Forrester Report: Beyond Third And First-Party Data

Richard JonesLast Updated: Featured, First-Party Data, Insights

“When marketers use inferred data to customize communications, there’s a very real chance they’ll get it wrong.”

Marketers use data within every area of their role, from segmentation to email, A/B testing to website analytics. Yet while the results are routinely scrutinized, the quality of the data seldom is. And a powerful engine is only as good as the fuel you put in it.


The Problem With Third-Party Data Sets

Third-party data is commonly amassed from a host of unrelated and unreliable sources like credit scores, cookies and click trails. As a result it quickly becomes outdated and has no direct relationship with the individual consumer which ultimately hampers the quality and effectiveness of your campaigns.

Consumer preferences, budgets, household sizes and the like all evolve and change over time, credit scores go up and down, and third-party consumer data rapidly becomes antiquated.

Powering campaigns with this sort of data has been a key driver in growing consumer mistrust, as well as stale, useless data clogging up CRMs.

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The Solution: Zero-Party Data

It is possible for marketers to collect data that is intentionally and proactively shared directly with you by the consumer. This is zero-party data. A type of data that is never inferred through income or device matching, nor is it merely observed through spending behaviors or cookie data.

Zero-party data allows brands to build direct relationships with consumers, and in turn, better personalize their marketing efforts, services, offers and product recommendations.

Types of data


Capturing Zero-Party Data Through Interactive Digital Experiences

Consumers are more scrupulous than ever when it comes to handing over their personal data and preferences. But privacy and personalization can coexist. Digitally savvy consumers need to be entertained, engaged and receive something in return for their attention and personal data.

Marketers can deliver this by leveraging the Wayin Brand Engagement Platform to deliver interactive experiences that conduct market research, accrue opt-ins and deliver an altogether better experience with a tangible value exchange for the consumer.

Whether a quirky questionnaire, playful poll or stunning social story, by leveraging these interactive experiences that incorporate incentive mechanics such as unlocking content, instant wins, giveaways or coupons to name but a few, marketers can quickly and easily collect zero-party data at speed and scale.

“Creating a systematic, engaging process for collecting zero-party data is a great way to build that trust and then continue engaging the customer over time.”

Activating Zero-Party Data

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.

 

Forrester Report: Beyond Third & First-Party Data

Download this complimentary Forrester Report to learn the benefits of zero-party data and how to collect it at speed and scale

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