Third party cookies are dying, and with Google phasing them out by 2022, you need a new strategy to continue monetising your data. For a long time, cookies were the primary way marketers gathered information on their customers to leverage and sell via a DSP, but they were far from efficient and didn’t give enough information for others to make sound advertising decisions. Now you must look at how to build a first party audience which isn’t based on the cookie alone. A first party data strategy that is centred around the email allows you to mimic what you were doing previously, but using email addresses as ID, allowing you to continue monetising your data in the new digital landscape. So how do you go about creating a first-party data strategy?
The power of data
Data is an incredibly powerful tool when it comes to the sort of targeted advertising which will generate sales. Data is the modern currency, and brands are willing to pay higher CPM rates to get their hands on higher-quality data. Cookies were relatively easy to collect at scale and monetise, but as the cookie crumbles, how do you replace this revenue stream and build up enough email data?
Firstly, you need to ask yourself if your current site is optimised for data collection, whether your email sign-up is obvious and whether you have all the privacy policies in place which will reassure customers they can part with their information. The 2018 General Data Protection Regulation (GDPR) means you have to protect people’s data and privacy, so you need to prove you have done everything in your power to do so. If people don’t feel their personal data will be secure, then they won’t share it.
Secondly, you need to think about the sorts of data which will be valuable to you and the brands you sell to. What are the demographics you want to target things by? That could be occupation, salary bracket, even what sort of car they drive. Question what sort of person is likely to be interested in your product. Knowing your target audience will help you decide what sort of data you can ask from them in a survey or a form and in the future will not only allow you to monetise your audience better but also personalise your own marketing. Remember, you’re not just selling cookies. You have the ability to collect deterministic and not probabilistic data, so use that to your advantage.
Share and share alike
People can be very reluctant to share their information with a website. As well as reassuring them their data is protected, you also need to give them an incentive to part with that information. Customers are more likely to trust your brand if there is a ‘human face’ to it, so friendly-sounding website content can help. If you want to get, you have to give. Loyalty rewards or prize draws for completing surveys are one route, another is to simply let them know how what they’ve told you has been used to improve your products and customer service.
Once you have collected data on your customers, you will have to find ways of scaling it up, to enhance both the size of your database and the quality of the information you have gathered. You guessed it – it’s another case of sharing. If you can create cooperatives and partnerships which help you improve your data set, you’ll be well on the way to creating customer profiles and better able to monetise your base. Remember, at esbconnect, we have millions of UK email addresses with purchase intent and demographics attached, and we love a partnership.
In the digital age, online data is one of the most valuable resources you can possess. With the right approach, you can monetise that data, build your brand and grow your customer base. A specialist company such as esbconnect has the experience you need to get your first-party data strategy off the ground. Ditch the reliance on cookies and discover a new way of using data, by getting in touch with our expert team today. Click here to speak to us now.
By Suzanna Chaplin, CEO