Truly Data Driven: What is Zero-Party Data (and How to Use It)?
In this edition of the “Truly Data Driven” newsletter, you’ll learn about zero-party data, how to compete against digital giants, what website visitors want, what types of data marketers value the most, how to use conversational data, as well as which new technology provides a foundation for digital transformation. In the “off-topic” section at the end, find insights about the future of remote work as well as trends in the subscription economy with Zuora CEO Tien Tzuo.
12 Ways to Use Zero-Party Data
MultiChannel Merchant by Charlie Heitzig
According to Forrester Research, zero-party data is “Data that a customer intentionally and proactively shares with a brand, which can include preference center data, purchase intentions, personal context, and how the individual wants the brand to recognize her.”
Learn more about zero-party data in this article Zero-Party Data: The Future of Personalized Brand Interactions. Especially interesting are the twelve practical ways to use or not use it, including letting customers “favorite” orders on your app, gamifying customer preferences with quizzes, and taking cues from subscription services like Stitch Fix or Fabletics.
How Midsize Companies Can Use Data to Compete with Digital Giants
Harvard Business Review, by Jonathan Byrnes and John Wass
Learn how midsize companies can battle against digital giants like Wayfair and Amazon by re-positioning themselves to focus on the right customers (and ignoring the ones that aren’t a fit). “Many midsize business leaders look at the growth of Amazon and the other digital giants and worry that there’s no place for them to prosper. In fact, those giants have a very focused strategy—arm’s-length services to small customers—which leaves a large, wide-open playing field for incumbent firms to reposition,” the article says.
Using a CDP for Data-Driven Campaign Management
CMSWire, Brian Carlson
This article gives a great explanation of how companies have had to evolve and accelerate digital transformation during the pandemic. It also explains how a customer data platform (or CDP) fits into the martech stack: “A CDP may not fully replace your legacy campaign management tools, but can work in tandem with them to reduce manual labor and complexity, and provide real-time insights and actionable guidance to product measurable effects. A CDP can be used to create a single customer view with a persistent and unified record…”
Nielsen Annual Marketing Report
This recently released report covers marketing mix (and flexibility to make changes), omnichannel, measurement, first-party data, second-party data and third-party data, and perspectives on marketing during a global crisis.
A very useful insight about data and data sources: “Somewhat surprisingly, brands of all sizes are primarily focused on data sources that highlight an action at the end of a customer journey, such as an actual purchase, credit card charge or an interaction with a web page. As marketers begin focusing on the entire consumer journey rather than just an end point, multi-touch attribution solutions will become critical in identifying all touch points rather than just the last one.”
Source: Nielsen Annual Marketing Report
What Do Website Visitors Want?
A B2B-focused survey by Orbit Media Studios (run by Andy Crestodina) and Ascend2, provides some interesting insights into how marketers’ priorities align with (or don’t align with) the priorities of their website visitors. Including this interesting insight on gated assets: “visitors are fine with the transaction, trading their contact info for relevant content. Two thirds of respondents agreed (or strongly agreed) with the statement. It’s the marketers that seem to have more misgivings. Twenty-one percent disagreed that gates are important to success.”
Source: What do Website Visitors Want?
CX Leader Podcast: Conversational Data
Curious about how companies can use conversational data with machine learning to replace or supplement customer satisfaction surveys and glean insights into the real customer experience? Tune into this podcast to learn all about conversational data from Ted McKenna and Matt Dixon of Tethr.
A sample from the episode: “So imagine every single phone call, every single chat interaction getting a score, which effectively is the machine saying here’s the level of effort, the customer experience. But without you having to rely on the customer filling out a survey to tell you what the level of effort was.”
Off-topic but Interesting:
Other content finds that you might find interesting or useful!
This is a thought-provoking read about the future of work and how remote work fits into that future.
This is a great interview with Zuora CEO Tien Tzuo by Futurum’s Daniel Newman. Tzuo talks about the origins of Zuora, the evolution of the subscription economy, how manufacturers are getting into the subscription game, and what’s coming up for Zuora.
Editor’s note: This is Edition 3 of the Truly Data Driven newsletter, published biweekly on LinkedIn. Subscribe to the series here. If you have a tip on a great resource to include in a future edition of Truly Data Driven, drop a line to Tom Treanor!