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Why You Need a First Party Data Strategy in a Cookieless World

Posted by IndustrySelect on Tuesday, November 30, 2021

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4 MIN. READ

With Google ending support for third-party cookies sometime in 2023, marketers and salespeople need to rethink the way they generate and target leads. The answer to the coming cookiepocalypse is to focus on first-party data.

How Third-Party Cookies Shaped Marketing

Third-party cookies are small text files created by an entity other than the website you’re browsing. You’ll usually get third-party cookies from the ads embedded on a page.

Cookies have been around since the early days of the internet. Lou Montulli, an engineer who was working for Netscape at the time, came up with the idea of small text files that would remember users in 1994.

Over the next 25 years, cookies have shaped how marketers track, target and learn from users. After all, the more you know about what a user does online, the better you’re able to deliver personalized ads and target users with the highest potential ROI.

Cookies have taught us how valuable data is. They’ve also taught us that collecting too much data is detrimental to users. There is a growing awareness of privacy concerns, and some marketing practices are making people uneasy. In 2021, over 50% of consumers said they were somewhat or much more concerned about privacy compared to a year ago. This highlights the need for marketers to rethink how they collect and use data.

The End of Third-Party Cookies

We’re at a turning point. Browsers like Safari and Firefox have already stopped supporting third-party cookies, and Microsoft Edge has some built-in options for blocking cookies. Google is phasing out third-party cookies for Chrome by 2023. This will effectively put an end to this practice since Chrome accounts for over 64% of the market shares for desktop browsers.

The Impact on Business Intelligence and Intent Data

With the end of third-party cookies, the scope of the data that marketers are able to collect will narrow. This will limit visibility over the B2B buyer’s journey.

Advanced targeting campaigns that leverage browsing data from multiple sources will no longer be possible. Marketers will have to move toward a more contextual approach to display relevant ads.

Retargeting will have to change. You will have to rethink how you nurture leads and possibly connect with users earlier in their journey to start collecting first-party data.

Intent data will also become limited. This type of data allows you to track a user’s steps as they visit different websites and perform tasks related to their buying journey. You won't be able to collect intent data across the web. However, a strong content marketing strategy will result in quality first-party data that reflects where a B2B lead is in their journey.

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Why You Need a First-Party Data Strategy Now

Third-party cookies are coming to an end, and now is the perfect time to prepare for what’s next.

Marketers should anticipate a drop in how effective their targeting efforts are. It will likely translate to a lower ROI for some campaigns.

There will also be a shift in the kind of personalized experiences you can offer as well as a higher risk of not meeting B2B buyers’ expectations. You should explore new strategies to deliver personalized experiences, such as offering a call with a salesperson earlier in the buyer's journey.

First-party content will become more important than ever. Businesses with a strong content marketing strategy and social media presence will collect more first-party data. Establishing yourself as a thought leader for your industry now will give you an advantage.

Working With a First-Party Data Compiler

First-party data is information that you collect from users directly. Users have to consent when they share this information, and they have more control over what they share.

First-party data compilers are entities that have existing datasets for B2B buyers. They also have proven strategies to engage these buyers, deliver value to them, and keep gathering and updating data.

Working with a data compiler means you have access to reliable information that you can use to target leads accurately and deliver personalized experiences. You can use this first-party data to launch direct advertising campaigns as an alternative to your old targeting methods or to get access to qualified leads.

Access High-Quality First-Party Data with IndustrySelect

IndustrySelect provides access to comprehensive profiles of the nation's 400,000 manufacturers, providing quality first-party contact, relationship and intent data. We compile and verify all our data through authentic human research to give you access to high-quality information for lead generation and direct advertising. We can help you adopt marketing strategies that rely on first-party data ahead of the cookiepocalypse. See a sample profile here

Register for a free demo to get started!


Article Sources:

https://qz.com/2000350/the-inventor-of-the-digital-cookie-has-some-regrets
https://www.statista.com/statistics/1228234/online-privacy-concerns-us/
https://gs.statcounter.com/browser-market-share

 

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