3rd Party Data is dying... But what does that mean to your business and why should you care? Simply put, the vast amounts of data that we used to have access to through Facebook and Google to run our ads is slipping away. This means that marketing your products and/or services will not only become more difficult but will also become more expensive. But why did this happen? Simply put, Apple decided that they would give the users of their hardware the option of "opting out" of providing tracking data to programs like Facebook or Google. The uptake for this option was just over 88% and set the stage for a massive transition to prohibiting the collection of 3rd party data.
But what does this mean for businesses looking to thrive in this new environment? Simply put, they need to become masters at collecting "zero-party" and "first-party" data. eLaunchers are experts in data and can help you through this transition. There are 3 main components to a successful transition.
Second, begin collecting "zero-party" data as soon as possible and keep it in a place and format where you can use it to help serve your customer's needs by making it easier for you to provide services and products that are relevant.
Third, your client-facing websites, landing pages, apps, etc should have the appropriate tracking software so that you can see what pages people are accessing, where they are looking, scrolling and clicking. Remember, you must disclose all of this is on your privacy page.
Businesses that focus on privacy will be the winners in the looming economy. The public has spoken, and the majority have said they do not want to be tracked without their permission. Businesses that embrace this trend and actively tell their clients how they collect the data and how their clients can have data controlled and removed will be the winners.
None of this is optional if you want your business to continue to grow. The privacy page with all your data collection systems disclosed is a legal requirement. In some jurisdictions like California and Europe, the penalties for failing to meet the standards are severe. This is not something to ignore.
3rd party data is on it’s deathbed. If you have not started to transition, you are at risk of losing significant market share to businesses that are being proactive. Don't wait any longer, book a call with Parthiv via the link below and discover what you need to do to thrive in the next few years.