You've probably heard a lot about the different types of data that you can collect, in different terms.
Now there’s Zero party data!? What is it, and what’s the difference between the four of them?
Third Party Data
This is when you use a data broker to collect data for you. Large data mining companies who have lots of data and profiling on individuals which they captured themselves from a variety of sources. You're essentially using these companies in brokerage to capture or leverage their data for you. Up until a few years ago Facebook partnered with companies like Experian to provide additional targeting options in Facebook ads.
This is becoming harder and harder to do over time due to GDPR and other privacy initiatives.
Second Party Data
Second party data is when a business partner or another source provides their first party data to you. This could be a joint venture, a strategic partner or an additional source that you have a business arrangement with who can provide user data to you. If you ever filled out a form for Reuters, or a competition and ticked a box to hear more from the companies ‘Partners’ then you’ll know exactly what this is.
First Party Data
First party data is when you're capturing insights, behaviours and stats directly from users.
The difference between First Party and Zero Party Data
The new kid on the block is data your users intentionally share with you. The key difference is zero party data requires a direct interaction and permission from your audience generally from quizzes, competitions and other interactive methods.
Examples of Zero Party Data Capture Tools
Campaignware specialises in capturing zero-party data. Our special sauce is using gamification as the hook our customers use to provide their users with a phenomenal, engaging experience or an interactive experience.
In doing so there’s an exchange of value that happens. The user receives entertainment, and in doing so, they provide you with permission to market to them as they’ve had great, clean first experiences with your brand.
Campaignware has a wide variety of pre-made zero-party capture tools ready to use, which include:
When this is done right it can yield conversion rates of over 800% higher than the industry standards for display advertising, or using generic form building software such as TypeForm or SurveyMonkey.
There are lots of businesses that are trying to become more zero-party data reliant, but it can be very challenging especially when some industries are essentially built mining third and second party data. Industries like insurance and financial services come to mind specifically when it comes to data mining.
Many companies, including BCorporations and RepTrak companies are pledging to become more responsible in how they capture data. It will be interesting to see how such data heavy businesses evolve in this way.
How to capture Zero Party Data?
Well, there's no point in expecting your audience to give you data for nothing…
It’s important to think like your user and ask yourself what you’d engage with (or use a Campaignware poll to find out what types of content they’re interested in consuming!)
Here are some key tips:
Need some inspiration? Visit our Case Studies section to see examples from small and large brands: https://www.campaignware.com/media-category/case-studies
Or simply create your free Campaignware account today to build a fully branded campaign prototype for your client in a matter of minutes;
If you’d prefer to speak to one of our team before checking out the platform, you can book a call with one of our campaign specialists.