You need to meet your prospects where they are, first party data is a must.

In 2024 the digital marketing landscape is heading for another upgrade - if you've noticed the significant increase in loyalty schemes in retail it's because they're trying to build their own customer database. Why is this important, now more than ever? Google is removing third party cookies. This has a significant impact on businesses who choose to advertise. 3rd party cookies enables them to track what happens before and after someone visits a businesses website. This behavioural data is used to determine what might happen after that.

Track no more

Over the years we have seen the arrival of a number of solutions or browsers that stop third party tracking cookies. Even apple has been rolling out updates that block the tracking and behaviours online. If you send out a regular email newsletter or content, you may have noticed a significant dip in open or click through rates. This doesn't necessarily mean that people have stopped engaging in your content, it is because their email service and browser has stopped reporting the data back to your email provider.

Identifying behaviours

All of these changes are having an impact on how easily a business can track the performance of marketing as well as being able to track people to serve adverts to them, at the right time and place, driving conversions. With third party cookies being removed, it will be more expensive for advertising (feels a bit more like having a blindfold on). Instead, businesses need to focus on activities such as placing ads on related websites. For example, if you sell trainers, you want to advertise on runners world, or womens/mens health, Or you'll want to get your product included in a top ten review that is being compiled. In this instance, you can expect advertising costs to go up, due to the increased demand. However, you have no idea if those customers are ready to buy.

It's going to cost and it will be a lot more

Estimates vary but anywhere up to 25% to get the same sales as 2021 and thrown recession into the mix, that's an even greater challenge.

You still need Google and their analytics platform

Just because third party cookies are going, you still need to set up Google Analytics on your website correctly and more importantly that you aren't simply analysing vanity metrics. You must follow Google's training because there are differences in the metrics available and you need to know what is important to track and what you can ignore. If you're using an agency to manage your website, challenge them to share what they are tracking for performance and why this is important. Views does not mean sales. There are intent based metrics that are available and tell you a lot more about someone's visit to your site.

Why is this relevant?

With the removal of third party cookies, that returns the focus back onto all the other channel marketing activities that should be taking place. Marketing is not only advertising. Marketing is the vehicle to build a relationship with your customer. It is the start of that relationship, where you build awareness of your company, your products and services and more than that, what you're really all about. Think about who you are targeting and by generation. What motivates and interest them. Whilst GenZ might not yet be your customer, they may soon be. And what motivates a GenZer, is very different to a Baby Boomer.

Proceed with caution

The power lies with the consumer and they are using that power. More businesses are finding less consumers are accepting the cookies banner. That means little interaction data from the website. You certainly won't be able to determine who is on your website and serve them with personalised content. This causes a challenge for businesses and is part of the reason for 2022 seeing a significant rise in loyalty schemes. Companies need your data to drive sales and increase customer lifetime values (CLT). Instead, they are having to analyse your purchasing trends from the loyalty card and identify ways to drive your purchasing behaviour.

Find your customer where they are in b2b

If you're a b2b business, similar challenges apply. You will not be able to track someone's interest or intent with your brand. It brings back to the forefront, the importance of driving other behaviours, one of which involves finding your customer where they are. This might be through events, award ceremonies, speaking at trade shows, networking communities or other events. You can use PR tactics and become an expert speaker that is used for comment. You might even be able to attract customers through the offering of a webinar or invite them to your own event or roundtable, if it is compelling enough. This enables you to meet with them face to face and demonstrate why they need to get to know you.

SEO will become even more important in 2023 and beyond

There are some digital activities which will help your business to appear when your prospect is doing their own research. SEO is your friend here. Identify intent based search terms that link to your business' product/service. You then need to use those key terms in your content that you add to your website, to try and gain listing against key terms.

A return to top of funnel activities

As a result of the upcoming changes, there will be a return to top of funnel activities. There are platforms that can help you to achieve this and investing in video advertising is one way to drive awareness activities in the discovery phase. For b2b businesses, this is so important as the stats vary but between 25 and 60% of decisions are made before customers are ready to buy. No content strategy, no focus on SEO and you'll continue to miss out on sales as your customers have already pre-selected their chosen short list. (Find out how to grow your brand awareness here).

Partnerships and community can influence behaviours

Selling in b2b is more difficult than it once was. There is so much noise to break through in crowded markets and with buyers time being poor, you have to be consistent, persistent and present. There will be a rise in the need to do more to build the awareness of your brand, that advertising once used to be able to drive. Partnerships are a strong way for businesses to grow and should be considered as part of your go to market strategy. An alternative is to build your own community, to support your prospects in their businesses. This provides a great incubator to nurture your relationships and to influence behaviours. You will also be well placed for investment from them, when they are ready to buy.

Got a question? Drop us a note here hello@rad-marketing.co.uk follow #snackablemarketing on LinkedIn for tips, ideas and suggestions.