The Death of Third-Party Cookies and Three Things You Can Do To Survive
And according to AboutAds, 40.5% of online users prefer to see ads targeted to their interests?
Unfortunately, this superpower is not forever.
Google recently announced that third-party cookies will be phased out by 2023.
Yep. That’s right.
In fact, 96% of users have opted out of app tracking in iOS 14.5, which originally generated over 30 – 40% conversions.
So what’s the reason, you ask?
According to Privacy Australia’s recent survey, 57.9% of their respondents are not confident about how websites protect their data. This report is not isolated to Australia. In the US, 74% of internet users are now more concerned with their online privacy based on Legaljobs’ report in 2021.
The message is loud and clear.
According to GetAppl, 41% of businesses today see that their inability to track data will be their biggest challenge moving forward.
If you resonate with this, we got GREAT news for you. Keep reading.
At first glance, the lack of tracking might look problematic. But that is only true if you solely rely on rented relationships (ads powered by a third party) or paid ads. Here’s what you can do.
1. Stop relying on third-party powered ads
Google isn’t banning all cookies and you can still maximise first-party data.
First-party data: This is information your business collects directly from your audience. It could be from your website or social media.
Third-party data: It’s the data collected by a business or entity that is not directly linked to the customer or user.
The first-party cookie is commonly used to improve user experience. But you can also see your audience’s behaviour based on what they did while visiting your website and social media pages. These data are still gold mines, which include geographical demographics and referring websites.
Feeling much better now? 🙂
Another strategy is to leverage contextual advertising or “go where your clients are.” Your audience will see the ads based on what they are currently searching. This is anchored on real-time search instead of overall online behaviour, which means going back to keyword targeting.
2. Focus on building your relationship within your own platform.
Since rented relationships will be a thing of the past, you can foster a stronger bond with your clients within your own environment. You can build your company app or revamp your website. Research from Stanford shows that 75% of consumers judge a company’s credibility based on the website alone. Let that sink in.
Companies should also capitalise on email marketing where users are set to grow to 4.6 billion in 2025, according to Statista. In fact, more than 20% of marketing experts plan to boost and invest in email marketing to address Google’s upcoming policy.
Fact: A good email marketing strategy with “sticky” content delivers a strong return on investment. Content remains king.
Oberlo reported that for every $1 spent on email marketing, you can expect a return of $42.
We have to admit though, with 333.2 billion emails sent every day, it is a challenge to develop an effective email campaign.
So how can you make sure yours is THE ONE worth opening? Read our 4 Steps To Creating Email Marketing Campaigns That Convert.
3. Learn direct information about your clients that you cannot collect through quantitative tracking.
This is what you call zero-party data. It’s when a person voluntarily provides information to your company in exchange for valuable information and tools. A 2019 study by McKinsey revealed that whilst consumers don’t want to share data for transactions perceived as unimportant, they are willing to do so if they see a positive value exchange. Here are a couple of strategies.
So let’s say you are selling a high-rise luxury apartment. Your landing page should seamlessly include a highly-visible form that asks critical questions about the buyer in exchange for valuable information like a copy of your brochure and floorplans. Some of the questions you should include are what type of buyer they are, the size of the apartment they want, and even how soon they are looking to purchase. A win-win situation.
Read how you can create a well-designed website and landing page to obtain zero-party data here.
There are no problems, only solutions.