5 myths busted about the cookieless world and 1st party data
18/10/2022 - Veerle Rijckaert
Myth 1: As long as Google (Chrome) still supports 3rd party cookies, we will continue to focus primarily on our acquisition strategy because it works.
The shift to a 1st party media data strategy takes time and the formula for success is different for each company. The more margin you have to test, the more insights you can gain before you are required to make the effective switch. Despite the fact that acquisition in media strategy can produce very good results right now, we are going to have to rethink the current methods. A strategy based on your own data is also going to greatly strengthen your position in relation to media channel partners.
Myth 2: Time for an all-in loyalty strategy then?
Acquiring new customers costs 5 to 7x more than retaining existing customers, so no more excuses for implementing a loyalty strategy across all channels. Yet the balance between loyalty and acquisition is essential for long-term impact of marketing. In a perfect world, you have a harmony between bringing in new customers and retaining existing ones.
Myth 3: A CDP is the answer to the cookieless world.
A good 1st party data strategy is the best tool to do future proof marketing. A CDP can help push audiences to channels more easily, but it is not an end in itself. Without a good data strategy, a CDP is an empty box.
Myth 4: 1to1 marketing takes a lot of time, money and ressources
This myth is actually quite true, but perhaps we should make a distinction between customer perception and effective 1to1 marketing. The higher the relevance, the higher the engagement and interaction on your communications. This also means that you can already start with a good match between existing content and segmentation groups. Start with 2 versions for your next newsletter or banner campaign and see what the uplift in results is. Be smart with the content you already have....
Myth 5: I don't have data for personalization.
Many companies sit on a mountain of data without the resources to get started. Through a good data partner, data quality improvement projects are already very accessible. Couple this with a strong data capture strategy and you can soon use your data to communicate even more relevant and personal to your customer. Every interaction a customer has with your brand, can be a potential data point. For example, your email or website can become a very good predictor of your customer's areas of interest.
Author : Nils Sonck - Strategic marketing consultant