As the advertising landscape evolves, adapting to a cookieless future requires a strategic balance between utilizing second-party data and building robust first-party data pools.
With Google phasing out third-party cookies for 1% of its users, begins turmoil in the ad tech industry, leaving advertisers in contemplation. They have started developing their marketing strategies from scratch to deal with the stride. Although this cookie crumble has been in it air since 2021, the advertisers are reacting differently to the recent move by Google.
In fact, a survey by Basis Technologies revealed that 66% of the organisations have implemented new targeting or measuring solutions within the last year to respond to Google Chrome’s deprecation of third-party cookies in 2024. Let’s explore the in-depth findings of the survey.
How is Google Chrome’s third-party depreciation impacting advertisers?
Basis Technologies, a global provider of programmatic advertising, had surveyed over 200 professionals at agencies, brands and publishers to know their insights on Google’s third-party phase out. Here are a few takeaways:
- Around 33.8% of marketers and advertisers are not confident about reaching their target audiences if Google follows through on its plans to completely deprecate third-party cookies in Chrome in late 2024.
- While, 13% of the marketers say that they are exploring new identity solutions to implement in 6-12 months, and 11% have no current plans for new solutions.
- More than 88.2% of marketers and advertisers believe that precise audience targeting and measurement is more important to their colleagues in the advertising industry than protecting consumer privacy.
What initiatives are global organisations taking to establish a cookieless world?
Post the release of Google Chrome’s third-party cookie deprecation policy, brands and marketers have already started to restucture their advertising strategies. They have started experimenting with popular cookieless alternatives, such as Google’s Privacy Sandbox, CDPs/identity resolution and data clean rooms as a wall against the storm.
Meanwhile, building first-party data pools in a cookieless era requires a strategic shift towards prioritising consumer privacy and transparency. Here are some steps brands can take to craft privacy-first marketing strategies:
- Transparency and Consent: Clearly communicate data practices and obtain explicit consent from consumers.
- Value Exchange: Offer compelling benefits in exchange for consumer data to encourage opt-ins.
- Data Minimisation: Collect only necessary data to provide relevant experiences, avoiding excess information.
- Invest in Security: Prioritise robust data security measures to protect consumer information from breaches.
- Leverage Zero-Party Data: Encourage consumers to proactively share information through surveys and preference centres for more accurate personalisation.
Summing it up, In the context of third-party cookie depreciation in Chrome, larger signal loss emerged throughout the advertising segment. It’s going to become critical each day, increasing the complexity of collecting and organising first-party data for segmentation and personalised targeting. To combat this challenge, marketing teams need to strike a balance between using second-party data and building up their own first-party data, catering to the cookieless future.
