With Data being the lifeline of marketers, Google is all set to eliminate third-party cookies by Q4 2024. Are you panicking on hearing this? But, actually, you shouldn’t. Third-party data is the recipe for disaster of your campaign performance. Believe me, it possesses a proportion of inaccurate, obsolete and adulterated data causing a huge blow to your campaign’s performance. Third-party data-type is the pitfall causing your campaign’s downfall. Look at the conversions from your last marketing campaign—you could have achieved even more, but poor third-party data hampered it.
Even if the third-party data continues to exist, your campaign conversions will take a hit. Does it make you feel like your world is falling apart? Hold on. There is a savior to navigate through this storm- First-party data. Read further to know more.
Achieving Conversion- The Battle Marketers Hardly Win:
Currently, marketers are undergoing the hardest times. Today, campaign cost is increasing at the speed of inflation but brings very less conversions. The rise in customer touchpoints has added further more burden. All of this has made marketers feel like they are in the midst of a battlefield. But, some marketers consistently achieve higher conversion for their campaigns. What differentiates these high-performing marketers from others is quite simple yet unnoticed- the quality of data they utilize for their campaigns. They leverage first-party data, the top-quality data. Wondering how first-party data could be a game-changer for campaigns? Read further.
The Functioning of First-party Data:
The data you use can make or break a campaign. In first-party data, the cookies are set directly on your website in your visitor’s browser. This allows you to directly collect accurate and real data about the visitor’s activity on your website including their interactions, clicks, the sections they scroll through your website, etc. This helps you to exactly identify their browsing pattern, behavior and buying triggers. Hence, you can build data-driven campaigns with this real customer data which improves the overall campaign performance and boosts conversion. But, third-party cookies come with a heap of inaccurate data making your campaigns a failure. Here, I’ve listed the multitude of benefits that come with first-party data.
Build Personalized Campaigns Effortlessly:
Most high-converting personalized campaigns we see today are backed by first-party data. Let us assume that you want to buy a Deadpool-themed half-sleeve hoodie. While scrolling through Instagram, you find an ad showing exactly the same. Now, at the joy of seeing what you want, you would click the ad immediately and make the purchase. This is how personalized ads combined with first-party data usually work. These ads suggest products that exactly match your buying preference and drive you to make an impulsive purchase.
First-party data decodes product interests, buying triggers and other relevant insights about your customers, thereby helping you to build killer personalized campaigns that matches their interests and drive conversion.
Maintain Strong Relationship and Leverage it for Upselling and Cross Selling:
With Customer Acquisition Cost (CAC) on the rise every year for both B2B and B2C companies, maintaining a strong relationship with existing customers is crucial for upselling and cross selling for which first-party data plays a huge role.
The accurate and real first-party data offers you their purchase history, interests and behavior patterns. So, you could easily assess their product preferences and sustain a strong relationship by making timely updates on their interested products, offers and rewards around them.
Effective Segmentation at Ease:
First-party data helps you to effectively segment your audience. It offers real insights into their activity on your website including clicks, products viewed and purchase history, helping you to segment easily and effectively. You can launch tailored campaigns for each segmented group and achieve conversion.
Reach Potential Customers with Precise Audience Targeting:
Today, even if companies have customers who are genuinely interested in their product, they cannot reach them due to their poorly targeted ads backed by third-party data. But, changing this scenario is possible with first-party data. It enables you to precisely target every potential customer and drive them to purchase. Unlocks New Insights About Your Customers The raw and real first-party data unfolds a handful of accurate insights about your customers offering you sufficient campaign ideas to run A/B campaigns. So, first-party data makes conversion happen at a fast pace. Wrapping Up: In 2024, every company has a ton of competitors. Your competitors are looking for possibilities round-the-clock to grab your potential prospects and customers. With hyper-personalized campaigns and precise targeting of first-party data, you could outpace your competitors and elevate your sales. Alongside its disadvantages, marketers don’t get complete access to third-party data as there is a significant data loss happening before the data reaches them. Your potential customers are not only in the data you have but also in the data you lost. So, whether third-party cookies are here to stay or getting removed, utilizing it will only affect your campaigns. With all the solid reasons given above, it is needless to say that switching to first-party cookies in line with GDPR regulations could be a game-changer for your campaigns.
