Zero-Party Data to Drive Customer Success
The new era of privacy has made it increasingly difficult for marketers to build and maintain trusted relationships with consumers. Explore how personalization drives the first purchase of customers. The new era of privacy has made it increasingly difficult for marketers to build and maintain trusted relationships with consumers. One key consequence of privacy regulations sweeping the globe — coupled with progressively data-conscious consumers & the zero-party data to drive customer success is being touted as the solution to all the problems.
It is possible for marketers to know what customers intend to do or buy in the future by collecting data that is intentionally and proactively shared directly by the consumer. This class of declared data is called zero-party data and its rocket fuel for your marketing.
Zero-party Data 101 - Zero-party data is a form of self-reported data a consumer willingly and actively provides a brand in exchange, often for some sort of value, whether it might be a recommendation or a price. Instead of marketers “digging through the trash” trying to get personal information, they can simply ask their customers about their likes and dislikes. Richard explains zero-party data is being touted as the solution to that problem.
Collecting Zero-Party Data - At every point, marketers should be collecting customer data to acquire new people on their lists, but they should also be collecting data on their current database. Nick says marketers should be collecting data as a part of a loyalty program to drive an emotional connection with their consumers and make them more loyal. Marketers need to be collecting zero-party data as the “modern preference center” and should initially consider all relevant customer journeys.
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