Back in 1999 as the new Millennium dawned, the social media platforms we know today had yet to be invented and Mark Zuckerberg was still in high school, Scott McNealy rather controversially said: “You have no privacy, get over it.” A somewhat controversial statement at the time, that is evermore prescient in the new age of privacy we’re now living through.
Fast-forward two decades and 2018 has seen the Cambridge Analytica scandal unfold on front pages, the enactment of global privacy legislation like the GDPR and burgeoning CCPA and a ban on third-party data sets to power advertising in Facebook.
But for brands focused on building more meaningful relationships with consumers, this data disruption can be a unique digital opportunity. The answer: Zero-party data.
“Zero-party data is explicit, the consumer knows when they’re giving it, chooses to, and normally there’s a reward when it’s done properly.”
– Scott McNealy, Founder of Sun Microsystems & Chairman of Wayin
Although the modern consumer wants their online privacy to respected and greater controls over their data, they also expect better personalized experiences, but actioned from data that they have proactively shared with a brand.
Zero-party data is the next step in building genuine connections with consumers. 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.
Business Analysts Forrester agree, declaring in their 2019 B2C Marketing Predictions that brands will address consumer demands for privacy and personalization head-on by turning to zero-party data.
“If you can deliver a value exchange to the consumer for their data it’s going to build a mutually beneficial relationship between the brand and the consumer.”
– Richard Jones, CEO, Wayin
Check out the full discussion below: