, and optimise them in order to better connect with your customers and drive higher marketing ROIs?
Even with the death of cookies, the good news is that your customers are willing to share the information you require in exchange for improved experiences. With our privacy-first future, it is critical that we understand and design a long-term first-party data strategy that aligns with your business needs in an ever-changing privacy world.
