In this feature story from CMO Magazine, Co-Founder and Head of Strategy at The Lumery, Ben Fettes, discussed what are the key components of Zero Party Data.
“Privacy and intent are key to Zero Party Data, as is fluidity,” he told CMO. “It’s a crafty way of putting data privacy and explicit opt-in into the spotlight.”
“The entire time of being at The Lumery, the only thing we talk about is first-party data. But over time it has evolved and with the amount of attention on what happens with consumer data, we need explicit opt-in data, which is what ZPD is.
“It’s a fancy way of saying first-party data provided by a consumer or prospect you can act on, with a strong stipulation around it.”
Specifically, this allows customer to have more control over their data, and a clear value exchange has to exist, Fettes continued.
“When a consumer provides an email address, they don’t do it for fun. They sign up as there is a value exchange. The website or brand has an offer they want at that particular point in time, and they are happy to exchange contact details for that,” he said. “The issue is, a customer can opt-in if they are interested in jeans, for example, but it doesn’t mean they will always be interested in being contacted about jeans. The idea of ZDP is, it has to be fluidity to it, and the customer has to keep telling you that’s what they are interested in.
“In the future I don’t believe we’ll be calling it ZPD, we’ll be calling in FPD, just the concept around it will change.”
Read the full article below