How To Prepare for the Data Apocalypse

The Internet Advertising Bureau's 2024 State of Data Report is a study that discusses how the digital ad industry is adapting to the Privacy-By-Design Ecosystem. It requires a subscription to access and provides insights into the industry's expectations and preparations for the elimination of third-party cookies, among other privacy-related changes.

According to the IAB's report, 94% of survey participants expect Google Chrome to eventually eliminate third-party cookies.

The IAB report suggests that marketers and brands may be reluctant to prepare for the loss of third-party cookies due to a few reasons:

• Misunderstanding of first-party data: Many still assume it only pertains to contact information, devices used, and transactions, underestimating the value of consumer interests and preferences.

• Lack of measurement capabilities: There is a significant investment in new multi-touch attribution systems, indicating that many brands lack the tools to understand the impact of privacy changes on their measurement strategies.

• Overreliance on website analytics tools: Marketers are revisiting their tech stacks, but the focus remains on website analytics tools, which may not provide the necessary insights into customer intent and impact.

To address data privacy and business transformation, companies are taking several key steps as per the IAB report:

• Training staff on data privacy: Ensuring that employees are knowledgeable about data privacy issues and best practices.

• Dedicating teams to business transformation: Forming specialized groups within the organization to focus on adapting business practices to the new data privacy landscape.

• Tapping external expertise: Seeking advice and guidance from outside experts to navigate the complexities of privacy legislation and data management.

To get good at first-party data, the IAB report suggests that marketing and content teams must prioritize the following:

• Connecting owned media properties: Integrate different platforms such as websites, newsletters, blogs, and events into a cohesive system that provides rich first-party data insights.

• Investing time and effort: It requires persistence, patience, and a significant investment of time to successfully harness first-party data.

• Adopting a strategic approach: Recognize that privacy by design is not only essential for compliance but also a strategic imperative to act in consumers' best interests and to uphold industry leadership responsibilities.