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Marketing

Business Growth in a Cookieless World

JULY 21, 2022

Simply put, a cookieless world is a digital landscape that does not make use of cookies. A cookie is a piece of data from a website – usually login details – saved within a web browser which the website can retrieve later. Cookies tell the server that users have returned to a particular website, and this specific feature means that cookies can track a user’s digital footprint. This has brought up security concerns which bring to question the safety and privacy of users online. Recently, there has been an outcry based on these concerns, and in response to this, Google has made an announcement to stop supporting third-party cookies on its Chrome browser by the end of 2022. So what implications do a cookieless future hold for business planning and business strategy? Also, how do we grow business and employ business growth strategy in a cookieless world?

To begin with, digital and programmatic advertising has relied heavily on cookies to get market intelligence insight, retarget prospects and develop business growth/development strategies. Now, advertisers will be unable to create one-to-one advertising, which results from having tracked a user’s digital footprint, and neither will they be able to track impressions like they could with the use of cookies. As a result, advertisers will only know what Google wants them to know. The transition to a cookieless world will also mean less revenue for businesses targeting consumer news feeds through sites like Facebook. This transition also mandates that digital advertisers must adapt to the increased use of first-party data, which is more reliable, transparent, and accountable in its coalition.

How can businesses use first-party data to grow business operations?

    1. Accurate Targeting: First-party data can be employed to identify real people across devices and channels, understand their buying patterns and target them more accurately. This will increase relevance and drive ROI for businesses
    2. Understand Customer Behavior. Another way first-party data can be used as one of the strategies to expand businesses is in the integration and advanced measurement of multi-channel platforms. This is because by integrating first-party data from multiple channels, brands can map out the customer’s journey from an email newsletter to a website to a mobile app before purchasing in-store. With a view of this process and its many variations, brands can segment audiences and optimize marketing efforts to increase conversion rates. Also, mapping out the consumer journey helps brands deploy the right message at the right time using the right medium. It also allows marketers to know when to retarget and pull customers back on the road to conversion.
    3. Optimizing Advertising Costs: Another way first-party data can be used to enhance a business’ strategic development is by influencing media allocations and budgets. This is because insights into various aspects of the consumer journey and how it affects conversion rates provides a more precise way to allocate budgets which will enhance customer engagement and in-store sales. First-party data also gives a unified and integrated view of an individual customer as data on their profiles are collated across multi-channel platforms. Merging these data gives brands a unified customer view, allowing marketers to understand what prompts customers to take action across different devices and platforms. Generally speaking, first-party data presents the most accurate intelligence for a marketing strategy plan. It helps brands innovate, create new ways to tailor messaging and invigorate the customer experience. Based on first-party data insights, marketers and brands can design distinctive brand experiences customised to specific customer interests, preferences, location and purchase history.
    4. Optimise Marketing Communications: On a more granular level, first-party data helps businesses to better understand their customer’s behaviour. It helps businesses know what devices their customers use to interface with marketing communications, which ultimately allows such businesses to customize its messaging. First-party data can also help businesses lower bounce rates on their website by optimising its copy and designs to appeal to its ideal target audience. First-party data can give an insights into which areas of a business’ marketing plan and strategy drive the most conversion and sales, and which areas need  improvement. First-party data also gives insights on how  to enhance a user’s time-on-page, which ultimately helps to encourage more leads and sales for a business. It also helps marketers continually optimize content and design by analysing the pages that are popular with users to keep a business’ website visitors engaged.

In conclusion, in the near future, first-party data will become the primary source of data that businesses will turn to to make decisions. The accuracy, reliability, ease of collection and cost-effectiveness make it a veritable intelligence source for business decisions that will spur business growth.

Over the last two years Terragon has been focused on helping brands navigate a cookieless future. Terragon has developed a Proprietary Customer Data Platform that offers any company that seeks to reach its customers online with a tool to improve and sustain their digital advertising investments. The Terragon Customer Data Platform offers a broad spectrum of features that is customized to the needs of businesses in emerging markets. This product and innovation process has kept in mind the unique usage patterns of mobile subscribers in developing and underdeveloped markets. For instance, a business’ digital marketing strategy in Africa is incomplete if native Telco channels – SMS and USSD are not considered as a communication channel, with the data points therein forming a key touchpoint of the customers.