Financial services are heavily regulated and rely on data. Data is a crucial resource for financial marketers who spend money on digital advertising and track the effectiveness of their campaigns. However, a number of applications like attribution, frequency limiting, behavioral targeting, and lookalike audiences appear to be in danger as third-party cookies (TPCs), a significant source of third-party data, come under increasing data privacy demands. Financial marketers are now concentrating their efforts on adopting data methods that enable them to properly utilize client data.
Why Are the Cookies Crumbling?
Cookies are pieces of code that vary in how they gather user information. When a user visits a website, first-party cookies are created by the website and saved on the user’s computer. These domain-specific cookies gather fundamental surfing data to encourage return visits. TPCs, on the other hand, are established by a third-party server, such as an AdTech, and can be accessible on any website that loads the code for the third-party servers. Users have no awareness into the numerous domains where their information is shared, which discourages TPCs.
These TPCs are increasingly being phased out as a result of strict data protection requirements (GDPR and CCPA). Among the first web browsers to implement restrictions relating to TPCs were Safari and Mozilla. The most recent declaration by Google that it will phase out TPCs by the middle of 2023 is the icing on the cake because Google Chrome accounts for more than half of all web traffic worldwide.
Due to the fact that Google and Facebook get almost 70% of all US digital advertising spending, this news raises a challenge regarding price-pinching. These are regarded as safe even after the cookie’s demise because they solely use first-party audience data. These walled gardens appear attractive for businesses trying to advertise there since they control huge amounts of predictable data. These gardens do provide some unique difficulties for businesses, though:
Portability limitations or the inability to connect walled gardens’ campaign interactions to a brand’s CRM database outside of their ecosystem; No visibility into ad campaign performance (just an aggregated view);
