How B2B Can Navigate the Digital Shift in Data Collection for Success

How is the always-changing digital advertising landscape impacting how B2B finds and pursues leads? Luma Partners’ State of Digital report is always a good resource for insights into these transformations. One noteworthy focus, particularly relevant to Craig Group’s B2B clients, is how data collection practices are evolving. Let’s look at some key takeaways and strategic recommendations to help companies navigate these changes effectively.

Adapting to a Cookie-Less Future in B2B

Cookie depreciation refers to the gradual phasing out of third-party cookies, or the data stored on users’ browsers that track their online activity. Major web browsers are increasingly limiting or blocking these cookies to enhance user privacy.

While this shift might not be as pressing in the B2B sector compared to B2C, its implications are still significant to B2B. As highlighted in the Luma report, cookie depreciation impacts audience-based media buying and data collaboration broadly. Third-party cookies have traditionally enabled companies to target specific audiences, personalize advertisements, and track the effectiveness of their campaigns. Without these cookies, companies need to find new ways to gather and analyze user data.

For B2B companies that rely heavily on cookies for targeting, here are some recommendations to help you pivot.

Embrace First-Party Data:

Prioritize First-Party Data Collection: With the decline of third-party cookies, the value of first-party data has surged. Focus on collecting and leveraging first-party data through direct interactions with your audience. This means finding a way to create or enhance your customer data and could include lead-generation form fills, SMS and customer email campaigns to gather as push current and future customer data as possible.
Content Is King: Encourage users to share their information by offering valuable content, like white papers, webinars, and gated resources that require users to provide their contact information – such as an email address or phone number – before they can access it.

Explore Data Collaboration:

Form Data Partnerships: Boost the quality of your audience data by teaming up with other businesses whenever possible. This could include sharing anonymized data insights to improve targeting accuracy without relying on third-party cookies. An example of this is a B2B software provider and a B2B research firm sharing data to better understand their audiences. The partnership is a win-win for both companies as they refine their strategies to run more effective initiatives.

Invest in Contextual Advertising:

Shift to Contextual Advertising: As audience-based media buying becomes more challenging, contextual advertising offers a solid alternative. By placing ads in content that is relevant to your target audience, you can still reach potential customers effectively without relying on behavioral data. Entering into a content partnership with a relevant industry publication that your audience reads is a smart strategy.

In Many Ways, It Is Back to Basics

One of the most compelling points from the Luma report is the notion that we are, in some ways, reverting to earlier advertising methods. As data and technology-driven targeting face growing limitations, broader reach tactics are regaining relevance. This shift presents both challenges and opportunities. Companies should prioritize the following:

Leverage Owned Channels: Invest more in their owned channels, such as websites, blogs, and email newsletters. These platforms provide direct access to audiences without relying on third-party data.

Strengthen Brand Positioning: In a landscape where broad reach tactics are becoming necessary again, having a strong brand presence is a must. Companies need to refine their brand messaging and ensure consistency across all channels.

Innovative Ad Formats: With traditional ad formats like homepage sponsorships making a comeback, explore innovative ways to use these spaces effectively. This could involve personalized homepage takeovers or interactive ad units that engage users more deeply.

New Realities, New Rules

Data privacy and tracking rules are getting stricter, and companies have to stay compliant to avoid fines and build trust with their audience. As digital advertising changes, B2B companies need to adapt to stay ahead. Focusing on first-party data and blending traditional and new advertising strategies will help navigate these changes and stay competitive.

Summer Craig is the CEO of Craig Group, a revenue growth advisor for middle-market, private-equity-backed portfolio companies.