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B2C Marketing Predictions So Far: Preference And Privacy Prove Powerful - Forbes

B2C Marketing Predictions So Far: Preference And Privacy Prove Powerful - Forbes | The CYDigital Blog | Scoop.it
Our bet of increased interest in zero-party data is coming to fruition. Scott McNealy, cofounder of Sun Microsystems, wrote an op-ed in USA Today citing zero-party data as a solution to the toxic data ecosystem we’re in today. Our team has almost doubled the number of client questions on preference and zero-party data compared to 2017. And providers are stepping in to help. Zero-party platform Jebbit just got $12 million in its Series B round of funding. We’re not surprised, since customer-centric privacy programs, including access to better zero-party data, can drive a positive ROI.


Note: None of this can really happen unless the underlying tech better melds martech and customer experience (CX). As we predicted, every major marketing cloud has announced (or will soon) major upgrades to data management, profiles development, and intelligence layer systems, with capabilities similar to customer data platforms (CDPs) to help brands manage and activate customer data.
CYDigital/marteq.io's insight:

You can't have complete zero party data without complete consumer control, so any attempt by a marketing cloud provider will be incomplete...because they don't have access to all the data.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital #zeropartydata #dataprivacy

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Instead of taking our data, some companies ask nicely for it

Instead of taking our data, some companies ask nicely for it | The CYDigital Blog | Scoop.it
Eager for more personalization and consumer trust, companies are increasingly turning to zero-party data, according to Forrester. In a November report, the research firm said that 57% of consumers would share data in exchange for personalized offers. By next year, 15% of global brands will be collecting zero-party data.

In the meantime, the advertising industry could gain more trust among consumers by proactively adopting zero-party data and other privacy-protecting practices. At a time when third-party data usage is only growing, making data volunteerism an appealing business model will depend upon giving consumers clear incentives to volunteer the data that advertisers want, through rewards, unlocked paywalls, or other benefits. It will also depend upon building more trust through transparency. The companies themselves will need to volunteer more of their own data too, including what, exactly, they’re doing with ours.
CYDigital/marteq.io's insight:

Consumers ARE willing to exchange data for value! Make the offer, and viola!

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Why We Need Personal Data Management Systems

Why We Need Personal Data Management Systems | The CYDigital Blog | Scoop.it
Zero party data often stems that service-for-information tactic, and although this may well change the face of marketing owing to its mutually beneficial nature, any privacy trade-off is still problematic.

We’ve come a long way since technologically fuelled data-hungry strategies became mainstream. As a result, the notion of privacy feels utopian. Hope, however, isn’t lost. A consumer data management platform may bring the idea into realism. 
Businesses around the globe regard data as their most valuable asset, but somehow consumers haven’t tuned into this thinking as of yet. Although optimistic that public concern for how their data is used has increased, a core problem remains that privacy and data are confusing.
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Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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A B2C Marketer’s Guide on How to Improve Customer Experience in 2019

A B2C Marketer’s Guide on How to Improve Customer Experience in 2019 | The CYDigital Blog | Scoop.it
Owing to data compromise revelations and regulations such as EU GDPR, California’s Consumer Privacy Act, etc., customers now want to have more control over the kind of data they share and how it will be used. Though marketers may initially feel the heat from diminishing access to third-party data, they will eventually embrace and leverage ‘Zero Party Data’.

Zero-Party data, according to this Wayin blog on a Forrester Report, is “data that is intentionally and proactively shared directly with you by the consumer … A type of data that is never inferred through income or device matching, nor is it merely observed through spending behaviors or cookie data.”

Some of the advantages of zero party data are:

Brands can build direct relationships based on trust with the customer
They gain access to cleaner, updated, and quality data sets
Better personalization of experiences
Ability to redirect third-party data budgets to improve customer experience
CYDigital/marteq.io's insight:

We're waiting for zero-party data to take off.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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Marketing in 2019: Businesses will focus on customer outcomes, says Forrester | CMO | Enterprise Innovation

Marketing in 2019: Businesses will focus on customer outcomes, says Forrester | CMO | Enterprise Innovation | The CYDigital Blog | Scoop.it
Finally, marketers will start to embrace zero-party data, with as many as 10 percent of brands in the APAC region relinquishing some data control back to consumers. Instead, marketers will collect data that is intentionally and proactively shared directly with them by the consumer.

CYDigital/marteq.io's insight:

Relinquishing control? How about returning back that which is not theirs.

 

Curated by CYDigital: enabling Consumers to capture, share and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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10 Predictions For Retail In 2019

10 Predictions For Retail In 2019 | The CYDigital Blog | Scoop.it
1. Retailers Will Get Personal with Zero-Party Data

Consumers are becoming more aware of their rights thanks to Facebook and GDPR, which is making way for a new age of privacy and personalization. If 2018 was the year that marketers were forced to wean themselves off third-party data sets, 2019 will be the year they shift to “zero-party data.” Zero-party data is information intentionally shared by the consumer, which is empowering marketers to build direct relationships with consumers, and, in turn, better personalize their marketing efforts, services, offers and product recommendations without the guesswork.


A recent survey found that 64 percent of consumers are actually fine with retailers saving purchase history and personal preferences if more personalization is offered. Forrester agrees, noting in a recent report that it is possible for personalization and privacy to coexist, and in 2019, the industry will “say goodbye to third-party data and hello to zero-party data. Data customers own and willingly provide to brands.”
CYDigital/marteq.io's insight:

The first prediction from this Forbes contributor: all about zero-party data.

 

Curated by CYDigital: enabling Consumers to capture, control and profit from their data. https://cyd.digital. Follow this blog: https://www.scoop.it/t/the-cydigital-blog.

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