By Simen Moen, Head of Data Analytics, ViewersLogic
Google’s pending deprecation of third-party cookies has parallels with the global fuel security crisis. In the same way European nations are battling against supply dominated by a monopolised source, marketers are trying to figure out how they will reach consumers and measure campaign success when Google is the gatekeeper to their data.
So, how can marketers ensure their data security and independence in a world where walled gardens are still dominating user information and can’t keep their cookie promises?
Putting Consumers Back in Control of Their Data
To reduce their reliance on the digital behemoths and succeed outside of the walled gardens, marketers need to hand data power back to the consumer. Meta makes 98%, as stated in this Guardian article, of its income selling users’ data to advertisers, so they know the value of this information; yet the consumer doesn’t. This asymmetric market does not empower or facilitate a trusted and fair personal data exchange.
Putting consumers back in control of their data through it being openly traded, will allow a ‘truer’ market value to present itself for specific data in certain use cases. This could transform our economic models, with consumers even using it as a source of income and inevitably, as consumers become more aware of the power they hold, the tech giants’ grip on ad spend will begin to loosen.
So, what does this mean for targeting and measurement when consumers can control the value of their own data?
Replacing Archaic Measurement Models
Existing cross-media measurement models are still unable to indicate to brands in absolute terms whether their KPIs and ROI targets are being met. Relying on dubious maths and simplistic measures such as reach and frequency, these metrics tell them nothing about the impact of their campaigns. Furthermore, the fusion of data from separate channels creates incredibly wide correlations and prevents marketers from making their next investment decision with confidence. Can marketers really afford to take the risk with archaic systems that are no longer fit for purpose at a time when every penny counts?
Technology is finally making it possible to track the entire consumer journey to purchase, including online and offline purchases, TV ad exposure, and location data over a long period of time, allowing brands to understand what outcome each channel delivered.
Through this single-source data, brands can optimise budget allocation across media platforms depending on the role and performance of each channel. Furthermore, marketers will significantly add to the productivity and financial performance of their company through continuous campaign optimisation and reduced waste.
Single-source data can be collected when consumers volunteer their data in exchange for rewards. These behavioural insights are therefore fully GDPR-compliant and consumers are aware of their data’s worth; they are empowered to provide it for a transparent value exchange.
This is a game changer for marketing.
Personal data is a hot commodity; it’s the fuel of marketing. By offering consumers a fair value exchange for their data, brands can topple the tech giants’ data monopoly. Consumers will finally have full control over their data, armed with the knowledge of its worth, and can volunteer it for a fair price in the age of privacy. Single-source data is the embodiment of this concept; it’s not a pipedream, it’s already happening.