Why Zero-Party Data is the Future for Digital Marketing

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Why Zero-Party Data is the Future for Digital
Marketing
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(No Transcript)
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• When Tim Berners-Lee first invented the internet
  30-some years ago he made it clear that his
  vision was one of giving people the world over
  unfettered, equal access to information and
  knowledge, a source that would allow for
  information as well as ideas to be shared in an
  egalitarian way. A brilliant and democratic idea
  to be sure, however, since we live in a
  profit-driven world, it was perhaps a foregone
  conclusion that capitalism would find a way to
  monetize his good intentions.

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• Thus, it wasnt long before online ads and
  cookies were born. At first blush, cookies didnt
  really seem like all that negative of an idea
  lets face it, nothing is really free and good
  content needs to be paid for too, right? After
  all, if youre looking to buy a new red cashmere
  sweater, why wouldnt you want to see ads that
  told you not only where you could buy one online,
  but comparison shop them for cost and quality?
  The targeted and re-targeted ads structure driven
  by cookies seemed to make sense for both the
  advertiser and the consumer, and if it meant that
  there would always be more and better content on
  the web, most of us were all for it.

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• That was until it got weird, and we remembered we
  hadnt told anyone we were looking for a red
  cashmere sweater so how did J. Crew know that?
  Sure, you vaguely remembered seeing a cookie
  notice on Macys site when you first started
  searching for a luxury crimson crewneck, but at
  the time, you didnt give it much thought, since
  you were on your lunch break and didnt have all
  that much time to shop. It turns out you werent
  the only one who was a little creeped out many
  other people started worrying about just how much
  they were being tracked while on the web, and
  just how much their privacy was being compromised.

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• With user experience and customer journey being
  two of the biggest buzz terms and long-term goals
  of all business owners, industry leaders have
  long been searching for a better way to continue
  to effectively market their wares, but do so in a
  more honest, authentic way.
• The answer to this conundrum? Zero-party data.
  With Google set to officially ban the use of
  third-party cookies just around the corner (going
  into effect in 2022), zero-party data has become
  the official best practices ideal for forward
  thinking marketers.

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What Exactly is Zero Party Data?

• Zero party data is marketing gold useful,
  knowledgeable intel about your target audience
  that has all the power of cookie targeting
  without any of that creepy, big brother vibe
  attached to it. Zero-party data is the best data
  to have because it is given willingly by
  consumers themselves. While some other solutions
  to replace third-party cookies have been bandied
  about (trust tokens, anyone?), zero-party data is
  being rightly viewed as the most transparent
  method for targeted, precision marketing to carry
  on.

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• With zero-party data, both the intent and the use
  of consumer data is directed by the user
  themselves. With zero-party data, brands are
  asking customers directly for not only their
  demographic facts, but also delving into
  preferences, goals, future purchases, and what
  they want from their experience with the brand,
  just to name a few areas of inquiry.

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• This data is provided expressly from the consumer
  themselves, making it incredibly accurate and
  therefore, extremely valuable. Its also a much
  more egalitarian way to market to your audience,
  because zero-party data is typically provided by
  the customer in a quid pro quo environment, given
  by them in exchange for special offers, rewards,
  or a better, more personalized brand experience.
  In short, zero-party data is a win-win for
  everyone, and those brands that get out in front
  of the ZPD trend now are destined to reap the
  data-driven benefits.

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Why is Zero-Party Data Better than First-Party
Data?

• According to the experts at Forrester Research,
  first-party data is good, but zero-party data is
  better. Why? Ultimately, it comes down to two
  crucial facts

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Data Ownership

• First-party data is typically data that has been
  collected on consumers without a direct opt-in
  and is owned by the brand. Conversely, zero-party
  data is owned by the consumer, and therefore its
  fluid. It can change over time, and what they
  customer wants from the brand can change over
  time as well. For example, just because a
  customer provided you with their email address to
  receive a discount coupon code for a pair of
  pants doesnt mean they ALWAYS want you to
  contact them when you have pants for sale.

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• With zero-party data, customers must keep telling
  you what they want from you and what they expect
  in return for you to be using it correctly. Learn
  more about Why Zero-Party Data is the Future for
  Digital Marketing visit our blog here
  https//www.groupfio.com/getting-by-without-cookie
  s-why-zero-party-data-is-the-future-for-digital-ma
  rketing/