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Cookies to Connection: Credit Unions Embrace First-Party Data for Better Member Relationships.

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***UPDATE AS OF 07/22/2024 – Google has decided to cancel sunsetting cookies, reversing its course from the 2020 announcement. Instead, they will be offering a “new experience that will let users make an informed choice”***

It’s time to tell the Cookie Monster to take a seat. In today’s digital marketing world, the importance of first-party data has come into sharp focus, especially as third-party cookies and pixels are being phased out. For credit unions, which rely heavily on personalized member engagement and trust, leveraging first-party data has never been more crucial. Let’s explore why first-party data is essential and how credit unions can effectively harness it in this new era of privacy.

Understanding the Shift Away from Cookies & Pixels
Third-party cookies and pixels have long been the backbone of digital marketing, enabling advertisers to track user behavior across different websites and deliver targeted ads. However, growing concerns about privacy and data security have led to significant changes. Major browsers like Chrome and Safari are eliminating support for third-party cookies, and regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) are enforcing stricter data privacy rules.

This shift underscores the need for businesses, including credit unions, to pivot towards first-party data. Unlike third-party data, which is collected by external entities, first-party data is gathered directly from interactions with members and customers. This includes data from website visits, mobile apps, social media interactions, surveys, and other direct engagements.

The Value of First-Party Data

  1. Enhanced Member Insights: First-party data provides a wealth of insights into member behavior, preferences, and needs. By analyzing this data, credit unions can gain a deeper understanding of what their members value most, allowing them to tailor products, services, and communications to better meet those needs. For example, tracking website interactions can reveal which financial products are most popular, informing targeted marketing strategies.
  2. Improved Personalization: Personalization is key to building strong member relationships. First-party data enables credit unions to deliver highly personalized experiences, such as customized offers and personalized communication. This not only enhances member satisfaction but also increases engagement and loyalty. For instance, a credit union could use transaction data to offer relevant financial advice or product recommendations based on a member’s spending habits.
  3. Increased Trust and Transparency: With privacy concerns at an all-time high, using first-party data fosters trust and transparency. Members are more likely to trust their credit union if they know how their data is being used and have control over it. By collecting data directly and with consent, credit unions can build stronger, more trustworthy relationships with their members.
  4. Compliance with Privacy Regulations: First-party data is inherently more compliant with privacy regulations compared to third-party data. Since it is collected directly from members who have provided their consent, it aligns better with regulations like GDPR and CCPA. This reduces the risk of legal issues and helps maintain a positive reputation.
  5. Cost-Effectiveness: Utilizing first-party data can be more cost-effective than relying on third-party data. It reduces the need for purchasing external data sets and can improve the efficiency of marketing campaigns through better targeting and personalization.

Strategies for Maximizing First-Party Data for Credit Unions
To fully leverage the power of first-party data, credit unions should adopt the following strategies:

  • Invest in Data Collection Tools: Implement tools and platforms that facilitate the collection and analysis of first-party data. This includes customer relationship management (CRM) systems, data analytics platforms, and marketing automation tools. YMC uses and recommends Hubspot.
  • Prioritize Data Privacy: Ensure that data collection practices are transparent and comply with all relevant privacy regulations. Clearly communicate to members how their data will be used and provide easy-to-understand opt-in and opt-out options.
  • Focus on Member Engagement: Encourage members to engage with your digital channels by offering valuable content and personalized experiences. The more interactions you have with members, the richer your first-party data will be.
  • Utilize Data Analytics: Analyze the collected data to uncover actionable insights. Use these insights to drive decision-making across marketing, product development, and member services.

As the digital landscape evolves and the reliance on third-party cookies and pixels diminishes, the importance of first-party data for credit unions cannot be overstated. By prioritizing the collection and strategic use of first-party data, credit unions can enhance personalization, build trust, ensure compliance, and ultimately drive better member engagement and satisfaction. Embracing this shift will position credit unions for success in the new era of data privacy.

Ready grow your first-party data? Your Marketing Co. has over 16 years of proven experience and skills that can launch your credit union website to success. We create, design and build the best credit union websites that value quality over quantity. Ready to grow? Let’s discuss and build a plan for you!

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Robb Cribb

Marketing Strategist

Initially from the client side of YMC, Robb has taken the plunge into the world of marketing to provide his expertise as your strategist. With years of experience in the financial sector – both credit unions and banks – he says, “I didn’t pick the financial space. It picked me.” But what brings him to YMC is the same motivation that drew him to the credit union industry: making a difference in people’s lives and helping them achieve what they never imagined. Possessing a fighter’s spirit, he lives his life by the words of the Italian Stallion himself, Rocky Balboa, “You, me, or nobody is gonna hit as hard as life. But it ain’t about how hard you hit. It’s about how hard you can get hit and keep moving forward.”
 
Whether he’s talking shop over a client dinner or unwinding at the end of the week, Robb enjoys a nice cut of steak and a nicer pour of bourbon to wash it down. A straightforward yet no less refined pairing, this combination perfectly reflects his marketing philosophy that, sometimes, simple is much more impactful.

Sara Breckbill

Social Media Manager

Sara is YMC’s very own Social Media Manager, and she has the experience and know-how to take your social media presence to new heights. Since her first college course on social media marketing, she’s known, “This is something I could do, and be happy doing it!” Her three guiding principles in branding: consistency, relatability, and humor. She knows people remember things that make them laugh or make them feel seen, so it’s no surprise she excels at crafting strategic and engaging social media content. Her advice to young marketers is the same motto she lives her life by: Enjoy the journey! Collaborative and creative, she feels right at home at YMC.
 
In her downtime, Sara enjoys Japanese food, hot or iced coffee, and listening to her favorite singer-songwriters. Some day, she hopes to visit Niagara Falls in person, but in the meantime, she’s happy to enjoy the journey.
Mandy Garman headshot

Mandy Garman

Graphic Designer

Meet Mandy, one of YMC’s in-house Graphic Designer phenoms! Honing her craft from an early age, Mandy constantly strives to innovate design and refine her artistic techniques. An avid believer in “quality over quantity,” she feels right at home with YMC’s focus on details and dedication to providing unique strategies. In fact, her marketing philosophy reflects this drive for excellence and commitment to substantial work, “Brand consistency is key for all marketing materials. Also, I believe less is more in graphic design. White space is your friend, and the logo does not always need to be the main focal point.”

A Nashville native, Mandy is intimately familiar with the profound effects of great art and stellar design. Especially influenced by the city’s music scene, one of her lifelong ambitions – besides trips to Italy and Japan – is to professionally create album covers. When she isn’t practicing her craft, you might catch her out and about enjoying matcha boba tea or at her favorite dining establishment: Mas Tacos. That, or obsessing over her Persian cat, Benny!

Reh Harvey

Vice President of Digital Strategy

Reh Harvey, our Vice President of Digital Strategy, leads with diligence and fervor. Having previously been a member of Team YMC, he is excited to return to such an amazing culture and even more amazing people (his words)! Through his experience in the marketing world, he’s found the key to success is to stay on the cutting edge and to always keep evolving.
 
Although originally drawn to marketing for its lack of math, Reh now finds himself doing more math than he would’ve bargained for. But his self discipline and positive attitude make it easy for him to laugh and take it in stride. Hoping to one day visit Japan and enjoy some premium Sushi, Reh lives life by his creed: Be a good human. Do good work. And above all, just keep going.

Hailey Madej

Graphic Designer

As YMC’s in-house Graphic Designer, Hailey possesses an eye for detail and a drive to innovate. It’s no surprise though since being creative runs in the family! Inspired from an early age by her mom’s work as a Graphic Designer, Hailey is a seasoned expert whose talents bring vitality and accessibility to every project. As a UX/UI designer, she expertly blends the intuitive and the creative for all to enjoy.
 
In addition to the occasional freelance project, Hailey also lends her abilities to supporting art initiatives within her community, such as the Belleville Mural Project. Her favorite aspect of joining the YMC team is the friendly, uplifting culture and breadth of design tasks. When it comes to marketing, she believes in pushing boundaries and maybe breaking some rules to capture her audience’s attention. Her advice to those just starting out? “Always seek quality over quantity.”

Dexter Ochoa

Development Assistant

When it comes to blending logical thinking and creative problem solving, Dexter’s abilities are undeniable! Beginning his career as a Web Developer, he’s no stranger to the wide world of Marketing and Advertising. Calling Biñan City in the Philippines home, Dexter has a burning desire to visit the Alpine peaks and valleys of Switzerland. While that journey may be far off, he is still no stranger to international travel. While visiting Japan, he was able to enjoy his favorite delicacy: Sushi and Sashimi. He also learned unexpected facts about Japanese Yen, specifically that it has special markings for the blind to know its value!

Whether he’s enjoying a cup of coffee in the morning or the occasional Pale Pilsen in the evening, Dexter is eager to work with the talented professionals of YMC, and we’re just as eager to add his talent to the team as well! His marketing words of wisdom? “Be creative, and just do what you want!”

Andrew Wyche

Copywriter

Hailing from the NC state capital (that’s Raleigh if you didn’t know), Andrew is YMC’s Copywriter extraordinaire. That’s why he knows that “The verb form of ‘reconnaissance’ is ‘reconnoiter.’ The former is, strictly speaking, a noun.” Seriously, he knows his words and he’ll use those words to get bold and weird (in a good way) with his copy. Fuelled by a love for pasta, shellfish, a good single malt, or a meal consisting of all three, Andrew navigates life with a motto engraved in his heart: “Choose kindness. Always.” It is this guiding principle that has led him to explore the realm of marketing, driven by a desire to connect with people in meaningful ways. As he continues to chase his dreams, one bucket list item stands out above the rest – a pilgrimage to Scotland. With his heart set on adventure and his pen poised for creativity, Andrew’s journey is far from over.

Alex VanHaasteren

Senior Web Developer

Alex is YMC’s Senior Web Developer and, as the title suggests, she is an absolute pro! While she initially started in graphic design – working long and hard to expertly bring concepts to life – she also felt drawn to technology and applying her natural ability to problem solve. Web Development proved the perfect blend of her creative passion and technical savvy.

When Alex is out with friends – including her YMC colleagues – she’s up for Greek cuisine or some good pulled pork BBQ washed down with Diet Coke. Or an Old Fashioned, if the occasion demands. Someday, she hopes to go to Africa on a safari. Hopefully she’ll see a giraffe in the wild, because – as she’s pointed out – its neck is too short to reach the ground!

When she isn’t jamming out to T-Swift, she’s happy to impart some marketing words of wisdom, “Aim to create something unforgettable.” For day-to-day inspiration, she would remind you of two fundamental truths: You decide your happiness, and Ice cream is its own food group—not just a dessert.

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