By: Neil Joyce, CEO & Co-Founder of The Customer Lifetime Value Group
So, we have all had a little time now to get our initial feelings on Google’s announcement off our chests and discuss with agency and tech partners. Perhaps you are still pondering the impact….
There have been some great perspectives, informative and pragmatic advice this past week, all with sound rationale and guidance. Even though Google let us know in Q1 2020 that this was coming, it still feels like we are at the start. We had an opportunity to prepare, yet we are in danger of scrambling to figure out an ecosystem so dependent on Technology that amounts to “more of the same, but different”, because “everyone has to”.
The real opportunity this presents is a moment to pause and understand the impact this has on your business, your objectives, your ability to reach YOUR customers, the ones you really only should worry about reaching and dare I say, the ones that want to be reached. It may also force the change up existing business, revenue and partnership models need. This time is invaluable in getting a more rounded opinion internally and externally, rather than rushing to conclude that this is how we are going to react to Google’s announcement and not turn it into a fire drill.
Getting back to the business context, critical and new thinking will quickly show what is important and what you need to do to change things up and capture new opportunities, not “more of the same, but different“.
3 action items to consider to change up the monopolistic and current “group-think” situation:
1) Change is good, but only happens if you make it on your terms, not just Google’s. Step back and consider “why” you can enhance and control your own ability to create more value for your customers and/or users in the first instance. Without the value proposition existing between business and consumers, we are all guilty of just solving Technology issues, not the Customer/User/Consumer…which, whatever you think of Google’s motivation is a cornerstone within their ‘trusted brand’ announcement.
If increasing the value your customers and/or users gain from the relationship with you, then jump to action item number 3.
2) If “1” is not for you (and it won’t be for those who do not have the strength in direct relationships with customers and users), then the options become a little clearer and maybe going all in with Google is not the worst outcome. It can help you deliver more to your bottom line reducing duplicative data, technology and partners. As much as this might be controversial, defeatist, or perceived that we are Google “fans” it can also save a lot of time and money for some.
3) The Paradigm Change-Up:
(a) Shining the light back on the brand
Clarity on business impact and KPIs – LTV, ARPU and Loyalty
Certainty in reaching the right customers and prospects NOT volume and measuring this in a cookie-less world
Control your data, your customer relationships and choose where, when and how to reach them instead of being told by Google and charged for the “privilege”
(b)The publisher charter
Deliver targeted, premium inventory through Identity-based PMPs directly with large Brands and holding companies to capture higher share of plan
Increase the value of your inventory with strategic and innovative data partnerships (2nd Party, specifically)
Pivot your Google dependency to sweating your remnant inventory only there, whilst reducing the Google/AdTech tax you pay
All of this requires privacy safe collaboration and this has to be the way in which to re-imagine, redefine and realise new opportunities, not just merely revise what we do, because Google said so.