If you’re a digital marketer, 2024 is more than just a year, it’s a turning point moment. Anticipated industry changes, such as Chrome's cookie deprecation rolling out later this year, are no longer a distant future.
This transformation is being driven by a fundamental evolution in consumer expectations. Consumers are increasingly aware and vigilant about how their information is collected and used.Ann Asia Pacific region survey This is borne out, with 8 in 10 respondents saying online privacy is important to them and 70% saying they would stop engaging with a brand in response to a breach of trust around their data. Masu.
The instructions to consumers are clear. We need to re-evaluate our advertising privacy strategies and evaluate our reliance on legacy technologies. Recent developments such as Privacy Sandbox and App Tracking Transparency are examples of how we have adapted to important changes to our platform.
Big changes can be daunting, but they're not new. Take, for example, the initial hesitation surrounding the move to mobile. Ultimately, those who embraced change ushered in an era of unprecedented growth and innovation.
The coming months will require similar decisive action: rethinking first-party data strategies, rigorous experimentation, and a commitment to consumer-centric approaches. Here's a strategic roadmap for how industry leaders and marketing professionals can prepare for next year and beyond.
reset your way of thinking
Today's digital advertising era requires a new approach. Marketers must move from “accuracy” to “prediction” to deliver results at scale.
The fundamental marketing goals of driving awareness, intent, and sales remain the same, but the way these goals are achieved remains the same. Google's approach is focused on first-party data, AI, and privacy-preserving technologies. We're building new technology to deliver ad performance without compromising privacy.
Our expectations for how to reach and re-engage audiences and how to measure campaign performance have already changed and will soon reach their limits.
Remarketing is one example. This is perhaps one of the biggest triggers for people's concerns about online privacy. Because they are known to be tracking people on the web. Therefore, in a world without third-party cookies, standalone remarketing campaigns are unlikely to achieve the same scale as they do today without additional technologies such as AI.
Create a lasting strategy with three key elements
We've been talking for years about the importance of adopting durable strategies and solutions that center privacy, and now we've reached the point of no return. So here are her three recommendations:
1. Strengthen your first-party data strategy. build and strengthen first party strategy is more important than ever. A study conducted with BCG found that brands that used first-party data for key marketing functions achieved up to 2.9x more revenue growth.
Despite the obvious benefits, most brands are still not leveraging the full potential of first-party data. A good starting point is to assess your digital marketing maturity and identify opportunities to increase your maturity.
Identify where your capability gaps are and consider whether new technology is essential to achieving your business goals. In India, Tata AIG General Insurance By integrating data across multiple departments within the company and applying a combination of broad match keywords and performance max values to value-based bidding, we increased revenue by 10% on our travel insurance products.
2. Leverage AI-powered solutions. AI-driven tools require less data to make predictions and fill in unknown gaps, helping you optimize towards your campaign goals.
Headquartered in Singapore scootsaw at least a 30% increase in conversions when they leveraged AI to analyze traveler intent and preferences to identify new search queries not covered by existing keywords.
3. Testing and Implementing Privacy Enhancing Technologies(PET). Marketers should start testing and familiarizing themselves with PET, including tagging. Ad technology providers should start testing privacy sandbox APIs and other privacy-centric technologies now and often to find the best results for their businesses.
Singapore entered into a joint partnership with IMDA earlier this year to help Singapore businesses prepare for a privacy-first future. Through this partnership, businesses in Singapore will be able to test Google's privacy sandbox solutions internally. IMDA's Privacy Enhancing Technology (PET) Sandbox, a secure environment where companies can use or share data without disclosing sensitive information. Since its launch, the program has garnered widespread interest, and we are working with businesses, web publishers, and mobile applications across a variety of industries to help them transition to a more private internet.
The time to act is now
Companies that are early adopters of privacy protection solutions are already reaping tangible benefits. The message is clear. Respect for privacy is a competitive advantage, not a burden. Leaders who understand the value of experimentation—testing, refining, and iterating—will be able to optimize their strategies in this new context.What they showed is that it's important to test and learn Then decide what works best and make adjustments.
No matter where you stand, the landscape has changed. Third-party identifiers are rapidly deteriorating. It's time to embrace change and usher in a new era of innovation and growth together.
This article was written by Ben King, Managing Director, APAC Agency, Google Singapore.
