Zero-party data is the future of data collection because it bridges the gap between advertising needs and consumers’ concerns about privacy.
You’ve probably seen an abundance of targeted ads as you browse the internet and social media.
Have you ever visited a site once, only to find ads for that same product advertised across every platform you use? Did you mention a product in a conversation and find that you were served an ad for it just a few moments later?
You’re not alone.
These lead targeting methods are concerning internet users worldwide as they are seen as an invasion of privacy. According to Pew Research Center, most Americans feel this way.
In response to these concerns, Google announced earlier this year that the company plans to eradicate third-party cookie usage on Google Chrome. Apple also recently changed iOS software to turn off IDFA tracking, which helps advertisers send targeted ads to individuals.
While consumers are concerned about data privacy, it’s hard for brands to eliminate these practices from their advertising and marketing strategies.
But there’s a better way for customers to maintain privacy and still interact with the best brands. As a consumer, you need to know your options.
First, companies should be asking their customers directly what matters most to them, rather than rely on third-party sources. When they do, they have more control over data, and consumers know who they are giving it to and why.
This prevents your valuable data from getting bought and sold around the internet - without your explicit permission. This practice is most often called zero-party data.
In practice, that translates to one of your favorite brands sending out a survey with questions about your shopping interests. If you answer the questions, they’ll give you recommendations to help you find what you’re looking for.
There is an equal exchange with zero-party data sharing - the company offers the consumer a benefit (discount, recommendations, access to new products). The consumer shares information with them that helps create a strategy.
Zero-party data is the future of data collection because it bridges the gap between advertising needs and consumers' privacy concerns. Let’s take a look at what this means.
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