More often, claims like “data are the new oil” or “data is the new electricity” appear in board meetings, research articles, and presentations, highlighting the data’s power and potential worldwide. However, with such global attention to data developments, one type of data has been largely overlooked – zero-party data.
What Is Zero-Party Data and Why Is It Important?
The term “zero-party” data was first introduced by Forrester Research in 2022, defining this type of data as data that customers intentionally and proactively share with a brand. Zero-party data can include purchase intentions, preference center data, personal contexts, and how an individual wants to be recognized by a brand. With GDPR, CASL, and CCPA guidelines, along with Google phasing out the third-party cookies support by 2023, companies across the globe are having a hard time collecting data as these regulations directly impact their ability to run effective marketing campaigns and serve customized content. These data laws make it difficult for companies to understand customers and their brand aspirations.