Developments in the data protection space have forced brands to rethink data-driven marketing attribution.
89% of consumers avoid associating with brands they do not believe are efficiently protecting their data. 80% of customers will abandon a brand if the business uses customer data without their knowledge. Companies must notify customers how they intend to use their data. Additionally, give consumers options to opt-out of data-sharing arrangements.
With third-party cookies exiting by 2023, marketers may find it challenging to identify, target and measure users. Interact meaningfully with audiences and deliver real value exchange to customers. Research has also revealed that third-party data has proven to be inaccurate at times. For instance, programmatic advertising relied on impressions and clicks generated by bot activity.
Adopt a zero and first-party data approach. While the cookie exit may decrease total impressions, click-through rates may increase, given that first-party data will become more reliable. With the average CPM expected to rise after the withdrawal of cookie technology, brands must also attribute revenue generated from ads to individual page views, users, segments and content types. Such analysis will enable brands to offer effective contextual targeting.
[13 minute read]