Marketers know that first-party data gathered directly from consumers is fast becoming the currency upon which all digital media is transacted. This will become even more true as Google deprecates third-party cookies in 2024. Marketers need sophisticated ways of identifying customers and their behaviors without the third-party cookie data they’ve become reliant on over the past couple of decades.
However, before marketers can implement first-party data strategies and begin activating on that data, they must ensure their organizations are prepared for the shift to a privacy focused and first-party data future.
AN ORGANIZATIONAL SHIFT
Positioning yourself for success in a first-party data future often requires an organizational shift in mindset more than a singular focus on the technology.
Companies must create internal systems and mutual understanding that lets data flow (in a privacy-safe way) throughout the organization, constantly enriching that data to create actionable insights, strengthen relationships with customers, and fuel sustained growth for the business.
Here’s a few organizational tips that will help position your business to take ownership of its data, facilitate great customer experiences and drive loyalty:
- Audit and Review Your Data Ecosystem: Audit your tools, purpose, scope, destinations, and stakeholders. This will uncover gaps and prioritize where you need to focus your time and effort.
- Designate a Leader: Put an individual in charge who will make sure the data are collected, structured, and analyzed consistently and correctly. Ensure the operations that flow from those conclusions are implemented correctly.
- Ensure Strong Data Governance: Create a governance system for privacy and data, to continue to ensure the data can be used at the moment and also be backward compatible while also adhering to key legal and regulatory structures.
- Prepare Partners: Make sure that your technology partners are talking to each other, have figuratively shaken hands and had the exchanges and necessary understanding to be ready to support your new first-party data regime.
- Test and Learn: Bake a test-and-learn mentality into your culture. Allow measured risk-taking, iteration and experimentation.
Data — especially first-party data — is an asset. It ought to have a line in a company’s balance sheet. Captured correctly, structured well, and properly overseen it will have the ‘Marie Kondo’ effect: It will bring you joy. Every marketer should be prioritizing its first-party data processes, to build the bedrock of a privacy-driven first-party data environment.
Looking for more resources and recommendations for how to prepare for the first-party data future and cookie deprecation? Check out some of our related blog posts, case studies and guides: