It is no secret to business owners and marketing professionals that customer acquisition costs are rising.
Industry estimates suggest customer acquisition costs increased by 60% in the last five years.
This trend is attributed to the increasingly tighter privacy rules established across the world, Apple’s iOS 14.5 update enabling iPhone users to opt-out of tracking from apps like Facebook and Instagram, and the impending demise of third-party cookies.
“We now face the death of the cookie, and this means huge changes to audience tracking and data collation. How do you understand your audiences wishes and preferences now, personalise offers and add value to the relationship so it’s meaningful more than transactional?” said Clare Lawson, CEO of Ogilvy and speaker at Technology for Marketing 2022.
For eCommerce and marketing teams, this diminishes the luxury of relying on third-party data to target the right users or convert the high-quality leads with their ads; not to mention the crumbling trust for advertising by consumers that started long before Apple’s iOS update in 2021.
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