In an essay for Time, Apple CEO Tim Cook has called for a landmark package of data reforms that protect privacy and hand power back to the consumer.
Chiefly, Cook wants to see federal legislation that prevents companies collecting data that wasn’t explicitly and proactively shared by the consumer. As well as the right to knowledge on any data a company holds, access to it, and the right to have it deleted.
“This problem is solvable—it isn’t too big, too challenging or too late. Innovation, breakthrough ideas and great features can go hand in hand with user privacy.” – Tim Cook, CEO, Apple
At Wayin, we’ve been banging the drum on this for some time. Organization’s need to move away from third-party data sets, which from a business perspective are highly unreliable, and from a public relations standpoint, deeply toxic in the new age of privacy we have now embarked upon.
Other than tightened federal laws, which are inevitable in the coming months, the answer to the innovation Tim Cook calls for is organizations turning to a zero-party data strategy.
Zero-party data ticks all the points Tim Cook raised. It is preference insights shared directly and proactively with an organization by the consumer. The consumer owns this data and therefore is in complete control of it.
“Zero-party data is that which a customer intentionally and proactively shares with a brand. It can include purchase intentions, personal context, and how the individual wants the brand to recognize her.” – Fatemeh Khatibloo, Principal Analyst, Forrester
In Forrester’s latest analyst report they discuss the importance of zero-party data for building more meaningful relationships with consumers and highlight Wayin as one of the few ‘intention capture’ platforms that can help marketers collect zero-party data.
Organizations like Apple can achieve this through interactive experiences that conduct research, accrue opt-ins and deliver an altogether better experience with a value exchange for the consumer. Whether a questionnaire, poll, quiz or social story, by leveraging these interactive experiences that incorporate incentive mechanics, organizations can quickly and easily collect zero-party data at speed and scale.
“Zero-party data is extremely valuable and will improve the effectiveness of your firm’s personalization efforts.” – Fatemeh Khatibloo, Principal Analyst, Forrester
Capturing consumer motivations, intentions, interests, and preferences at scale lets you truly personalize each customer’s experience. Empowering you to move away from much maligned third-party data sets and arming you with the data you need to make the right connections with your customers. And by leveraging the right mechanics, and offering a value exchange, your customers will tell you what products they desire, what they look for in a service, and what motivates them to purchase.
Forrester Q&A: What Marketers Need To Know About Zero-Party Data
Download this complimentary Forrester Report to learn how to move away from third-party data sets and turn to zero-party dataDOWNLOAD FREE REPORT