Over the past few years, consumers have become increasingly concerned with how companies use their data. And many feel passionate about protecting their privacy — in fact, HubSpot’s Blog Research found 80% of consumers believe data privacy is a human right.
Data security has become a critical component for long-term customer retention and loyalty. So it’s vital brands behave responsibly when it comes to collecting and protecting consumer data.
But many marketers have relied on third-party data for years, so the phaseout of Google’s third-party cookie in 2023 will likely cause some concern. Fortunately, it doesn’t have to.
Here, let’s explore the effective strategies marketers will implement to ensure they’re still reaching new audiences and connecting with customers even without third-party data.
How Marketers are Preparing for Google’s Third-Party Cookie Phaseout
1. Marketers are enhancing or developing their data collection operations and management models.
One surefire way to prepare for the third-party cookie phaseout? Begin developing or refining a strong first-data party data strategy.
As Microsoft Advertising’s Head of Evangelism, John Lee, told me, “Microsoft Advertising is working with the digital advertising industry and its clients to evolve and uplevel data privacy maturity for a privacy-first cookieless world. While there is no market-ready solution available today that manages data end-to-end, our guidance for our clients is to take steps now to prepare a first-party data strategy and to conduct robust data management practices.”
He adds, “First-party will lead the way and now is the time to ensure that you have the best resources and information available to enhance or develop data collection operations and management models. It is your ability to communicate with your customers transparently and in a personalized, yet meaningful way, that will enable better relationships and business success in the future.”
Ultimately, creating a strong first-party data management framework will enable your entire organization to transition seamlessly off third-party data while continuing to reach new prospects and leads.
To create an effective enterprise data management strategy, take a look at Everything You Need to Know About Data Management.
2. Marketers are gathering customer data through email marketing.
As Price puts it, “About eight in 10 marketers depend on third-party cookies, so when they do vanish, those who haven’t adapted their data structures and their data-gathering processes will struggle to effectively personalize their email programs.”
To combat these challenges, marketers will need to shift to ensure their email strategies leverage first-party data. This will help you create a more individualized email experience.
Price suggests, “Email can be used to gather customer and prospect data with new, evolving email software and with dynamic content templates. Forms, in-email purchase options, and customizable marketing paths are all valid, successful tactics to use in order to garner more first-hand recipient information.”
Price adds, “Brands with siloed data structures have been unable to achieve a full, single view of their customers, with data getting pulled into multiple directions.”
Price says, “The evolution of privacy regulations will put email even more at the center of the marketing mix — as the channel that offers the most comprehensive view into zero and first-party data, and the ability to use it effectively.”
She continues, “This adoption of zero and first-party data will also allow for more practical uses of AI in email, with AMP and dynamic content automation.”
3. Marketers are focusing more on customer loyalty and retention.
The phaseout of third-party cookies will impact how some marketers acquire new customers, but it won’t impact how marketers retain existing customers — which is why some marketers will adjust to this third-party phaseout by refocusing their efforts.
SVP of Marketing at Cordial, Carrie Parker, says, “The phaseout of Google’s third-party cookies is forcing marketers and advertisers to think about engaging their customers and audiences in more personal and authentic ways. With cookies going away, acquiring new customers will become more complex, but on the other hand, retaining customers will be a much more critical piece of the puzzle than in the past.”
She adds, “More marketers are increasingly focusing on loyalty and retention within their current customer base, enhancing their experience with the insights readily available that consumers have provided.”
Parker told me Cordial recently conducted a study and found 70% of consumers dislike online ads that target them using websites and products they’ve viewed — and, on the contrary, more than eight in 10 consumers are more likely to buy from stores and brands that communicate with them in personal, relevant ways.
Parker continues, “Consumers want more from companies when it comes to personalization than what they’re receiving from most brands these days. Personalization does not mean inserting a name on an email and hitting send. Instead, it requires considering the value added to the consumer and keeping them loyal customers. With cookies going away, first-party data strategies allow brands to emphasize personalization, loyalty, and retention of their customers. Brands can use their customer base and provide something of value to make them come back.”
Ultimately, the phaseout of the third-party cookie is a good opportunity to re-evaluate how you’re interacting with both new and existing customers. First-party data strategies will ultimately help you better connect with your customers.
4. Marketers will focus on the best impressions rather than the best users.
Melinda Han Williams, Chief Data Scientist at Dstillery, says, “One of the most challenging aspects of preparing for this transition is that any good campaign will include a portfolio of post-cookie solutions and technologies after third-party cookies are gone. Even the marketers who are furthest along in their post-cookie testing journeys may still have much more preparation to do.”
She adds, “New identity solutions, such as UID2 and RampID, allow advertisers to reach people who have opted-in to tracking and addressability. Marketers who have tested these solutions have progressed toward post-cookie readiness, but they’re not done yet.”
“Why? Because some people don’t want to be tracked on the internet.”
Williams points out that marketers need to prepare solutions to reach people without tracking them or compromising their privacy or preferences.
The solution here? Understanding you might not need that much data about each customer in the first place.
As Williams told me, “The good news is you don’t need to know who someone is to know whether they’d be receptive to your message. Today’s artificial intelligence (AI) enables marketers to choose the best impressions rather than the best users.”
She adds, “Once you reframe the problem this way, rather than trying to find out as much about the user as possible with increasingly limited data, it is possible to do inventory-based targeting with performance and scale rivaling the cookie-based, tracking-based solutions that will soon be retired.”
Change is always difficult, particularly when it comes to the ways in which marketers reach new audiences. Fortunately, this change is likely for the best. Shifting to a first-party data model will help your organization appeal to the majority of consumers who are hesitant to share their data with companies, and it will set you up for long-term growth after Google’s third-party phaseout.
8 Effective Ways to Ensure Ecommerce Business Success
It is a known fact that the global consumers are favoring ecommerce, and the reasons for ecommerce business success are many.
According to a Statista forecast, the retail ecommerce revenue in the US is expected to cross 1.3 trillion dollars by the end of 2025.
Image via Statista
While brick-and-mortar stores are gradually losing their dominance, the digital marketplace is blazing. More and more ecommerce brands, big and small, are coming up and gaining a foothold in this ever-expanding landscape.
If you are one such ecommerce business striving to taste success, you know how demanding and competitive things can be. And you only beat the fierce competition with aggressive ecommerce marketing strategies like digital advertising, content marketing, social media marketing, etc.
In this post, I will be sharing 8 key factors you need to focus on to ensure your ecommerce business success and sustainable business growth.
Let’s get started.
8 Key Factors for Ecommerce Business Success in 2022
The future of ecommerce is bright and the small businesses that jump on the bandwagon early will reap great benefits. But what does it take to taste this success?
Here are the 8 key success factors for ecommerce businesses.
1. Target a Niche Audience
The secret to ecommerce business success lies in understanding your target audience and focusing all your efforts on engaging them. Instead of trying to attract a broad audience on the search engines, select a niche audience specific to your small business, understand their pain points and interests, and position your brand to meet their needs. An SEO tool like Semrush or Ahrefs can help you with your research to build a strong marketing strategy based on real insights.
The goal is to make your product unique and market it to a relevant audience that is more likely to make a purchase. This strategy can increase customer loyalty and win repeat customers for your small business. Therein lies the secret to your ecommerce business success.
2. Go Mobile-First
The pandemic has accelerated our shift to ecommerce and given rise to m-commerce. Insider Intelligence estimates that by 2025, m-commerce sales will account for 44.2% of total ecommerce sales in the US.
So it’s clear that the success of your ecommerce business relies on the mobile-friendliness of your site. Having a mobile-friendly online store can help you deliver a seamless online shopping experience to customers on the go.
You can begin by running Google’s Mobile-Friendly Test and building a progressive web application (PWA) for your online store. A responsive design for your website will help boost sales and pave the way for your ecommerce business success.
3. Choose the Right Distribution Channels
Your audiences are active on different channels and if want your products to be visible to them, you need to choose the right distribution channels.
If your business model focuses solely on your ecommerce website, you should broaden your perspective and consider other sales channels. There are several other options to sell your products like Amazon, eBay, social media, affiliate marketing, and so on. You can manage your sales process effectively with the help of sales CRM tools. These tools integrate your different sales channels and makes your sales process more efficient.
Conduct extensive research to figure out which of these channels are preferred by your target customers. Showcase your products in an attractive way to boost your ecommerce sales. This digital marketing strategy can contribute to your ecommerce business success.
4. Create Unique Content
You heard that right. To ensure that your ecommerce brand stands out in the crowd, you should invest in high-quality and diverse content.
Today internet users are flooded with content and to grab their attention you need to think out of the box and create content marketing strategies that truly grab their attention. Remember, video content is ruling the landscape delivering great results. You can use Premiere Pro Presets to create unique and impressive videos and stay ahead of the competition.
Gather insights from customer data analysis, see what your competitors are doing, and learn from your previous digital marketing campaigns to create a more targeted content marketing strategy for your small business.
5. Continually Update Your Email Marketing List
Marketers rely on email marketing to achieve diverse marketing goals. Emails can be used to generate leads, nurture them, build relationships with customers, ensure customer satisfaction and boost ecommerce sales.
But to leverage the power of email marketing, you need to be smart about your email lists and use the right email tools to manage them. There’s no point in sending a thousand emails when only a couple of hundreds of recipients are your target audience.
That’s why segmenting your email lists and keeping them updated is crucial to your ecommerce business success. An effective way to manage your email lists is to ask for the recipients’ feedback on your emails and the information they prefer to receive.
By analyzing the responses, you can make more strategic decisions and ensure the success of your ecommerce business.
6. Deliver a Great Shopping Experience
The expectation of customers in terms of customer experience has skyrocketed and that’s why you need to work towards improving customer satisfaction.
Personalized communication could be one of the biggest game-changers, be it in recommending products, reminding them of abandoned carts, or introducing them to your latest offerings. Creating user story maps can go a long way in making your personalization efforts more effective.
Right from the moment customers land on your page to when they make a purchase, you should strive to create a smooth customer experience. You can also consider incorporating an AI-powered chatbot into your website to take your customer service to the next level.
To make your customers happy, offer them special deals and discounts. Such moves will surely boost your ecommerce business success.
7. Invest in Social Media Marketing
Social media, can be immensely effective in creating brand awareness, extending customer service, and generating leads for your ecommerce business. Facebook, Instagram, Pinterest, and YouTube are all marketers’ favorites to reach out to niche audiences and drive traffic for their sites.
Having said that, it is a crowded market, and winning big on social media isn’t easy. As an ecommerce brand, you need to use social media analytics to create digital marketing campaigns that not only generate engagement but also fill your sales funnel with quality leads.
Ecommerce brands should also leverage social selling as it is growing into a prominent trend. This shoppable post by Macy’s allows its Facebook followers to buy what they like instantly.
Image via Facebook
If invested strategically, selling on social media can act as a profitable sales channel for your business.
8. Leverage Ecommerce Tools
Your team need not struggle to ensure the success of your ecommerce business. A variety of advanced ecommerce tools are at your disposal to optimize your efforts.
Some of the must-use tools for you are:
- Website tools – to design, set up, and manage your ecommerce site
- Ecommerce marketing tools – to help strategize and execute your campaigns with ease
- Competitor analysis tools – to understand the gaps in your planning and improve it
- Analytics tools – to help you gauge the performance of your digital marketing campaigns
- Business tools – to help you manage daily operations, finances, logistics, inventory, and customer service
Choose the ones that can boost the success of your ecommerce business.
There you have it, a list of 8 key factors you need to work on to ensure the success of your ecommerce business. Gaining this success is hard work but it is worth it.
If you want to fuel your business growth, I strongly recommend building your ecommerce marketing strategy to enhance customer experience and build your brand identity. Go ahead and give them a try to beat the competition and establish a successful ecommerce business.
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