Newcastle Marketing Agency The bank believes the demise of third-party cookies will revolutionize how companies and marketers collect consumer data.
A new industry report from an influential Digital Marketing Agency has predicted that first-party data collection is key to overcoming the upcoming limitations on third-party cookies.
Newcastle-based marketing agency The Bank released theirs trend report in December 2022. And among the many predictions for the marketing industry in 2023 is a new, increasingly holistic approach to data collection.
According to one of the report’s headline predictions, first-party data collection will become increasingly influential throughout 2023 and beyond.
The banks trend report underscores the need for companies to look for “more innovative and hybrid” solutions that can circumvent the increasingly stringent data protection laws that are being put in place.
One of the examples used to demonstrate the move to a first-party solution is supermarket giant Tesco. The company offers access to its first-party data in exchange for a share of the resulting advertising revenue.
Tesco’s approach represents a sea change in how personal data is used for marketing and advertising purposes. And trend report points out that this form of first-party data collection initiative facilitates large-scale personal marketing efforts—without the need for plugins, pop-ups, and other types of on-premises integration.
while the bench trend report recognizing the challenges posed by increasingly stringent data protection laws, there is cause for optimism. Companies that are at the forefront of finding new and innovative ways to collect, store and deliver data should be able to take back control of their digital marketing strategies.
With the right marketing know-how, management tools, and strategy, organizations can stay ahead of the privacy curve and continue to reach the right people with the right messages.
but trend report makes it clear that we are only at the beginning of the first-party data revolution. More than 80% of marketers still rely on third-party cookies. And about half still claim that third-party cookies are still very important to their marketing efforts.
Smart business owners and decision makers recognize that there is more at stake here than regulatory compliance. The report shows that 87% of consumers are concerned about how their private information is being used by companies and marketing agencies. And that number could rise as privacy awareness continues to grow.
Today’s most successful marketing agencies are constantly developing new ways to extend and improve their first-party data collection methods. Some use user registration, quizzes, surveys and surveys to extract consumer data in a legal and consensual manner. Others harness the power of sophisticated software to automate many of the tasks and processes involved.
As the bank trend report Importantly, any company or marketing agency that wants to survive in the so-called post-cookie era needs to be innovative and forward-thinking in their approach to data collection. And that’s something Tammy Davis, the bank’s business development manager, is determined to lead. She said:
“trend report was a team effort involving all of The Bank’s marketers. Our marketing, media and digital experts came together to predict the biggest developments of 2023 in the world of marketing, and the death of third-party cookies was high on the list.
“Privacy laws are fast approaching the industry and I’m not sure all marketers and businesses are prepared for the impact. Collecting consumer data is becoming much more difficult, but there are alternatives to the traditional third-party cookie.
“We use various zero and first-party data collection vehicles to collect data legally and with full consumer consent. A more interactive approach is key, which is why the use of polls, polls, quizzes and registration processes is so important now.
“Not only do we have to stay on the right side of the law on these issues — we also have to keep consumers on the side. Therefore, the most successful marketers will be those who actively interact and communicate with people.”
The bank’s Trend Report contains a comprehensive list of marketing industry forecasts for 2023 and beyond and is available for free download today.
About the bench
The bank is one Digital Marketing Agency in Newcastle upon Tyne and London. This growing agency, supported by marketers, digital experts and creatives, takes a data-driven approach to building brands and expanding the reach of businesses across the UK. Specializing in customized marketing campaigns for advertisers, The bench always strives for maximum returns for its clients through hand-curated media strategies.
Contact
Please direct all press-related inquiries and interview requests to Tammy Davis at The Bank.
Telephone: 0191 466 1208
Email: tammy@thebank.co.uk
Website contact form: https://thebank.co.uk/contact-us/
