Both edible and digital cookies are simply the best, right?
Financial marketers have used cookies to track website visitors, logins, information provided and other information for a long time.
Although recently, these tiny text files that contain small amounts of data are in serious danger.
Google has announced that third-party cookies are being phased out on its Chrome browser and will be removed by 2023, following the same measures taken by other popular browsers.
Google has confirmed they will not replace third-party cookies with new user tracking, and intends to remove the support in place for third-party cookies.
Many marketers have expressed concern about the news.
Although fear not, new methods are available to overcome the cookie disruption. It is important to prepare now.
Financial Marketing and First Party Data
Google will not replace third-party cookies with individual user tracking, as had been hoped, and will also discontinue any support for third-party cookies.
It came as a shock when Google announced it would remove third-party cookies from Chrome in 2022 (now pushed back to 2023), although there has been a shift in data tracking for a while now.
This shocking step is primarily about anonymity and privacy protection.
Google has said it is still committed to delivering results for marketers and advertisers, while ensuring that consumer data is protected under ever-increasing pressure.
Google Chrome is not the first browser to abandon the third-party cookies system.
However, it’s the most powerful, with more than 56% market share, or half of all global web traffic.
This shows the scale of the large scale shift, and the continued pressure to better protect our data and rights to privacy.
Ultimately, as we approach the next iteration of the Internet, Web 3.0, we must first solve the data ethics issues that overshadow digital advertising today.
These are the basics that you can expect
Majority of marketers and ad specialists have not responded well to the end of cookies.
Top executives of well known brands have offered various strong responses. The real question is: Is there anything marketers should be concerned about?
The truth is, Google Chrome’s privacy efforts can have a significant impact on the marketing world.
It will result in the disintegration of an entire marketing and advertising ecosystem as we know it.
Although, we’re here to offer a silver lining. There is about to be a significant shift in consumer markets.
The future will be significant, and you should start to prepare now by “embracing the change.”
What we can do is reinvent ourselves and collaborate as a consumer financial brand.
There are alternative solutions, and as an industry, we will navigate this change.
How the cookie crumbles
There are some facts behind cookie changes that marketers need to know:
- Marketers believe Google will cease investing in tracking apps. It will, however, invest in other options. Google’s Privacy Sandbox is already in use. This technology allows the tracking of groups rather than individuals.
- Not all cookies are being banned. You might think all your cookie-related marketing campaigns have failed. Google’s announcement focused primarily on first-party relations.
- Any first-party data you get from your website is still autonomous.
- Without external cookies, you can still track the data of your website visitors.
- This will open up many new avenues for innovation in advertising and marketing.
The news about cookie disintegration has shocked many financial marketing professionals (including us).
We cannot deny that even though there are fewer third-party data tools, creating and finding these alternative tools is like uncovering the secret code to marketing.
The new cookie rules will force us to efficiently use the creative muscles of our brand.
This is the perfect time to invent, create and expand your marketing strategy.
How to prepare for a Cookie Apocalypse
This shift will be huge in the advertising industry, we do not have all the answers yet.
However, we know that there is a major shift about to happen.
What we do know is that it is possible to adapt and refine strategies in preparation.
If you are actively looking for intelligent solutions, we have six ways to stay ahead of your competitors in the cookie chaos.
Invest in a strategy that uses first party data
In a cookie-free environment, it is crucial to organise your data.
You will want to be more organised than ever before! First-party data is like treasure from your audience.
Many financial brands are finding creative ways to invest in a first-data strategy.
You can collect data in accordance with GDPR to be able to target your target audience without having to rely on third parties.
Segmented user data can help generate new revenue streams. Now more than ever, platforms such as CRMs and billing systems are paramount to enable you to keep your data organised and accessible.
According to eMarketer, 85% of marketers believe increasing their use of first-party data is now a top priority – we agree.
Building your audience has always been important
Clients expect financial brands and advisers to be more responsible for their data and privacy.
Building trust and credibility with clients and potential clients is obviously important. Therefore, you must take data privacy seriously.
We suggest you start by collecting only the data you need.
As we all know, marketing automation has been a major trend in recent years. 92% of marketing investment is now going into automation techniques.
This helps financial businesses understand their clients better and provides relevant media to your audience. DMP (data management platforms), can help you build and enrich your audience.
Building a loyal following for a financial brand is not an easy task. We suggest you reexamine your strategy to manage, unify and analyse the data of your clients.
Be as transparent and open as possible
Transparency is key to standing out in a world filled with diluted financial content.
Being honest with your audience can help you overcome setbacks. You should be fully transparent about the data you have to build trust and reliability.
This improves the relationships between your financial brand, clients and prospective clients.
One of the ways to do this while cookies are still in use is by using adjustable cookie preference banners.
CookieHub is a cost-effective option, which can be customised with your colours and trading style.
Get a fresh perspective of your technical financial marketing efforts
Understanding how data collected can affect your marketing strategies is crucial.
The good news is that Google and Facebook are not planning to limit future revenue opportunities through this cookie change.
Keep your brand secure from legal repercussions by sticking to basic strategies for the time being.
You can still reach your target audience with hyper-targeted PPC ads – cookies are not the be all and end all.
Prioritise your client experience
We are now entering a more private world where financial client satisfaction and demands are paramount.
It is essential to remember your client experience at all times, from asking for consent to creating compliant campaigns.
Your client experience is an important part of leveraging your financial brand.
This can help you assess your potential audience and identify various new touch points.
All financial firms have the goal of providing the best client satisfaction. To do this, it is important to create a scalable data environment that meets the needs of your clients and aligns content with their objectives.
The following factors have introduced data gaps in the users’ conversion paths:
1. Restriction on third party cookies. (such as Facebook Pixel and Linkedin Insight Tag)
2. Asking for users’ consent for every action (because of GDPR).
3. Browser restrictions on user tracking.
5. Web browsers like ‘Brave’ disable Google Analytics and Google Tag Manager by default.
And these data gaps are getting wider over time, as browsers implement more restrictions on users’ tracking.
To mitigate the negative effects of data gaps, Google introduced ‘Modelled Conversions’ for Google Ads, and Facebook came up with ‘Aggregated Event Measurement’.
Collecting accurate data will become progressively more expensive. Excessive privacy comes at a cost.
For advertisers, this cost is losing the ability to advertise profitably unless they invest in more powerful but expensive tracking solutions.
Forward-thinking financial marketers have begun to integrate server-side tracking. Server-side tracking, in a nutshell, is when the server requests a destination endpoint (such as Google Analytics), rather than the client’s browser.
This is done without having to send back a reply back to the website. This mitigates any impact on users browsing your website.
Server-side tracking will help you achieve higher data quality and provide you with the information you need to succeed.
It all comes down to data quality.
You need the highest quality data possible to provide insights, and the ability to use data to make decisions while gaining every possible advantage for your firm.
Your focus should now be on building healthy, strong relationships as we move into a more private world. Ultimately, you want clients and potential clients to feel true confidence in your firm when it comes to data capture.
Overall, we hope this data shift will lead to a marketing and online advertising ecosystem that benefits all – marketers, consumers, and advertisers.
Firms have begun to prepare and learn new rules – us included. We’re adapting and discovering new opportunities everyday.
Are you ready to make a 180-degree change in your marketing strategy?
Need some help?
That’s why we’re here.
We offer a digital audit to perfect your digital identity in a sea of financial professionals.
We ensure your entire digital identity is explored, giving financial professionals an in-depth understanding of where their business is stacked against competitors.
We provide advice on what works, what needs attention, and what should be left in the dark age of financial marketing. Including new ways to overcome the end of cookies.
By using alternative analytical tools, we ensure no stone is left unturned, so that your financial firm can continue to thrive.
Read our guide to financial lead generation