That’s The Way The Cookie Crumbles
Having been pushed back a year, Google will now cancel the third-party cookie in 2023. While privacy campaigners will applaud, marketers and advertisers will be anxiously crossing their fingers. But what will it mean for the print industry?
The marketing industry is no stranger to making predictions. Whether it’s stating that we’ll all be existing in the metaverse in ten years’ time or all ads will be created by AI, it seems that marketers, agencies and brands make daily announcements about the future of the industry. But one that all seem to be agreed upon is a steady decline in traditional advertising.
But the most recent CMO Survey – a monthly assessment of the US marketing industry – has found that marketers are predicting an increase in traditional advertising spending. This is in stark contrast to previous months when marketers reported an annual decrease in traditional advertising spending. Going into detail, retailers are increasing their traditional advertising spending by 10.2%, brands by 4.9%, and – interestingly – digital-based retailers by 11.7%.
So what’s causing this shift? One factor is traditional advertising is more trusted – a recent MarketingSherpa study found that the top five most trusted advertising formats are all traditional, with customers trusting print advertising (82%) the most, followed by television (80%) then direct mail (76%). Another is the fact that the more time people spend with digital media, the less engaged they are by its marketing.
But one of the main reasons marketers are falling back in love with traditional advertising is the demise of the third-party cookie.