A Farewell to Cookie-Based Advertising
The new cookie-less reality is drawing near. Google will start phasing out the use of third-party cookies through the end of 2024, and many other tech giants are following suit. The end of cookie-based advertising will impact how marketers track information on their consumers and serve them targeted ads.
What’s the Deal With Cookies?
First-party cookies are common, and they are stored under the website you’re visiting. They remember the pages you visited, your preferences on the site and if you have something in your online shopping cart.
Third-party cookies are why you could see an ad that’s targeted to your previous online behavior on various unrelated websites you visit. Google’s phase-out is more aimed at third-party cookies. These types of cookies track your activity and store data from different websites, leaving “cookie crumbs” of your online behavior behind. They can be used to provide a personalized experience, but data privacy is valuable to many people, and some sites haven’t been transparent about the types of cookies they use or how they use them.
New Strategies to Prepare Your Team
As the use of third-party data dwindles, marketers should focus on how to gather zero-party and first-party data. This is the data that consumers willingly give to you or the data you gather from your own channels such as your website, social media or call center.
One of the greatest aspects of first-party data is that you own it and are in full control of its accuracy and how it is used. If you’re wondering how your FI can collect first-party data, you can utilize event sign-up forms, newsletters, surveys or branch visit polls for the people who prefer in-person interactions. From first-party data collection, you can start grouping your consumers by their behaviors and preferences to better inform your targeting efforts.
To maintain a positive reputation and relationships with your consumers, it’s important to balance smart data usage with the value of data privacy. With privacy and data best practices at the forefront of your marketing strategy, this ensures consumers that they can trust you with their personal information.
A McKinsey study found that the majority of people will consider sharing personal information to get additional value in return, so it’s beneficial to share how data will be used and how it will benefit someone’s experience with your financial institution. If answering a survey or providing feedback feeds into a loyalty program or unlocks exclusive webinar content, this is an attractive, incentivizing way to learn more about consumers and personalize their experience.
This could be a great time to optimize your website and content marketing strategy to make sure your consumers are introduced to and educated on the breadth of your financial offerings and educational resources. Moving forward, this encourages people to check back in on your communication channels and engage with the content they find informative and useful.
Connect with Prisma Campaigns to learn more.
About Prisma Campaigns
Prisma Campaigns is a marketing automation platform specifically designed to help credit unions develop deep and empathic relationships with their members through personalized marketing campaigns. It uses a connected, data-centric approach to communicate with members on all your digital channels - email, SMS, online banking and mobile app. Prisma Campaigns’ open platform integrates with your existing banking technology and is ready to grow and expand with your credit union.
Prisma is trusted by 25 credit unions to enhance their member experience and increase conversion rates.