Technique 3 minutes, 25 second read Graham Tricker, Commercial Director, LiveRamp
Google’s latest sandbox switch from FLoC to Topics is the latest major structural change to the world of adtech over the past few years but there are many more tech enabled changes expected to come.
This, coupled with shifting consumer priorities following the pandemic and a boom in the ecommerce market means marketers need to be agile. They must constantly evolve to succeed in today's marketing industry.
Tailored advertising and digital skills
Changes to the adtech market are accelerating at a pace which marketers often struggle to keep up with. The tech is constantly being updated, often in the form of announcements from the tech giants that can come as a surprise to CMOs.
The technical skills needed in marketing and advertising roles are constantly changing, and the increasing importance of data is putting increased pressure on marketers to keep up to date with the latest technology. A prime example of this is Connected TV (CTV). While CTV had existed prior to the pandemic, consumer preferences shifted heavily during the increased time spent at home.
Now, the IAB reports that 60% of TV viewers in the UK watch CTV at least once a month, making it critical that marketers understand the details needed to make it a part of successful marketing.
With all of these changes, marketers and retailers must pivot and accommodate the growing digital demands of the market. It is becoming clear that the need for individuals skilled with the handling and analysis of data is greater than ever before and is going to continue to fuel the industry’s growing digital transformation.
The post-cookie future
Further to industry-spanning AdTech changes, the deprecation of third-party cookies is one of the biggest shifts facing the industry, that marketers absolutely must begin preparing for. It is also a bellwether for the broader balancing act of privacy and marketing that the entire industry must navigate.
Brands must think ahead to the end of third-party cookies and bolster their cookie-less advertising strategies now but also satisfy consumers’ wants for privacy and control. At the same time, brands can take the opportunity to consider new platforms that are privacy-first but offer new means of addressability and measurability.
CTV, to name just one such platform, enables cookieless use of data, that is still incredibly powerful at measurement and provides data for ROI. CTV has the ability to offer relevant ads through first-party data, meaning brands don’t compromise on privacy but are still able to reach the right consumer for the relevant campaign.
New tools to enhance privacy and results simultaneously
Further to enabling consumer privacy without sacrificing effectiveness, data clean rooms offer a means for companies to safely leverage their data, as well as the data of their partners.
Some companies may already be experienced with data clean rooms, given that the walled gardens helped drive use of these for their customers looking for data analytics and insight. However, independent platforms that incorporate clean room technology alongside wider capabilities including media activation, campaign measurement enable brands to leverage far more value from data collaboration partnerships, including powering high value Retail Media Networks (RMNs).
Privacy-first collaboration strategies and platforms will have to be developed to ensure that data can be independent and neutral across various touchpoints. The balance to strike is to capture ROI while protecting platforms and end user parties.
High-street brands will need to work together to boost their data insights and thrive in the face of Covid and larger competitors online. Data collaboration, working to connect their data sets with trusted partners in a privacy-first way, can help to generate deeper and broader customer insights that can rival those of the e-commerce and tech giants.
While these are just some of the many tools available to marketers in today’s ever-shifting environment, monitoring developments in these areas will broadly help marketers to stay up-to-date with the latest advances.
Marketers who place privacy-conscious and collaborative marketing strategies at the forefront of their campaigning will stay ahead of the competition and have leverage over the fluctuations of the ever-shifting AdTech market.