A few weeks ago, Neutronian CEO and Co-Founder, Timur Yarnall, had the opportunity to participate in a panel hosted by Killi that was focused on answering a key question weighing on the minds of many marketers today: What is the Value of First-Party Data in a Cookie-less world?
Timur was joined by other industry experts on the panel including Jessica Simpson (Publicis Media Exchange, SVP, Global Data & Tech Strategy), Anudit Vikram (MediaMath, Chief Product Officer), Ye Wang (Nissan United Global Data Strategy Director), and Sarah Polli (Hearts & Science, Director, Martech Solutions). The expertise and variety in perspective from this group resulted in a very interesting and insightful discussion on this important topic.
Some highlights from the discussion included:
- Build for the future with business outcomes in mind. With the depreciation of cookies, the advertising ecosystem can no longer be reliant on a single identifier. From marketers and agencies to data providers and platforms, we must all be building the right systems for a future that enables the ability to transact based on any third party identifier but we must not forget about ensuring good business outcomes in the process.
- Data quality is vital when looking to mix your first party data with other sets. As publishers and marketers are required to leverage their first party data to offset the loss of traditional tracking identifiers, having a common framework to evaluate data quality is critical. With the growth in 2nd party data consortiums and ID graph offerings, it's more important than ever to know the value of your 1st party data and ensure you're getting commensurate value in an exchange.
- Don’t freak out about figuring it out! When it comes to figuring out a new ID strategy, thoughtfulness and planning is key. First try to understand why this is happening - what are the regulatory changes that are driving this, what impact do those changes have, why is this forcing tech to take matters into their own hands, etc. Then do the research to understand what technology exists to address these new workflows - how do you lean into a variety of solutions that are both ID and non-ID based to make your business decisions. It is important to understand that there is not going to be a silver bullet solution to solve this and everyone is going to have to use multiple options to achieve holistic, universal, targeting and marketing strategies.
- Highlighting the value exchange to the consumer is key. In order to increase consumer confidence, they need to understand what they are receiving in exchange for sharing their data. Clear explanations about the value exchange, whether it be a customized website/app experience or monetary compensation, this needs to be transparent to the consumer. The majority of consumers want a personalized internet experience but they don't understand how it works and see the data usage scandals in the news so they become uncomfortable. There needs to be a focus on educating consumers on the personalization value exchange, especially by the industry bodies.
- Brands will need to make investments in technology and data science. Not all first party data is created equal and gaps can exist in this information so brands will need to understand what other options they have. Can contextual data be leveraged? What second party data (i.e., publisher data) exists that can be accessed through privacy compliant clean-rooms? What other signals like attention metrics can be utilized? Investments in technology and data science are needed to understand and implement new data strategies.
- With challenge comes opportunity. We have to work through this as an industry and we might have to accept that for a short period of time that fragmentation will force us to do things differently than we have in the past but eventually we will get to a place where things improve and ideally are easier moving forward as a result. Historically the whole industry was modeled off of legacy offline methodologies but we now have the opportunity to reinvent ourselves based on an online focused approach.
You can listen to the full discussion here.