Third party cookies may be on the way out, but advertisers are turning their attention to first-party data as an alternative.
As an advertiser, there is no need to panic about this shift. First party data is not only compliant with privacy regulations but has the following additional benefits:
Creating Value – strengthens advertising campaigns & generates meaningful connections with customers.
First Party Data is unique to your business
You have consent from consumers
Helps build direct relationships
Utilise information sourced from customers via your CRM
If you haven’t yet heard about the demise of third-party cookies, you can read more about this topic in our recent blog.
The Rise of First-Party Data: A Strategic Advantage
Gathering information directly from customers on your website or app is a powerful advantage in today’s digital advertising. For insurance brokers, it’s crucial to build a strong collection of this data to better understand customer behaviour and preferences.
Personalisation & Tailored Experiences
Using first-party data has a key advantage: it lets you make personalised ads. Knowing people’s preferences helps you show them content, suggestions and promotions that matter to them. This aligns with Google’s privacy rules, creating a stronger connection with consumers. Providing unique experiences makes customers feel valued, building trust in your brand and messages.
Enhanced Targeting and Segmentation
First-party data empowers advertisers to refine their targeting and segmentation strategies. By categorising users based on their interactions, demographics and preferences, marketers can deliver more precise and effective campaigns. This not only improves ad relevance but also reduces wasted impressions therefore optimising budget allocation.
Improved Retargeting Efforts Many insurance companies use targeted ads by tracking users’ actions on their platforms. For instance, if a user leaves a quote process unfinished, brokers can use their first party data to show ads prompting the user to continue and get a quote. Offering discounts or free incentives may increase the chances of the user completing a purchase.
Overcoming Challenges: A Roadmap for Advertisers While the transition from third-party cookies to first-party data presents numerous advantages, it is not without its challenges. It is key to adopt a strategic approach to navigate this new landscape successfully.
Below are a list of things to consider:
Building Trust and Transparency – Consumers are increasingly aware of data privacy issues and building trust is paramount. Advertisers must be transparent about how they collect, store and use first-party data. Clear communication and the implementation of robust data protection measures are essential for establishing trust with your audience.
Incentivising Data Sharing
To encourage users to willingly share their data, advertisers can consider offering incentives such as exclusive discounts, personalised content or early access to promotions. This creates a value exchange and helps foster a positive perception of data sharing.
Embracing Technology Solutions
As artificial intelligence and machine learning develops, advertisers can use these technologies to analyse first-party data effectively. These tools can uncover patterns, predict user behaviour and enhance the overall effectiveness of advertising campaigns.
So How do we integrate First Party Data into advertising campaigns? Google has launched ‘Google Ads Data Manager‘ which has been introduced to simplify connecting your first party data to your campaigns. Data Manager will be rolled out early 2024 and is aimed to simplify the enablement of enhanced conversions for leads and customer match. Eventually, Google Ads Data Manager will streamline everything including measuring customer interactions with Google tag or sales that happen off your website. We will be sure to update you further on this as these new features are launched.
Conclusion: A New Era of Advertising Excellence
The shift towards first-party data brings a new era of advertising excellence, where personalisation, relevance and privacy coexist harmoniously.
We believe this change will benefit advertisers in the long run as it will not only comply with evolving privacy regulations but also unlock the potential for more meaningful connections with audiences. Utilising first party data and contextual advertising will be the key to success in the post-third-party cookie era.
To find out more about first party data, get in touch with our team.