As ATS London 2022 approaches, Tim Geenen, Managing Director, Addressability, EU, LiveRamp, details how marketers can distill the current complexity of the identity space.
Identity is a major issue for marketers right now, with constant changes in regulations and the tech stack making it increasingly complex for advertisers to reach their target audience with relevant ads. Advertisers also have to deal with the fact that audiences are now consuming content on a variety of formats and devices, making targeting and measurement even more complex.
The difficulty of connecting data points between devices and browsers is nothing new in the digital advertising industry, but these major obstacles make the task much more difficult. Not being able to properly understand the audiences you are reaching and not being able to accurately attribute value to specific channels can lead advertisers to channel a disproportionate amount of their media spend into avenues that are turn out to be ineffective.
Advertisers who don’t invest in identity solutions to optimize their campaigns across all channels risk ending up targeting the wrong consumers or bombarding the right ones with too many messages. And, in both cases, it can have significant consequences in terms of brand recall and perception.
Companies should start by looking at all the ways consumers can interact with their brand, including everything down to customer service interactions. Not having a strong identity strategy in place to connect all of these touchpoints will prevent marketers from leveraging all the data they need to deliver the best consumer experiences.
Adopting a people-based approach to marketing, choosing to leverage identity signals rather than data related to devices or other characteristics, will give marketers the ability to reach consumers with targeted advertising, addressable and relevant that benefits both the consumer and the brand.
For the advertiser, moving to an ecosystem that enables this people-based marketing and restores the fair value exchange between brands and consumers, will deliver better return on ad spend, better measurement and increased audience.
The Power of Authenticated Proprietary Data
In order to get the most out of any people-based marketing approach, publishers and advertisers should seek to adopt authenticated first-party data. This creates addressable media and helps rebuild consumer trust.
Additionally, the adoption of authenticated proprietary data puts control of personal data back in the hands of the consumer, giving them the ability to provide and revoke permissions to how their data is collected and used.
This control is something consumers want to have, having lost faith in social/digital platforms after years of data misuse. This loss of trust has made consumers less willing to share their data; creating and communicating an exchange of value that encourages customers to authorize the use of their data in exchange for a better user experience or specific benefits should be a top priority for publishers and brands.
Improving user experience with first-party data
To encourage consumers to authenticate their information, brands and publishers should consider providing the consumer with a way to create an account and register. When presenting this option, users should be made aware of the value they gain from agreeing to register for an account and control the details they choose to share.
For advertisers and publishers, authenticated first-party data creates a digital advertising world where they can work more closely together to deliver meaningful results for brands. This closer relationship between brands and publishers will be even more imperative in the future, as it will ensure that they continue to thrive in the spaces of digital environments, while maintaining a competitive, diverse and privacy-focused open Internet.
A people-based ecosystem gives consumers control over their personal information, while empowering marketers to improve the experiences they deliver to those people and enabling publishers to increase ad revenue and improve their relationship with their audience.
It’s time to embrace new identity solutions
While leaning into identity solutions might seem like the answer to addressability in a privacy-driven future without third-party cookies and other identifiers, brands and publishers should seriously consider testing them now.
Already, new addressable solutions are outperforming third-party cookie-based techniques, which means there’s a good chance that brands adopting people-based identifiers early will reap the rewards.
The move away from third-party cookies and other identifiers, the increasing complexity of privacy regulations around the world, and the growing importance of authenticated first-party data present an opportunity for the industry to build a better digital advertising ecosystem. . An ecosystem that respects consumer data privacy and ensures that those consumers are part of a truly fair exchange of value between themselves, advertisers, and publishers.
ATS London 2022 will take place June 14-15 at Central Hall Westminster. Tickets and further information are available via the ATS London 2022 Event Center.