Since the birth of the internet, third-party tracking cookies have been a part of everyone’s journey. As the internet has grown and consumers have become more aware of their digital footprint, discussions on user tracking and privacy have evolved into the deprecation of the third-party cookie.
With 63.3% of worldwide internet activity occurring in Google Chrome, the internet has been waiting to see what Google is going to do. Well, the waiting is over. After years of speculation, Google has announced their plan to phaseout the third-party cookie in 2024. Now that we know what Google’s timeline is, it’s time for the Google Whisperer to break down what it all means.
Retargeting Advertising is No More
The most tangible change with the demise of the third-party cookie is the loss of retargeting advertising. As you know, the third-party cookie tracks a user across multiple online domains. For example, say you are browsing online for a new pair of shoes. You don’t make the purchase that day, but later as you’re reading an article on a news website, you see an advertisement for the same pair of shoes you were looking at. That’s retargeting, and by the end of 2024, it will be no more.
So, how are companies supposed to target with the demise of the third-party cookie? This is a time for every business to re-think their digital strategy, partners, and attribution tracking. Remember, the 1st party cookie still exists and 7 out of 10 consumers are comfortable with personalization, as long as brands are using their own data. Brands need to start looking at where they are using their first-party data and where they are missing opportunities, such as personalization of images on a website for repeat visitors.
CDPs Become More Critical for Enterprise Businesses
Re-thinking digital goes beyond your website. For enterprises and larger companies, this is the time to invest in a customer data platform (CDP). A CDP is software that takes data from multiple sources and combines it into a single customer profile. A CDP is a great first step to combat the changes to cookies and the best option in allowing for customized activation of audiences. Each CDP setup is unique so it’s important to find a partner that can help you navigate the creation of a CDP that meets your specific needs.
Whether your business plans include a CDP or not, there’s still work to do to make your digital strategy less reliant on third-party cookies. Now is the time to re-think the most important actions a user takes on your website, plus how to track and report on those actions. Attribution is no longer a straight line from interest to purchase. There is so much influence on consumers before any purchase is made, it’s critical to know what engagements occur before adding to the cart and checking out.
This can all seem overwhelming but know that you don’t have to do it alone. Ansira is here to be a partner along your whole journey, from how to personalize a website to finding the right CDP technology. This is the first of many pieces we’ll have to help guide you and your business through the changing online data and tracking landscape. As always, contact us here with any questions or suggestions on what part of the cookie we should talk about next.
