Do you remember the Millennium Bug? It came and went, power stations didn’t melt down, debts unfortunately weren’t wiped forever and desktop computers continued to whir away. The Y2K bug was forgotten, established in the collective psyche as media hysteria, and much ado about nothing.
But in reality, governments, programmers and developers got their house in order well ahead of New Year’s Eve 1999. So when the public arose on 1st January 2000 it was merely hangovers they had to worry about.
And so to GDPR, the next apocalypse for business. Nearly 5 months on from the enforcement of tighter rules around data collection, rather than ringing the death knell for personalization marketing, it has improved it. Marketers, on the whole have taken it as the jolt to improve transparency and deliver an altogether better experience for the consumer.
52% of consumers would share personal data in exchange for product recommendations
GDPR Is Leading To More Second-Party Deals
As brands and publishers have been forced to go ‘cold turkey’ on their third-party data fix, an accelerated market for second-party data has sprung.
Behemoth publishers, including the Guardian, Business Insider and News UK are reporting a marked increase in the number of requests from brands for ways to infuse first-party data with their own, customized second-party data sets.
This data, is compliant under certain conditions, chiefly that it is sold for a particular use-case or campaign on an exclusive data basis, and that consent has been acquired. However much of it is still inferred or observed from cookie data with a smattering of basic self-identified data points.
Only 22% of online consumers are satisfied with the level of personalization they currently receive
Powering Second-Party Data By Marrying It With Zero-Party Data
Publisher brands are in a unique position to obtain consent from their loyal user base to leverage second-party data and gain a competitive advantage and increase revenue streams. But second-party data only works when co-mingled with not only first-party, but zero-party data.
Zero-party data is a data that is intentionally and proactively shared directly with you by the consumer. A type of data that is never inferred through income or device matching, nor is it merely observed through spending behaviors or cookie data.
It is quite simply data your customer has willingly shared with you, like purchase intentions and preferences to improve personalization and help build up a picture of who they are.
Zero-party data allows brands to build direct relationships with consumers, and in turn, better personalize their marketing efforts, services, offers and product recommendations. As it comes directly and willingly from the consumer there are no intermediaries, no guesswork
Capturing consumer motivations, intentions, interests, and preferences at scale, then merging with second-party data sets allows publishers truly personalize each customers’ experience.
Capturing Zero-Party Data At Speed And Scale
Although the GDPR fear-mongering has abated, consumers are still wary when handing over their personal data and preferences. Digital natives need to be entertained, engaged and receive something in return for their attention and personal data.
Publishers and brands can deliver this by leveraging the Wayin Brand Engagement Platform to deliver interactive marketing experiences that conduct research, accrue opt-ins and collect zero-party data on behalf of the advertiser. By incorporating incentive mechanics like instant wins, giveaways or coupons to name but a few, couple with simple data capture forms, publishers can offer consumes a value exchange for the consumer in return for their data.
Forrester + Wayin Webinar: Agility Is King, Data Is Queen
Watch this webinar to learn the benefits of zero-party data and how to collect it at speed and scaleWatch Webinar