Newcastle-based digital marketing agency The Bank believes the demise of third-party cookies will revolutionise the way businesses and marketers gather consumer data.
A new industry report from an influential digital marketing agency has predicted first-party data gathering is the key to overcoming the upcoming restrictions on third-party cookies.
Newcastle-based marketing agency The Bank released its Trend Report in December 2022. And among the many predictions for the marketing industry in 2023 is a new, increasingly holistic approach to data gathering.
According to one of the report’s headline predictions, first-party data gathering is set to become increasingly influential throughout 2023 and beyond.
The Bank’s Trend Report highlights the need for businesses to look at ‘more innovative and hybridised’ solutions that can bypass the ever-increasing privacy laws being introduced.
One of the examples used to demonstrate the move towards a first-party solution involves supermarket giant Tesco. The company is providing access to its first-party data in return for a share of the resultant ad revenue.
Tesco’s approach represents a sea change in the use of personal data for marketing and advertising purposes. And Trend Report makes the point that this form of first-party data-gathering initiative facilitates large-scale people-based marketing efforts — without the need for plugins, pop-ups and other types of on-site integration.
While The Bank’s Trend Report recognises the challenges raised by increasingly stringent data privacy laws, there is cause for optimism. Businesses that take the lead in looking for new and innovative ways to collect, store and deploy data should be able to take back control of their digital marketing strategies.
With the requisite marketing expertise, management tools and strategies, businesses can stay ahead of the data privacy curve and continue to reach the right people with the right messages.
But as Trend Report makes clear, we’re only at the beginning of the first-party data revolution. More than 80% of marketers still rely on third-party cookies. And around half still maintain that third-party cookies are still very important to their marketing efforts.
Astute business owners and decision-makers are well aware that there’s more than legal compliance at stake here. The report reveals that 87% of consumers are concerned about how their private information is being used by businesses and marketing agencies. And this figure could well increase as awareness of data privacy continues to grow.
Today’s most successful marketing agencies are constantly developing new ways to expand and improve their first-party data-gathering methods. Some are using user registration, quizzes, surveys and polls to extract consumer data through legal and consensual means. Others are leveraging the power of sophisticated software in order to automate many of the tasks and processes involved.
As The Bank’s Trend Report highlights, any business or marketing agency that wishes to survive during the so-called post-cookie era will need to be innovative and forward-thinking in its approach to data-gathering. And that’s something The Bank’s Business Development Manager Tammy Davis is determined to take a lead in. She said:
“Trend Report was a team effort involving all of the marketing experts at The Bank. Our marketing, media and digital professionals got together to predict 2023’s biggest developments in the world of marketing, and the death of third-party cookies was right at the top of the list.
“Privacy laws are closing in on the industry, and I’m not sure all marketers and businesses are ready for the fallout. Gathering consumer data is about to become a lot more difficult, but there are alternatives to the traditional third-party cookie.
“We are using various zero and first-party data-gathering vehicles in order to acquire data legally and with the full consent of consumers. Taking a more interactive approach is key, which is why the use of surveys, polls, quizzes and registration processes is now so important.
“We don’t just need to stay on the right side of the law on these issues — we also have to keep consumers onside. That’s why the most successful marketers will be those that actively engage and communicate with people.”
The Bank’s Trend Report features a comprehensive list of marketing industry predictions for 2023 and beyond, and it’s available for free download today.
The Bank is a marketing, media and digital agency with offices in Newcastle-upon-Tyne and London. Powered by marketing professionals, digital experts and creatives, this growing agency takes a data-driven approach to growing brands and expanding the reach of businesses throughout the UK. Specialising in bespoke marketing campaigns for advertisers, The Bank always seeks maximum returns for its clients through hand-curated media strategies.
Please direct all press-related enquiries and interview requests to Tammy Davis at The Bank.
Telephone: 0191 466 1208
Website contact form: https://thebank.co.uk/contact-us/