Leverage zero-party data to gain deep customer insights that you can act on.
Forrester: ROI of Zero Party Data - Building Customer TrustWatch Webinar
What Exactly is Zero-Party Data?
The term ‘zero-party data’ (a.k.a. explicit first-party data, declared data) was first coined by Forrester Research to describe any personal preferences, insights, profile data or consents that customers freely share about themselves with a brand.
When customers share zero-party data, it gives companies clear insight into their needs, interests, behaviors, and intent – unlike first-party data which can only offer inferred insights generated from purchase history or basic demographic data like date of birth. As a result, customers expect companies to provide them value in exchange for their willingness to share their personal information.
Zero-Party Data is Highly Valuable Because:
- It is unique to your brand
- It is the ultimate source of truth because it comes directly from your consumer
- It is based on the level of trust between brand and consumer and
- It enables brands to provide value to the customer in return
With zero-party data available, organizations can respond by providing personalized and relevant customer experiences. This perceived mutual value to the consumer motivates them to continue sharing data in the future. It is important to expand zero-party data collection efforts and incorporate this data into a centralized platform that provides both transparency and control to the consumer.
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Our Technology Leverages All Types of Zero-Party Data
Effective preference management honors the desires and preferences of individual people by employing the right platform, processes and best practices for gathering preference data along the customer journey. Our technology helps you build trust with your customers by providing an open and transparent customer experience where they feel comfortable sharing data with you. As they receive valuable content and communications in return, their engagement increases, and the customer relationship is enhanced.Read More
Capture and honor your customers’ consent to create a foundation of trust and to avoid exposure to significant regulatory fines. When customers have confidence in how you use their data, they will consent to processing their data and share personal insights willingly. Yet, requirements for collecting consent vary across jurisdictions and are becoming more complex. PossibleNOW’s technology can help you put a successful consent management program in place across the enterprise.Read More
Customer insight management
The better you know and understand your customers, the more effectively you can engage with them. Our platform helps you consolidate survey, feedback, and opinion data from aggregate reporting and tie it to individual profiles, managed and controlled by the customer.
This represents an untapped opportunity to gain additional customer insights, thereby leading to more personal, responsive, and relevant customer experiences. Read more here.Read More
The collection of profile data includes name, address, phone numbers, etc. Customers can easily update the information they are providing in real-time through the trust center site, inside a customer portal, or along the customer journey.
Zero-Party Data / Preference Management Buyer's KitBuyer's Kit
What’s the difference?
Zero-party data is data or personal information that your customers or users actively and freely choose to share with you. This data is directly collected from your customers and not by using tracking pixels, cookies or cross-device identification. It is more valuable than traditional first-party data since customers proactively share it, making it more trustworthy and definitive than inferred data like traditional first-party data.
First-party data is defined as data that your company has collected from your customers as the customer interacts with the brand. First-party data includes profile data such as demographic information, purchase history, subscription data and tracking user behavior on your website.
If you've ever looked at a product online and then continued to see ads for the product across social media channels and banner ads, that's an example of first-party data retargeting.
Second-party data is data that an organization collects straight from its audience and then sells directly to another company. Essentially, it is another company’s first-party data that your company has permission to use.
For example, a large advertiser might partner with a large publisher to gain access to its audience information. As far as the advertiser is concerned, that information isn’t “first party” data because it didn’t collect it itself.
Third-party data is any data collected by a company with no direct connection to the consumer whose data is collected. third-party data sources may include websites, social media networks, surveys, and subscriptions.
For example, a third-party data provider might pay publishers to let it collect information about their visitors and use it to piece together detailed profiles about users’ tastes and behaviors as they move across various websites. This information can then be sold to advertisers to help them target their ad buys.
Trust, Transparency, Control: The New Customer ImperativesView Whitepaper