Vito Vishnepolsky is founder and director of Martal Group, an on-demand sales partner servicing B2B tech companies.
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Brace yourself. The end of an era for business-to-business (B2B) marketers is nearly here.
In 2020, Google announced it would be depreciating third-party cookies on Chrome by 2022, so what does that mean for you?
Today, about 80% of marketers depend on third-party cookie data and 70% believe that the depreciation of third-party cookies will result in a downward shift for marketing technology, according to a recent study (download required) by Epsilon.
These statistics alone signal that Google’s privacy-forward policies will have a huge impact on the marketing industry and increase the importance of outbound lead generation strategies in the upcoming years.
The depreciation of third-party cookies is not new as Safari and Firefox blocked them back in 2017 and 2019, respectively. But since Google holds nearly 64% of the worldwide market share for browsers, the fate of third-party cookies has now been sealed.
To be prepared for 2022, you need to understand Google’s game plan. Then we can go over some alternatives to help you keep your marketing momentum strong while approaching outbound lead generation with a technology-forward mindset.
Will There Be An Alternative To Third-Party Cookies?
Kind of.
Google recently stated that it “... will not build alternate identifiers to track individuals.” But that doesn’t mean Google has completely given up on finding innovative ways to track users.
Instead, Google is building the Privacy Sandbox, which includes a plethora of features that will provide a safe place for people to browse while collecting consumer behavior anonymously.
Within the Privacy Sandbox, Google’s main replacement for third-party cookie data collection is the Federated Learning of Cohorts, better known as FLoC. FLoC applies machine learning to assign users to groups with similar interests and browsing behaviors. With FLoC, Google will store data in each individual’s Chrome browser so the data stays with the user and is not distributed to other domains to be tracked.
I believe the company has high hopes that FLoC will be nearly as effective as third-party cookies. In fact, Google claims that “... advertisers can expect to see at least 95% of the conversions per dollar spent when compared to cookie-based advertising.”
But will FLoC benefit marketers in the same capacity as third-party cookies?
That’s debatable.
What Are The Potential Pitfalls Of FLoC?
First, as to my knowledge, conversion results have not been tested by anyone outside of Google. Advertisers should be able to test the cohorts by the second quarter of this year, but that is cutting it close to the third-party cookie termination deadline.
Second, and probably the most concerning, is that Google will have discretion over access to the behavioral data. With Google holding the lion’s share of the browsing market through Chrome, we should all be prepared for how this majority control will affect the future of marketing.
Consider:
• How will targeted outbound campaigns outside of Google change for my industry?
• Will Google share the audience data, and if so, how granular will it be?
• Will my marketing budget be managed efficiently without third-party cookie data?
What Can You Do To Strengthen Your B2B Marketing Strategies Without Third-Party Cookies?
I believe B2B marketers will have to shift focus back to more traditional outbound lead generation strategies to see continued growth from their efforts. Many tried-and-true outbound lead generation tactics have been demonized due to the associated high costs of labor and resources. But failure to adopt new technologies and outsourcing options are more to blame for the price tag than the actual methods.
You’ll have to decide what is appropriate for your target audience, but here are a few ideas to get you started.
1. Outbound Email Marketing
Outbound email marketing for B2B lead generation is still an effective tool that our sales teams use daily. Though email marketing is often labeled a dying strategy due to low open rates and poor conversion, a 2019 analysis conducted by Litmus found a $42 return on investment from email campaigns.
When businesses struggle to make email marketing work, it has been my observation that the fault is in the follow-up. For best results, choose your lead list carefully and develop personalized campaigns with multiple touch points through an omnichannel experience to maximize your efforts.
2. Cold Calling
Much like outbound email marketing, the loss of popularity for cold calling is due to a lack of evolution rather than a lack of effectiveness. Cold calling has been misused for years as many sales teams still try to go straight to dialing from a generic lead list without proper research, follow-up or complementary touch points.
Find a provider that can access an ecosystem of shared first-party cookie data to build a list of prospects showing the behavioral habits of a business looking for your solution. Even if you simply leave a voicemail, which is more likely than not, it’s a way to stay top of mind during the decision-making process, especially if you are using the right lead list.
3. LinkedIn Marketing
For B2B outbound lead generation, LinkedIn has been one of the highest converting platforms for our clients. All the prospecting information you need is readily available through the Sales Navigator, and when combined with a powerful LinkedIn-based customer relationship management (CRM) tool and other touch points like calls and emails, you can see positive results in a short amount of time.
Takeaways
One thing is certain: As marketers, we must be ready to adapt. Technology has become a great resource, but it also comes with inherent risks that usually aren’t uncovered until years or even decades after implementation.
We cannot put the majority of our efforts into a singular strategy or primary platform because it’s what’s working today. These methods will only result in madness once another disruptive technology hits the scene.
Instead, diversify — much like you would a stock portfolio. Segment your marketing budget proportionately to focus on traditional and trending tactics while dabbling in experimental options to stay ahead of the competition.
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