Future Prospects for Zero-party Data

Zero-party data is the newest form of data collection, the information that a client voluntarily and knowingly gives to a business

- Ranjan Das

Zero-party data is a hot topic in the marketing world right now. It's becoming increasingly important, but it can be confusing to understand what it is and how it works. If you're wondering what zero-party data is and why it matters, read on! We'll cover everything from how to collect your own zero-party data to the benefits of doing so.

WHAT IS ZERO-PARTY DATA ?

Zero-party data is the newest form of data collection, the information that a client voluntarily and knowingly gives to a business. Personal situations, purchase intentions, preference center data, and how a customer wants to be remembered by the business, can all be included. The phrase was initially used by Forrester Research, popular since then, businesses all around the world have now realized how crucial it is to acquire zero-party data.

How does this differ from other kinds of digital tracking? Well let's look at each type: 

First-Party Data: When someone provides personal details like name, address, email, etc., this is what we call first-party data because they volunteered to provide their details willingly.

Second-Party Data: The data is obtained from a dependable partner when you typically know the person and are well-aware of the accuracy and quality of the data. Additionally, you are aware that the information is pertinent because it is provided by a business partner who benefits both of you.

Third-Party Data: Companies buy lists full of people's names, phone numbers, addresses, social media profiles, etc. These lists are often sold by marketers who've collected them through magazine surveys. These third-party marketers generally have no idea whether any given person will want whatever product/ service is offered. Therefore, there's no guarantee of this kind of data.

WAYS TO COLLECT ZERO-PARTY DATA