1st & zero-party data in marketing & CX
Manu Mathew
Cohora
- Part 1Why social media & advertising need to evolve
- Part 2 1st & zero-party data in marketing & CX
Show Notes
-
02:40Zero vs. first party dataFirst-party data is information about a customer's interactions with a brand, like their purchases or website visits. Zero-party data is more detailed and reflects the customer's preferences and choices, willingly provided by them through purposeful engagement with the brand.
-
05:00Collecting zero party dataBrands can use short surveys, polls, and games to engage customers and learn about their preferences. Product reviews also offer an opportunity for customers to provide detailed feedback about their purchases, enriching the brand's understanding of their satisfaction levels.
-
07:38Challenges of leveraging zero party dataWhile zero-party data collection is simple, leveraging it effectively is a challenge. Combining data from different sources and linking it to specific individuals is complex. Plus, extracting insights for real-time personalization requires significant computing power and intelligence.
-
10:43Using zero party data to personalize customer experiencesLimited access to transactional data can hinder business growth as valuable insights from customers remain untapped. To overcome this challenge, data democratization is key and CDPs must evolve to enable real-time personalization and individual-level interaction with customers.
-
12:36Use cases of zero party dataBy collecting feedback through surveys and polls, companies can understand customer preferences and inform future product iterations. Zero-party data can be used to gamify the engagement process and provide personalized rewards to customers.
-
14:45Prioritizing consumer data privacyMarketers should prioritize data privacy to maintain consumer trust and loyalty. Consumers increasingly value data privacy and may switch from brands that fail to demonstrate responsible data practices to brands with better data protection practices.
Quotes
-
"The clever way to collect zero-party data is typically through well-constructed short surveys. Polls could be another way to do that, and games have an interesting propagation there." - Manu Matthew
-
"Democratizing data within an organization is crucial for growth. Consumers play a significant role in product evolution and investment decisions. Seamless access to data empowers all stakeholders." - Manu Matthew
-
"CDPs need to evolve to enable real-time personalization and conversations on an individual level." - Manu Matthew
-
"86% of consumers care about data privacy and want a lot more control over how businesses utilize their data." - Manu Matthew
-
"The danger in a company being nonchalant about data security is that they lose all those hard-earned dollars used to acquire me as a customer because they didn't pay attention to protecting my data." - Manu Matthew
- Part 1Why social media & advertising need to evolve
- Part 2 1st & zero-party data in marketing & CX
Up Next:
-
Part 1Why social media & advertising need to evolve
Manu Matthew, CEO of Cohora, delves into the evolution of social media advertising and marketing data. As third-party cookies make their departure, brands must rethink their approach to social and advertising. This comes at a time when customers want more personalized experiences and are even willing to share more data. However, brands, hindered by fragmented tech stacks, struggle to fully utilize this information. Today, Manu discusses why social media and advertising need to evolve.
Play Podcast -
Part 21st & zero-party data in marketing & CX
Manu Matthew, CEO of Cohora, delves into the evolution of social media advertising and marketing data. In today's age where customers are in control of how they want to engage with brands, zero-party data represents a newer frontier. Zero-party data is willingly provided by customers, offering insights into their preferences and interests, but, obtaining zero-party data proves challenging in the absence of established customer relationships. Today, Manu discusses first and zero-party data in marketing and customer experience.