Embracing a First-Party Data Model and Investing in Your Brand for a Stable Future
Like the previous few years, 2022 was a year of changes and the unexpected. This may make trend analysis a little tricky, but the FullThrottle team has picked up on a few themes.
Based on what we’ve seen in 2022, we also have a few 2023 marketing predictions for the future of first-party data that we’d like to share.
Our Top Takeaways From 2022 Going Into 2023:
- The end of cookies in 2023 will pose challenges for companies in obtaining consumer data.
- Privacy laws will change how companies acquire consumer data, and opt-out options may increase.
- Businesses that rely on third-party data will struggle, creating a need for companies to shift to a first-party data model.
- AdTech agencies will have to get more creative in approaching relationships with consumers.
- Brands can invest in themselves by striving towards data independence and direct relationships with customers to create a stable ground for themselves.
Prepare your brand for 2023 with future-proof technology.
Procrastination or Preparation
The end of the year is often a time of change for people from all walks of life. A lot is going on, giving people a choice: to prepare or procrastinate.
Many AdTech agencies were preparing to say goodbye to cookies in 2023. This pushed us to work with our clients and ensure they were ready for a world without cookies.
There was also a question of whether small to medium-sized businesses would be prepared. While waiting until the last minute can spark an urgency that helps propel you into action, it can also lead to a change of deadline to further in the future.
Instead of an imminent cookie apocalypse, Google’s procrastinating has pushed cookie removal until later in 2023 or even until 2024. Brands that wait for Google to act risk harming their business when cookie depreciation happens. With less information on consumers, from the lack of cookies, companies may find themselves unsure how to recoup that information.
How We Acquire Data May Change
Privacy was a hot topic for consumers and even a marketing point for brands like Apple in 2022, and has shown signs of only getting more important in 2023.
Privacy laws are on their way in several states, changing how companies acquire consumer data. Most consumers don’t want their data collected and want the choice to opt out of data and cookie collection. We may also see more lawsuits around these sorts of issues on the rise in 2023.
Businesses or brands that sell or rely on third-party data may struggle when those ways to obtain data dry up. This creates a need for companies to shift to a first-party data model. AdTech agencies will have to get more creative in approaching relationships with consumers.
Investing in Yourself Is More Than Just a Motto
With all the potential changes coming, you might wonder what brands can do to prepare, instead of procrastinating. Businesses can invest in themselves.
Businesses that strive toward data independence and a direct relationship with their customers can create a more stable ground for themselves if third-party data becomes less available.
Connections with partners who can recommend how to use the collected first-party data, like FullThrottle, can aid brands in creating more value for their customers by following them on their customer journey and find more unique ways to engage with them.
Be Prepared to Embrace Change and Invest in a First-Party Data Model
While 2023 may hold some unknowns for the future of third-party data and the economy, the experts at FullThrottle are prepared.
Learn how FullThrottle can help your brand invest in itself and own its audience by requesting a demo today.