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Google Makes New Privacy Decisions Sending Financial Marketers into a State of Worry

Google announces a new way of tracking groups of people instead of individuals. This is leaving marketers panicking that they will now have less helpful tools for evaluating online marketing data.

In the world of digital marketing, gaining knowledge on users is a priority. With constant advancements of artificial intelligence and new methods of obtaining consumer data, marketers have never had more access to relevant information. But, what happens if these advancements suddenly take a step backwards?


As part of Google's attempt to stop third-party cookies in Chrome, they have taken steps that limit individualized cookies, and rather group thousands of consumers with similar interests together. This plan seemed to be in the works ever since Google had received backlash from Washington in regards to privacy. Although competing browsers such as Safari and Firefox have taken similar routes, Chrome continues to lead the browser market. Furthermore, internet advertising on all browsers is projected to hit over $150 billion by 2024. This a huge investment for every industry and business. With that being said, David Temkin, Director of Product Management at Ads Privacy and Trust, announced that although these third-party cookies are being phased out, they have no plans to create alternative identifiers to track individuals on the web.


So, what do financial marketers do now? Because organizations depend heavily on having their first-party data sorted, this needs to stay a necessity even through changes on Google Chrome's end. I would recommend that new strategies should be developed for companies that are highly data-driven. Advertisers now need to place more focus on email marketing and obtaining clean email addresses from consumers. Getting a hold on these emails will be helpful in the future when it comes to marketing technology.


This article definitely breaks down how Google, marketers, and companies in general feel about these new privacy-related changes. I agree that if Washington is critiquing these third-party cookies, it is best for Google to be proactive as the dominating internet browser and fix some of these concerns head-on. The article did well in explaining how marketers plan to move forward and still be successful through these alterations. However, I would have enjoyed hearing more perspective on this from different types of organizations. I would advise the writer to next time interview CMOs from different industries in order to see how this specifically will affect the fashion industry, versus the restaurant industry, versus the financial industry. Users who are not familiar with digital media may not be aware of how prevalent the use of online data is for all types of industries, so this could have been a great way to depict this information and show the relevance of this article.


Overall, I am not too worried about the future of the relationship between digital media and marketing, as new advancements are still being made daily and I feel that companies are still very much in control of their analytics. Hopefully, Google and outside companies are able to find a compromise that works best for everyone and helps to further the benefits of technology for consumers everywhere.


SOURCE: https://thefinancialbrand.com/110804/google-cookies-third-party-addressability-chrome-browser-trend-flocs-web-privacy/

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