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SUPPORTED CONTENT MEDIA


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Zero-party data, a major opportunity for brands in 2021


By Russell Loarridge, ReachFive


The last 12 months have profoundly and irreversibly transformed consumer shopping habits. More than ever, companies need to better understand their customers by putting data at the centre of their strategy to deliver an experience that is relevant, personal and engenders brand loyalty.


T


he broader global economic and health context; increased competition; and the upcoming end of third-party cookies are


driving marketers to refocus their resources on their own customer data. Between “first- party data” or “zero-party data”, what data should brands focus on to deliver a premium experience that respects customer privacy? How do they transform this data into actionable insight that adds business value?


Regulations, the end of third party cookies: a revolution in the data world Businesses are under increasing pressure from customers who demand a relevant and personalised online experience that matches what they have been offered in-store. Personalisation is not something that can be improvised; rather it must be based on in-depth and timely customer knowledge. Until recently, “third-party” data (that which has been aggregated from multiple sources) has been the primary source of customer knowledge and was considered something of a marketing magic bullet. Today, however, technological barriers - such as the disappearance of third- party cookies - and regulatory changes (IDFA


54


(Identifier for Advertisers) on iOS, AAID (Android advertising ID) on Android, GDPR in Europe or CCPA (California Consumer Privacy Act) in the United States) are putting consumers back in control of their data. As such, a strategy based mainly on third-party data is a strategy that is destined to fail.


Harnessing the potential of first-party data First-party data – that which companies collect directly from their audiences, customers and prospects via purchase histories, interactions on their sites or applications, or loyalty programs - is an interesting alternative. 52 per cent of marketers aim to collect more first-party data in 2021 as part of their digital strategies.


However, if “first-party data” is essential to drive a better understanding of an individual user and allow marketers to make more informed decisions in order to optimise their marketing strategies, it is not the panacea.


Any marketing strategy based mainly on this historic customer behaviour data, is, in fact, going to be subjective, based on probability and


Direct Commerce | homeofdirectcommerce.com


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