“Zero-Party data: a step forward towards market dynamics controlled by demand, and not by supply, as a result of more efficient information flows between people and organizations. A deeper incursion into Customer Centricity and, as a result, into Human Centricity.”
What is Zero Party Data by Sergio Maldanado on PrivacyCloud
“Zero-Party cannot exist without an act of positive will (to expose such information) on the part of the individuals to whom such data points pertain. “
” Zero-Party data enables a direct exchange with new and existing audiences over non-proprietary communication channels – email, mobile apps, QR codes, etc.”
“Zero-Party data will quickly turn into mere “retrieved” information (First-Party) if we follow the natural instinct of brand-centric approaches.”
“We believe people are ready for this. Is your business ready?”
Please step forward ‘the real CRM’
Zero Party is what CRM should have been from the very beginning. Back in the late 90’s when CRM was still being defined, the technology-constrained software vendors decides that is must be a set of applications based around relational databases and sold to enterprises for lots of money. Marketers bought into the vision and were able to scale the idea of personalization. This made it not really personalization at all, but profiling and grouping for efficient marketing.
The ‘consumer act of positive sharing’ is a really important concept to understand – we now have the potential to democratize the interactions between brands and consumers. The effect could be replacing a strange communication experience where brands tell us things and then follow us around, with something that is truly bi-directional and can give equal weight in both directions of communications.
Unfortunately, I have already seen marketing authorities using this new buzzword… ‘zero party’ and are advocating sending out a few surveys and calling it zero party.
The defining question: Is your business ready? Do you have the chutzpah to champion the change, do you have the corporate stamina to swim against the tide of short term profit. It is time to see privacy as the gigantic revenue opportunity rather than a compliance burden. It is surely time.
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