Third party cookies are soon to disappear. Financial marketing professionals must now look for alternative ways to retarget as data becomes scarcer.
We have come to depend on complex targeting methods, such as cookies and mobile IDs, to collect detailed data from social media, website activity and applications.
Technology has made it easier and easier for us to locate, understand and retarget clients and prospects.
Unfortunately, this trend is reaching its peak.
Consumer concern about data protection has exploded, with both the government and technology industry moving data collection in a more privacy-oriented, conservative direction.
So, do we need to brace ourselves for change? Sure.
But do we need to prepare for the return of simpler times? Not at all.
Digital marketing has greater potential than ever, even with third-party cookie extinction on the horizon.
But marketers must remain reactive in the face of challenges and realise when it is the best time to change tactics and try something new.
Understanding The Past of Third Party Cookies
To simplify the complicated beginnings of internet marketing, we had basic websites with banner ads.
But what has happened since to lead us to where we are today?
Search ads enabled easy ad targeting. Cookies and pixels enabled us to retarget and track. Mobile devices added real time location data to the mix.
Big data such as these examples has improved the ability to collect user actions and connect the dots.
There is no doubt that financial marketing benefited from easy access to this data and the insights it has provided us.
Social media has mastered the art and science of focused targeting.
Although consumers are increasingly wary of the ingenuity of technology companies in predicting and delivering their actions to advertisers.
In addition, many have experienced identity theft over the years.
Millions more have received notices from trusted companies about the possibility that their personal data could have been compromised in one way or another.
Therefore is there any surprise that consumer concerns are constantly growing.
They found 86% felt more concerned about data privacy.
Concerns include mistrust in companies using their data (40%), fear of being hacked (47%), and concern about data being sold (51%).
This is a strong signal to financial marketing as a whole that we must show respect for both client and prospect privacy.
Even among those who have volunteered their information or consented to share it, it’s still a sensitive area.
Where Third Party Cookies Are Now
As a result, we face a predicament within financial marketing.
We have already spoken out about the imminent loss of cookies. But this is only one part of a larger picture.
Cookies are simply information placed on any web browser or app to track your movements on the Internet.
But this is only one way to collect data.
Other data collection methods include IP addresses and the identification of mobile devices.
However, it is the whole concept behind the collection and use of data being questioned.
In 2021, Apples introduced the consent of users to websites, and apps that track their data was the first major action.
Google has also pledged to stop using third-party cookies – this move has been delayed until 2023 – although is fast approaching.
The Future of Financial Marketing
So where does this leave financial marketing now?
Strategic intelligence is a must to address the limitations of data availability within financial marketing and marketing as a whole.
Each organisation will not follow the same course from here on out.
But we have examined four key areas that marketers should consider as a new focus to adapt to the changing landscape.
Many financial companies facing declining data sources are seeking more effective automation methods.
Opulent Media Group Managing Director, Jake McQuillan, added: “Ensuring that we authentically continue to capture leads and create nurturing journeys for them is important.”
“We have to make websites work smarter when it comes to interaction and lead capture. This is because once someone leaves their data, we then own that information and are being given permission to enter it into a relevant lead nurturing sales funnel to answer their needs.”
“While data tracking capabilities are declining, the need to interact independently with prospects and clients in a personalised way is growing stronger.”
Marketing automation can help you advance these efforts, nurture valuable prospects, qualify leads, and grow an audience that wants to hear what you have to say.
2. Content strategy
We believe that great financial content may well top-trump third party cookies, even while they still exist.
Content marketing allows you to attract visitors to your financial brand organically.
Someone searching for the solution to their problem may come across your content online.
We see best results when content is hidden behind a data capture wall.
This means, in order to view your content they must leave their information.
The best thing about this is that you generate your leads via your own platform.
You can then collect compliant first party cookies, instead of relying on the information you receive from third party cookies.
First party cookies are the information that visitors leave behind when visiting your website.
These can only be obtained if users visit your platforms. Hence them being first party cookies and not third.
Just to be clear, first party cookies are going nowhere.
Content marketing enables you to attract your target audience and direct them to your website.
From there, you can track their behaviour and continue to measure it.
3. Increasing your omni-channel approach
Financial marketing brands collect data from up to 25 different sources.
However, only a third of them use omni-channel tactics to improve both client and prospect experiences by showcasing consistency.
Consumers can become confused if there is no consistency across channels.
It is important to ask yourself:
Are your key performance indicators (KPIs) inclusive of trust and engagement across all channels?
What is your marketing technology stack? What are your plans to adapt to omni-channel trends?
4. Continue to ride the data wave with a focus on first party cookies
Over half of all UK and US internet users still allow their internet providers permission to track their data, despite high levels of distrust and scepticism.
Therefore, you can see the opportunity that consumers will continue to trust their data in new ways.
Especially in return for a service or value adding lead magnet.
Digital targeting will not die yet, even though it is becoming ever constricting.
In fact, the capabilities we do have are forever getting better and opening new doors.
Google Analytics 4 adds intriguing machine learning capabilities for getting more from less-exact data.
Emerging technologies, such as the Metaverse, will offer many more new opportunities to engage.
Although we will soon lose some ways to find, follow and target our prospects through digital data collection, we will certainly still have a toolbox to capture and retarget our prospects.
The future of financial marketing is bright, and entering a new era.
Which Route Will You Take Without Third Party Cookies?
There are so many new and traditional routes to explore.
So fear not that third party cookies are nearing the end of their life span.
We hope the end of this marketing era will encourage brands to create exciting and prosperous new data strategies.
Data that drives the right decisions in the financial marketing world will be crucial for continued success.
We’re here to help you set up and optimise these strategies, regardless of your business goals.
Get in touch to explore new financial marketing opportunities for your firm.