Updated: Mar 21
We are seeing a dramatic paradigm shift in the digital marketing ecosystem. These changes have been brought on by developments in data policies, browser/cookie limitations,the upcoming deprecation of the third party cookie, privacy culture and more. They have caused certain areas of marketing such as audience creation, user attribution, user segmentation, remarketing and retargeting to be made near to obsolete. We have to be aware of how to let go of the old and be aware of the new tools, trends and best in class practices to mitigate the data gaps at hand to increase marketing performance and in turn revenue.
Companies need to focus on building trust and providing value to their customers while respecting their privacy.
Here are some key steps an organisation can take to prepare their digital strategy in such a world:
Embrace data minimization: Collect only the data that is necessary for the organisation's operations and services. This helps to reduce the amount of personal data that needs to be collected, processed, and stored.
Implement alternative tracking methods: Explore alternative tracking methods that do not rely on cookies, such as fingerprinting and cohort-based tracking. However, organisations should be mindful of the potential risks associated with these methods, such as the potential for user identification and tracking across multiple sites.
Leverage first-party data: Focus on collecting first-party data, which is data collected directly from customers rather than through third-party cookies. This data is often more accurate and reliable, as it comes directly from the source.
Invest in consent management: Implement a consent management platform that allows customers to easily manage their consent preferences for data collection and use. This helps to build trust and transparency with customers, as they have control over their data.
Partner with privacy-focused vendors: Choose vendors that prioritise privacy and data protection, and ensure they comply with data protection regulations like GDPR and CCPA.
Educate and train employees: Ensure that employees are trained on privacy best practices and understand the importance of protecting customer data.
By following these steps, organisations can build a privacy-centric digital strategy that promotes trust and transparency with their customers while still allowing them to deliver personalised experiences. Companies can also ensure to set the foundation for an evolving digital strategy that will stimulate increase in performance and in turn overall revenue.
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