Discover key strategies to maximise your marketing potential in 2024 with GA4
In 2024, one of the key challenges for marketers will be the tightening stance on data protection by the EU. This will have a significant impact on marketing strategies as advertising platforms rely heavily on data to boost their profits. Platforms like Facebook have seen a 63% increase in Average Revenue Per User in just 5 quarters, thanks to their use of first-party data. As a marketer, it's essential to be aware of these changes and adjust your plans accordingly.
To mitigate the loss of data due to data protection regulations, it's crucial to create a plan and audit your current position. Identify the gaps in your data collection and find ways to fill them. Ignoring these changes will only lead to unpleasant surprises in the next 12 months. Seek professional assistance (preferably ours!) to help you navigate through these challenges effectively.
Another challenge that marketers will face in 2024 is the loss of third-party cookies. This reduction in signals from the cookie pool will make it difficult for ad platforms to monitor customers accurately. Consequently, your cost per lead or sale is likely to increase.
To overcome this challenge, marketers should explore alternative methods of tracking and targeting their audience.
One effective approach is to prioritise first-party data over third-party data. By owning the customer login, you can create a sense of progression and offer unique value that users can't find elsewhere. Byt you have to give value first. Users are savvy, and won't give away their data without a fair value exchange.
In exchange for this value, users may be more willing to provide their consented data. Additionally, creating tools such as calculators, white papers, and newsletters can help fill in the data gaps and complete your marketing funnel. Think progression and persuasion.
LiveRamp, a platform that has been filling in data gaps for years, is now facing challenges. Complaints to regulatory bodies like the ICO and CNIL are putting this back-up plan at risk.
This means that various platforms, including CDPs and DSPs, may experience a loss of fidelity in their data. As a marketer, it's important to find alternative solutions to maintain data accuracy and reliability.
To address this issue, consider exploring other data integration platforms and technologies.
Stay updated with the latest developments in the industry and be prepared to adapt to changes. By diversifying your data sources and ensuring data fidelity, you can mitigate the risks associated with LiveRamp's challenges.
To mitigate data loss and enhance your return on investment (ROI), it's crucial to implement strategic measures.
Start by conducting thorough research and truly understanding your customers. Regularly engage with them, observe their behavior, and prioritise their needs. By answering their questions and addressing their pain points, you can build strong relationships and collect valuable data.
Another important strategy is to optimise your Google Analytics 4 (GA4) implementation. Although it may seem daunting, it's necessary to dive into GA4 and increase your first-party signals. This will help you gather more accurate data and test its effectiveness.
There are 3 layers of events in GA4, from the standard to custom, so make sure you have appropriate tracking of the key bridges in your sales process.
Additionally, ensure that you have implemented consent mode to comply with data protection regulations and gain users' trust.
Organising your data is also essential for effective marketing. Ensure that your KPIs, events, and signals are well-defined and aligned with your marketing goals. Focus on the metrics that truly matter and avoid drowning in excessive reports.
By organising your data, you provide the high fidelity inputs for AI-powered advertising systems to create better ROI. Crap in, crap out. You know this is true.
Lastly, don't neglect your brand spend. While tracking the top of the marketing funnel may be challenging, it's important to invest in brand awareness. By filling up the hopper and reaching a wider audience, you can increase your chances of attracting potential customers.
Despite its complexities, GA4 provides valuable insights and enhanced first-party signals. By aligning your GA4 setup with your marketing goals, you can gather more accurate data and make informed decisions.
Ensure that your GA4 implementation is properly configured, including setting up conversion events, custom dimensions, and user properties.
This will allow you to track and analyse user behaviour more effectively. Take the time to familiarise yourself with GA4's features and explore its capabilities.
Need help with GA4? Try our Scale Audit and learn how to get your ducks in a row.