MarketingWeek holds webinar; explore how marketers can tap into their most trusted asset– their first party data set
By Abimbola Mohammed
MarketingWeek, in conjunction with Criteo, held a webinar recently in the United Kingdom (UK) on unlocking the secrets of your first party data strategy.
The insightful conversation was between Joshua Koran, Criteo’s EVP of Data & Policy and Natalie Firth, Head of Agency UK, and they both explore how marketers can tap into their most trusted asset – their first party data set.
The session debunk the future of addressability and data, and teaches why first party cookies are the key to the future of marketing and show how brands can take action now to get ahead of the changing their marketing landscape.
While speaking on what brands can do to continue to find effectively address their multiple audiences out there in a world without third party cookies, Firth explained the different between first party cookie and third party cookies saying:
“Cookie is an empty text file that often stores an identifier, marketers use these identifiers to accomplish most of their marketing tasks. They can use the identifiers for frequency capping; they can use the same identifiers to do attribution when they want to figure out the value of the media they use on different websites. The first party cookie is not based in law, if we look at the law of privacy status they are focused on data controllers and data processors for the responsible use of personal data in digital advertising and any other industry.”
He added that identifiers help marketers to match their content to people across sites while measuring their effectiveness and media spend. Adding that marketers often use their first party cookie information to figure out what describes their best customers so they can do a better job of attracting their next best customers which they don’t yet know and have relationships with.
Koran also said in order for an ecosystem to function there has to be an exchange which means the commonality of interruptible information that links the buy side and the sell side together.
His words: “If marketers were to throw money over the wall and hope that it works they probably will not get a good return. This is where the measurement is one of the important uses of all these identifiers and addressable information. The important piece is to understand not just how we are doing the addressable medium but how we are going to optimize it in real time. So feedback is incredibly important for marketers because if we look at tactics we can focus on say conceptual often products attention solution replacement.
It is a fantastic engagement unique but it doesn’t help with measurement, moreover it doesn’t help with optimization if you are to target the same contacts from two different publishers or two contacts on one publisher how would you know which one is working better and how can you read the allocated budget to get a return on your advertising spend.”
Speaking on why marketers need the addressable identifiers to understand what is working and what is not so that they can get a better return.
“The bucket of these really break down to commerce data knowing that these are your best customers whether they have spent a lot of money with your brand or not frequently. Marketers don’t need to keep bombarding the customers with too many ads, they need to keep it simple so as not to irritate the consumers.
Because a lot of time users may have seen the ad before or may have purchased the product before or don’t just like the ad but for whatever reason a consumer wants to see an ad it is a waste of their media spend trying to continue exposing the users. That users don’t want to see an ad is the end of the relationship with the marketer whether they are a current customer or merely a prospect. It is okay for users to say I am okay for now and will rather see a different content.”
While speaking on what brands can do to now continue to find prospective addressable audiences for their marketing campaigns in a world without a third party cookie, Koran has this to say.
“We’ve always known it’s really important to understand our most valuable customers. It’s just kind of got more important now given these changes and that kind of not losing this deadline or making sure that we are right on top of our first party data to know how we can use it properly.
As a marker if you want to ensure that you’re not overexposed to the same audience and getting a much better value for your limited budget, one of the benefits of the open web is that we can control our ads across all of the different websites.
By doing a better job of enabling consumers to signal their preferences, without having to remind them of their product on every site they visit, not everyone is comfortable with, say, personalized marketing and we as the industry people should honour those preferences.”
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