Location intelligence and customer insights are the new frontier of data analytics
For years, the digital marketing landscape relied on third-party cookies to obtain rich and unique data on prospective customers. Now, with Google seeking “alternate identifiers to track individuals as they browse across the web,” the stage is set for emerging behavioral technologies, such as location intelligence, to become the leading solutions defining the future of marketing.
With Change Comes Great Opportunity
One of the most significant impacts of the discontinuation of third-party cookies is the loss of individual user tracking. Cookies have traditionally allowed marketers to gather valuable data about users’ browsing habits, preferences and purchase histories. Amassing this enriched data provided teams with a path to create targeted marketing campaigns with precision and provide tracking to demonstrate a campaign’s contribution to a company’s bottom line.
Google’s announcement that it will disable third-party cookies beginning in 2024 effectively upended the marketing industry overnight. And Google is not alone in making this pivotal decision to retire third-party browser cookies: Apple and Mozilla have similarly announced plans to phase out support for this digital tracking technology.
That’s where individual customer insights become crucial.
This approach focuses on analyzing behavioral patterns to provide clearer insights into buying routines and purchase intent. Perhaps the front-runner technology in this space is location intelligence.
In real estate, the market has long been defined by the adage, “location, location, location.” Thanks to the growth of property data intelligence, this principle has expanded to insurers assessing a property’s natural hazard risks, as well as appraisers examining an individual property’s characteristics for accurate valuations. And now, with the additional layer of location intelligence added to CoreLogic property data, the same adage is true when identifying potential customers.
Location intelligence brings unique audience insights through geographic granularity. Marketers that employ this technology can understand how shopping patterns, travel routes and living locations influence buying. That valuable information can then guide marketers to send the right message to the right person at just the right time.
The Data Is in the Details
While location intelligence technology and its ability to provide an in-depth understanding of customer behavior in a cookie-free world may seem ideal for markets missing cookie-rich data, it remains important to verify the accuracy and security of that data.
Marketers must be sure they comply with any state and federal consumer data protection requirements. Working with validated third-party data providers can help ensure that you keep sensitive data private and maintain a good working relationship with your clients.
Additionally, transitioning to new technologies means an adjustment from traditional approaches to measurement and analytics capabilities. Robust analytics tools, quality CRM data and reporting on flow from contract to conversion will become increasingly important as digital advertising shifts from a cookie-driven mindset to one that relies on location-based intelligence.
The monumental shift that will result from the retirement of third-party browser cookies cannot be understated. However, this change provides an opportunity to tap into new avenues for growth using behavioral and location intelligence strategies, which are poised to deliver meaningful connections with customers in a cookie-less world.