While Google’s most-recent delay for phasing out third-party cookies provided a stay of execution — and, with it, more procrastinating for those relying on the trackers — a new study shows that more marketers are putting value in collecting other forms of data.
The 2024 B2C Marketing Audience Building Report, from Porch Group Media, surveyed more than 350 B2C marketers, finding “the diversity of data sources marketers utilize directly correlates with success.”
“We uncovered that having confidence in the data types and sources used to build audiences has a significant impact on the effectiveness of a data strategy,” the report says. “In fact, those who exhibit the highest confidence in this regard are an astounding 5.5x more likely to have very effective data-driven strategies than their less confident counterparts (89% vs. 16%).”
(Source: Porch Group Media)
More than 90% of B2C marketers were using first-party data they had collected in their strategies, with 84% using second-party data significantly or somewhat, and 67% using third-party data significantly or somewhat.
“An overwhelming 73% of those surveyed feel cookie depreciation will greatly inhibit or somewhat limit their ability to access the right data to build audiences,” the report says. “In an effort to alleviate the impact of cookie deprecation, 53% of those surveyed have already implemented a strategy to identify and target audiences without relying on third-party cookies.”
For those collecting first-party data, 40% report improved customer experience, 39% an increase in customer retention, 36% an improved advertising ROI, 36% an increase in customer engagement, and 36% an improved accuracy in targeting.
Obviously, the importance of quality data can’t be overstated. A unified CRM platform with marketing automation and intelligent analytics can help get the most out of data, simplifying every decision and providing a provable ROI.
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