As the clock ticks ever closer towards first party data collection, we get the lowdown on how agencies can leverage the moment to grow through yet another digital disruption.
That the cookie is going to crumble is in no doubt. The question of when its demise finally takes place is best left for Google to answer; latest news reckons that will probably be in late 2024.
In the meantime, though, agencies should start preparing for that day.
Kelvin Jonck, CEO of digital marketing agency YOUKNOW, says the industry still has room to own the customer engagement space. “Even if your clients are not actively asking for it now, they will be doing so more and more over the next 18 months. It’s there for those that are ready,” he says.
Jonck has launched the First Party Data Centre of Excellence in partnership with mParticle, a customer data platform (CDP), “to make it easier for clients to leverage the latest tools and technologies for collecting, managing, and activating first-party data”.
Preparing for the day
Programmes will give options to both brands looking to start or grow their customer intelligence strategy as well as the agencies that help them succeed, he says. The Centre provides training workshops for C-Suite executives to help get the buy-in required for a successful project.
It also gives assistance with strategy, helping agencies tailormake first-party data strategies, using tools from the FPD toolbox, and leveraging success stories from similar organisations around the world. And, as the official African partners to the top CDP, and global consumer analytics providers, the FPD ensures the right technology solutions are offered to clients.
From an agency perspective, Jonck says that while brands strive to get closer to their customers, it often falls on the agencies to make the magic happen.
Immense pressure on agencies
“This puts immense pressure on agencies to not only understand the reasons for their clients’ significant shift to a first party data focus, but also to be the experts at the table when planning on implementing the strategies, deciding which technology is required to scale the strategy, and determining how to ‘feed the beast’ once it’s built and in place.”
This requires new skills.
“It’s crunch time, and a growing number of brands are budgeting for this shift in their current and upcoming plans,” says Jonck. “It’s vital that agencies understand how to help their clients compete on a refreshed playing field with a different set of rules.”
First party data will directly impact digital advertising, Jonck believes. “As digital advertising matured, it became an incredible way to find new audiences and target them with appropriate messaging. Now that the rules are changing, this will be increasingly harder,” he explains.
“This is why connecting in a more personal way with engaging audiences and building a community again through deep understanding and a mutual sharing of information, is how the top brands will excel. This is a long-term project. The golden days of waking up in the morning and suddenly targeting a new audience based on a change in strategy are numbered,” Jonck adds.
Challenges ahead
There are challenges ahead, and they’re becoming more and more apparent. “Agencies are being asked to become experts in technologies and ways of thinking so rapidly that it’s hard to make informed decisions in a space that’s getting quite loud,” notes Jonck.
“Colleagues are being pitched solutions daily and, at some point, it’s hard to focus on what’s right for their clients between all the flashy presentations and endless reams of content on the subject.”
Take strategic action
Jonck says a first-party data strategy essentially boils down to a number of key considerations:
- Mapping out all current and future sources of customer data
- Deciding which data points are available at present, which points may be unlocked with some focus and tactics, and which data points will never be available or valuable
- Brainstorming and deciding on a value exchange strategy
- Choosing the correct “tool from the toolbox” based on sector, goals and brand persona
- Choosing the ideal technology stack, focusing on speed to insights, taking budget into account, and being future-proof
- Identifying where you want to communicate with your customers now that you know them better
- Building an engagement strategy and appointing someone to assume responsibility for this long-term mission
“The key ingredient in any first-party data strategy is CONSENT,” emphasises Jonck. “A vital decision to make is where and how to gain consent from a customer to communicate with them and build a relationship with them. We believe that the companies that do this in the most upfront, transparent and innovative ways are going to win.”
“If you form an agreement with the customer that they will receive something incredible and valuable in exchange for their consent, then privacy becomes moot because the customer is knowingly sharing, with the promise of a mutual benefit.”
Workshop content for C-Suite
- Understanding the impact of ignoring this first-party data revolution
- Identifying the opportunities of this revolution
- How to shift focus from acquisition at all costs, to retention at all costs
- How to evaluate your company’s current Customer Intelligence Maturity, and how that matches up with your industry
- Identifying the key ingredients you need to add to the stew to keep them coming back for more
- Visualising your future teams, and what you should be budgeting for
Agency workshops
- Technology competence
- Strategy considerations
- How to build incredible content machines that your clients both need and will appreciate (because #HeadCountFreeze)
CLICK ON THE COVER TO READ THE MEDIA’S AGENCY ISSUE.
