After what seems like an eternity of data breaches, privacy scandals and surreptitious data sharing deals, Mark Zuckerberg has announced an about pivot: Facebook intends to become a “privacy-focused” social network.
Akin to McDonald’s ditching the Big Mac for the McVegan, this is a remarkable u-turn for the social channel that encouraged its users to share, connect and be more open. End-to-end encryption, disappearing stories and easily erasable data are some of the promised to tempt users back, and more importantly stave of interfering from concerned governments around the globe.
But is it not all a case of déjà vu? In May 2018, in the wake of the burgeoning GDPR legislation and front pages awash with the Cambridge Analytica scandal, Facebook promised to launch a ‘clear history’ feature that would allow users to delete any personal data Facebook had harvested. Almost a year later, and the feature is yet to be launched.
Irrespective of whether Facebook are to be believed about their latest privacy initiative, its implementation would be diametrically opposed to how it has made the majority of its revenue in the past: allowing advertisers and favored brands to target their messages at very specific audiences through all of the location, age, political and preference data it collects. Consumers are correct to raise an eyebrow at the proposed raft of updates.
Although consumers want better personalized experiences, product and service recommendations, they want it actioned only from data they have proactively shared with a brand to deliver it. Not the form of creepy marketing that has seen consumers begin to deactivate their Facebook account and move to other networks.
The Solution: Zero-Party Data
Zero-party data is the next step in building lasting and meaningful connections with consumers. Business analysts Forrester define it as a form of data intentionally and proactively shared with you by the consumer and never collected through snooping or inferred through variables like device matching.
It is data your customer has willingly shared with you, like purchase desires and preferences to improve personalization and help build up a more complete picture of who they are. Helping marketers to build direct relationships with consumers, and in turn, better personalize their marketing efforts, services, offers and product recommendations with no guesswork.
Brands don’t need to get into bed with Facebook to achieve this, they can deliver it through interactive experiences that collect preference insights, accrue opt-ins and deliver an altogether better experience with a tangible value exchange for the consumer.
Whether an instant win promo, or product recommending quiz in a social story to name but a few, these experience types that can live on the largest screen, or the smallest ad placement incorporate incentive mechanics such as coupons, content, or prizes that quickly and easily collect zero-party data.
Capturing consumer motivations, intentions, interests, and preferences at scale lets you truly personalize each customer’s’ experience. Zero-party data empowers you to stop using guesswork and inferences by arming you with the information you need to make the right connections with your customers.
By using 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 offers motivate them to purchase.
The Rise Of The Zero-Party Data Economy
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