New Video: Zero-Party Data Explained

Richard JonesLast Updated: Company

Sometimes it’s easier to show someone rather than tell them.

At Wayin, we’re fully invested in the zero-party data economy and how it will empower marketers to build more meaningful and lasting relationships with consumers. Forrester define zero-party data as a class of data “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.”

But although the majority of marketers know they should be powering their campaigns from preference data, all too many still rely on much maligned third-party data sets as it’s seen as a quick fix.

Third-party should be avoided as it is commonly aggregated 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 As a result it quickly becomes outdated and has no direct relationship with the individual consumer – which ultimately hampers the quality and effectiveness of your campaigns.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 fluctuate, and third-party consumer data rapidly becomes useless.

You could rely on first-party data of course, but this is purchase history rather than purchase intentions. And the job of the marketer is to know what your customers will do in the future, not merely what they have done in the past.

That’s why we produced this quick 2 minute video to give the uninitiated the scoop on zero-party data and how they can use it power more personalized marketing. A powerful engine is only as good as the fuel you put in it.

The Rise Of The Zero-Party Data Economy

Download our latest white paper to see more examples of how to collect zero-party data from social stories and ad units