The year 2024 will be a turning point in the ever-changing field of digital marketing as companies and marketers prepare for a world without cookies. Data privacy is taking centre stage as news of data mining, user manipulation, and other scams become an everyday thing.
Cookies have been the foundation of online advertising for many years, allowing for effective targeting and customised ads.
However, the third-party cookie is eroding as user privacy concerns grow and regulations get more stringent.
Although there are unquestionably difficulties associated with this change, it also creates opportunities for creative solutions that put user privacy first and strengthen brand relationships.
While traditional targeting might fade away, several other strategies can help marketers win in the new landscape:
First-Party Data is King: That cookies will go away has been known for quite some time now and so, most brands put up measures to collect their own First-party data (email addresses, website behaviours, loyalty programs) with user consent.
User Identity Solutions: Only first-party data will not be enough. It will be advisable to explore privacy regulations-compliant identity solutions like Federated Learning of Cohorts (FLoC), by Google or data clean rooms for anonymous audience segmentation.
Contextual Targeting: Understand user intent and context through keywords, content, and on-portal behaviours for relevant ad placements. Blindly running coupon campaigns or affiliate campaigns without knowing the source can be detrimental in the long run.
Invest in Analytics and Measurement: Refine attribution models and invest in analytics tools to measure campaign effectiveness in a cookieless environment. You can no longer say that an overall ROAS is enough to measure as this will not bring any incrementality from your branding or SEO exercises.
Harnessing AI and ML: Use data that you have collected across sources to create models that can help you optimise your campaigns. Don’t just collect data, use it.
This is just the beginning of the sea of changes coming to the digital ecosystem. Stay informed and agile to make the best out of the privacy-conscious future.
-By Debsena Chakraborty, VP for Growth at mFilterIt
