fbpx

Consumer Behaviour: Workshop – Market Segmentation Example 🙂

You're Reading:Zero-Party, First-Party, Second-Party, Third-Party Data

Zero-Party, First-Party, Second-Party, Third-Party Data

by Tasos

}

May 29, 2022

7 IDEALS METHODOLOGY DOCUMENTARY

I’m filming the last part. The finish line (Feb 02). 

TODAY'S SPONSORS

Law for AI MASTERCLASS by Peter Nieves: Award-Winning IP Attorney FEB 28.

The Traffic Syndicate: Mike Filsaime, Jesse Doubek, and Groove Digital 🚀 Unlimited Unstoppable TRAFFIC. 

Insane BONUS: Join the Traffic Syndicate and let me apply the “7 IDEALS” methodology to your business. Plus, get 1-year access to the private 1-on-1 business coaching program. Contact me for the details.

Secret Money by The Wholesale Formula eCommerce Experts.

Join any event from the above and get booked for a 3-session 1-on-1 coaching experience with me (at no cost). Get ongoing email support, guidance, and feedback throughout the events. Let me know more about you, ask specific questions about your business or business ideas,  and let me walk you through the revolutionary “7 IDEALS” methodology with which I help small business owners innovate and change the world. Complete the short questionnaire and schedule a video-call meeting to discuss the details in-person. 🚀

This is an area for advertising & partnerships. NEW option: Pay-per-Click.

The world of marketing has been shaking up during the last few years due to significant updates on how user data is being collected, stored, and shared online.

As I discussed earlier this week, we are moving toward a more secure, safe, and private eco-system where users will gain control over their data and privacy, Web 3.0.

The first signs of those changes were revealed with GDPR followed by CCPA regulations. Then, we had the iOS 14 and iOS 15 updates by Apple in which the big tech corporation gave more control to its users over their data. The advertising and marketing landscape has been transformed ever since.

These updates come as a result of user dissatisfaction with online experiences and distrust. Marketers, business owners, and agencies overwhelmed users with countless ads, retargeting campaigns, and other marketing communications, and advertising networks had their users’ data breached, stolen, or sold in a series of scandals.

Inevitably, we reached a point of no return: now we have to reshape our strategies and change the way we approach consumers and collect data.

And today, I want to discuss data with a focus on zero-party data.

Let’s dive right in!

Zero-Party, 1st-Party, 2nd-Party, 3rd-Party Data

X-Party Data

Let’s explore the various types of data to discover which ones are the most important in business and what we can do to get prepared for what’s coming next in the new version of the web.

There are 4 categories:

  • Zero-Party Data
  • First-Party Data
  • Second-Party Data
  • Third-Party Data

Now, before we move on, I want to further group these 4 categories into 2 main categories so we can understand the concept easier:

  • Data owned by the companies, us: zero-party and 1st-party
  • Data owned by other companies, parties: 2nd-party and 3rd-party

Zero-party data: it’s data that prospects and customers share intentionally, deliberately, proactively, and consciously with brands, us.

It includes information collected with polls, surveys, assessments, quizzes, website widgets, interactive content, preference center data, purchase intentions, personal context, how consumers want to be recognized by brands, and membership applications.

Zero-party data did not exist as a term, it was part of what we know as first-party data. 

Forrester Research coined this term and since then it has been widely accepted by marketers, agencies, and business owners.

And when you go through the next section, you’ll see that zero-party and first-party data are kinda the same. 

The difference is this: first-party is implicit data and may only be derived from the analysis of explicit data. On the other hand, zero-party data is explicit data. 

With first-party data, we collect information as users interact with our web properties and marketing communications, and with zero-party data, users are voluntarily providing distinct information about themselves.

From all types of data, this one, zero-party, uncovers the most sensitive information about consumers.

It’s a goldmine.

It helps brands personalize content, advertisements, experiences, and all marketing communications.

It creates a safe environment for 1-1 marketing.

It helps brands to build trust and authority, improve customer satisfaction, and make important decisions about product development.

It helps acquire prospects, turn prospects into customers, and retain them for a long time.

It helps us understand customers on a deep and emotional level and gain insights into the language they use.

It’s accurate, high-quality data that opens a whole new world of opportunities.

First-party data: it’s data collected and owned by the company itself. It’s information collected directly from users that are interacting with your brand.

It includes website data, mobile application data, CRM data, live chat apps data, subscription data, transactional events like the purchase of a product/service, email communications, sales interactions, call center calls, customer feedback (in-person or online), data collected during online events such as webinars, live video calls, and other, and social data.

We collect this data with the help of analytics platforms that track user behavior on our web properties or during our marketing communications with prospects and customers online or offline.

This data is extremely valuable as it comes directly from the source. It’s very effective as we collect demographic and psychographic information about our prospects and customers that will help us understand and serve them better and will give us direction for our marketing campaigns as this information is relevant to a brand’s industry and can be used to approach users with similar characteristics.

It’s high-quality, accurate information, very cost-effective, and easy to collect and manage if you use a data management platform (DMP).

It’s also data that users provide on their own and so worries about their privacy are insignificant and can be easily dealt with through the privacy policy page.

I hope that you are using first-party data because if you don’t, you simply miss out on an enormous opportunity to dive deep into your users’ behavior to uncover their needs and wants and recognize their intentions.

If you don’t listen to the market and what people have to say, you won’t be able to launch successful products or gain a competitive advantage.

In combination with zero-party data, it’s the most precious information that we have.

Second-party data: it’s data collected by a company and shared with another company.

It’s someone else’s zero-party and first-party data.

It’s accurate data but you depend on someone else to collect it. It’s data coming from the source directly but this source is different than your own audience.

It includes data from all the sources we mentioned in the previous two categories.

There are marketplaces that connect companies and enable 2nd-party data transactions.

Only involved companies have access to this data.

Before you proceed with any transaction, you should do your own diligence and discover trustworthy partners.

2nd-party data helps you gain insights into new audiences, scale your reach, predict customer behaviours, and build relationships with the cooperating companies that can be proved extremely valuable in the future.

2nd-party data is more relevant, reliable, and high-quality compared to 3rd-party data, and because it’s data that has not been sold widely, it has more value. On the contrary, 3rd-party data can be sold to just about anyone.

The downside is that you never know the quality of the source and in the worst-case scenario, you might end up using incorrect or even fake data.

Third-party data: it’s data collected by data brokers and aggregators who then sell it to other companies usually for advertising purposes.

It’s complex, multifaceted data.

This data comes from a variety of sources which are then aggregated, segmented, and sold to other companies (third parties).

It’s anonymous data from various sites and apps.

It’s not data coming directly from a customer-company relationship.

It’s data exchange.

It’s the most scalable type of data but at the same time, the less accurate.

It can be demographic, psychographic, and firmographic data and for many years, the vast majority of brands had relied on it.

But things are changing…

Marketers bombarded the market with countless ads, retargeting campaigns, and a host of other marketing communications, and users lost their privacy and data.

At some point, GDPR came into play followed by the CCPA regulation. Users gained more control over their privacy and data.

I’m discussing this topic in detail in my research about Web 3.0.

I no longer trust 3rd-party data. The marketing world has been flooded by companies that only care to maximize their profits and they don’t even care about their users, their privacy, and their data, and so they are willing to sell any information for a price.

The effectiveness of 3rd-party data has declined significantly during the last years, and so we’re moving toward a new environment where we need to reshape our strategies and the way we communicate with the market.

What’s Next? The Future Of The Web

We are moving toward a more private, safe, and secure internet where users have control over their data and privacy.

Marketers should discover alternative ways of running ads and approaching consumers in order to build trust and authority.

Brands that are looking to maximize profits without caring about customer experiences and quality will have a hard time surviving.

Also, we have to reshape our strategies for traffic, the way we structure our privacy policy, product development and launches, emails, funnels, and so much more.

We need to be customer-focused and bring value to the marketplace.

We need to become true leaders, movement makers, and problem-solvers.

We need to respect everyone, the users, other brands and partners, competitors, the environment, living organizations, and the planet itself.

We need to provide superior user experiences, entertain and educate our prospects and customers, they are hungry for more. More value, more knowledge, more access, more recognition, and more interaction in real-time.

The world needs high-quality products that can improve people’s lives.

We are moving away from 3rd-party data and external data, on which we relied heavily up until now to 1st-party data and zero-party data.

We can no longer trust external sources of data. The market has been flooded with fraudulent companies.

We are moving toward a more decentralized web away from the control of big tech and giant corporations that don’t care about society.

We are moving toward a more personalized way of doing marketing, listening, and caring, and then providing top solutions that match our target audience’s needs.

The low quality of 3rd-party data leaves no space for arguments.

There had been so many scandals in the advertising industry that no one trusts advertising networks anymore.

There is distrust and dissatisfaction on every level.

And it’s not only advertising the big problem.

All the institutions and all our values have been questioned in the last 2-3 years.

People don’t trust easily anymore.

We need to move toward first-party and zero-party data.

It’s the only way to build trust with our market.

It’s the only way to really understand our customers better, on a deep and emotional level.

It’s the only way to discover hidden needs and opportunities.

It’s the only way to create more empathetic and emotional marketing that influences consumer behaviour.

Acquiring first-party and zero-party data will help us improve performance, reduce costs to the minimum, develop superior products that the market needs right now, answer people’s questions, and find solutions to their problems and challenges.

This is the future of the web, this is the future of marketing and business.

One of the big weapons in our methodology, the “7 Ideals”, is collecting zero-party data.

Zero-party data help us differentiate and smash our competition because most brands focus on profits instead of building trust and providing value.

You have to rely on zero-party data if you want your brand to stand out and create personalized experiences.

The web will be a beautiful place without 3rd-party data, don’t worry. Everything happens for a reason.

We had enough external data that was unreliable and most of the time fake or useless.

That’s it, another article has finished, here on Web Market Support. I am waiting for your comments and thoughts. Till next time.

Tasos Perte Tzortzis

Tasos Perte Tzortzis

Business Organisation & Administration, Marketing Consultant, Creator of the "7 Ideals" Methodology

Although doing traditional business offline since 1992, I fell in love with online marketing in late 2014 and have helped hundreds of brands sell more of their products and services. Founder of WebMarketSupport, Muvimag, Summer Dream.

Reading, arts, science, chess, coffee, tea, swimming, Audi, and family comes first.

MARKETING | ADVERTISING | SALES

Entrepreneurship

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

LATEST NEWS
business/marketing/sales/tech
  • SearchEngine Journal: Google Announces Gemma: Laptop-Friendly Open Language Model
  • WealthyAffiliate: UPDATE: Old Training Has Been Sunset.and Our NEW Approach to Training!
  • SearchEngineLand: Report: OpenAI working on web search product
  • Reuters: EU opens formal investigation into TikTok over possible online content breaches
  • FirstPost: 'Ghosts' in Google Gemini, OpenAI GPT-4: Experts believe AI Models more sentient than the studios let on
  • TheIndianExpress: How to replace Google Assistant with new Gemini AI on Android smartphones
  • WealthyAffiliate: First Steps With My New Business
  • I stopped using Zoom. They can legally use your recordings for anything they want... Even to make money off of them. Excerpt from their terms page: You grant Zoom a perpetual, worldwide, non-exclusive, royalty-free, sublicensable, and transferable license and all other rights required or necessary for the Permitted Uses.]
  • I have updated the Affiliate Marketing Statistics catalog with new entries (top-rated networks by mThink).
  • HubSpot: The Future of Web & SEO and How Web Analysts Should Prepare
  • Futurism - TheByte: AS AI DESTROYS SEARCH RESULTS, GOOGLE FIRES WORKERS IN CHARGE OF IMPROVING IT
  • Tom'sGuide: ChatGPT finally has competition — Google Bard with Gemini just matched it with a huge upgrade
  • Forbes: New Google Release Exposes AI Upgrade For Messages Users
  • SearchEngineJournal: Why Google May Rank AI-Generated Content Over Original News
  • WealthyAffiliate: Las Vegas 2024. Big Ideas, Big Changes!
  • TheVerge: Meta will let EU users unlink their Instagram, Facebook, and Messenger info ahead of DMA
  • SearchEngineLand: LinkedIn launches sponsored articles
  • SalesScripter: Whatever You Do, Do Not Ask This Sales Question
  • Emerge: The Most Powerful Generative AI Text Tools of 2023
  • Wired: Generative AI Learned Nothing From Web 2.0
  • ZDNET: How LangChain turns GenAI into a genuinely useful assistant
  • ISP: Google Launches Bard Advanced: The Future of Conversational AI
  • AIOSEO: What is Cornerstone Content? Plus Tips and Examples
  • SearchEngineJournal: Beyond SEO: John Mueller On AI-Generated Images & Stock Photography
  • TimesOfIndia: Microsoft corrects the mistake it made while investing billions in ChatGPT maker.
  • TechRadar: Researchers build AI that can replicate and alter itself and I'm pretty sure that's an opening line from the original Terminator script
  • CNNBusiness: Google users will share $630 million in a Play store settlement
  • BusinessInsider: I asked ChatGPT and Google's Gemini to answer 10 questions. Gemini has an edge on current events — but makes mistakes.
  • SearchEngineLand: Google’s shifting approach to AI content: An in-depth look
  • BusinessInsider: AI is the great equalizer. Studies show that the rise of tools like ChatGPT is good news for employees who suck at their jobs
  • TheMitPressReader: Will AI Render Programming Obsolete?
  • Forbes: About That Mysterious AI Breakthrough Known As Q* By OpenAI That Allegedly Attains True AI Or Is On The Path Toward Artificial General Intelligence (AGI)
  • AmericanMediaGroup: US Military and SHARP Unveil 120 Million Quantum Phones and Quantum Voting System – The End of the Spy Phone Era (video)
  • WealthyAffiliate: 46% of Big Publishers Are Using AI Writing
  • ContentMarketingInstitute: Clueless Execs? Solve the Content Marketing Mystery for Them
  • Facebook is going down: Subscribe to use your Facebook account without ads, starting at €9.99/month (inclusive of applicable taxes). Your info won’t be used for ads. [They beg for money! What I predicted in September 2022 may become a reality]surprised
  • AIOSEO: Discover Trending Websites. Learn how websites with exploding traffic use SEO to rank quickly. Join our email list to be updated as soon as a new case study comes out.
  • WealthyAffiliate: How to Start a Profitable Food blog
economy/politics

The Quantum Financial System (QFS) Infographic:

Quantum Financial System (QFS) infographic 333

  • CNBC: Amazon terminates iRobot deal, Roomba maker to lay off 31% of staff
  • CNNBusiness: UPS is cutting 12,000 jobs
  • YourMoney: Bleak January as Barclays flags 40 bank branches for closure. [I like it when banks are closing, don't you?]
  • Axios: Scoop: Wall Street Journal plans layoffs, restructuring in D.C.
  • CNBC: Evergrande shares halted after Hong Kong court orders liquidation. [This brings down BTC, Eth, USD].
  • [Taxation is a process of crime and fraud against the people, and in a privileged society, it should be greatly limited. It started in Canada. Enter the new financial system.]
  • [A group of House Republicans, led by Scott Perry have introduced the Defund Davos Act, seeking to halt federal funding to the World Economic Forum (WEF).]. About time...
  • TheQuantumInsider: India Announces $740 Million (US) National Quantum Mission, Plans Tech Hubs
  • Investing: Breaking: US Banks Adopt Ripple’s XRP for International Payments
  • TheStreet: Forget Spirit, another major airline eyes Chapter 11 bankruptcy
  • Adaderana: Sri Lankan President backs debt relief for Africa
  • WatcherGuru: India to Ban 9 Crypto Exchange URLs Including Binance & Kraken
  • AmericanMediaGroup: New List of Banks That are Connected to The QFS System or are Being Connected – QFS + RTGS Trust The Plan!
  • BusinessInsider: The Chinese yuan's share of global payments climbs to a record high while US dollar's share dips
  • TrulyNet: Major Swiss Bank Admits to Tax Evasion Scheme, Agrees to Substantial Penalty
  • NewAmerican: Small Businesses Are the Backbone of the American Economy
  • LiveMint: Gold Standard hinted by the US Debt Clock
  • Gold Standard hinted by the US Debt Clock
  • Reuters: China's state banks seen supporting yuan as Moody's cuts outlook - sources
  • GoldTelegraph: BIS is warning that central clearinghouses that hold over $1 Trillion in liquid assets may exacerbate periods of financial stress
  • TheSun: Huge pharmacy chain and Boots rival sells all 1,054 branches after string of closures – is your local affected?
  • ZeroHedge: 64 US Bank Branches File To Shut Down In A Single Week
  • [Bank branches are dropping like flies: Wells Fargo, Bank of America, PNC, NatWest, RBS, Lloyds Banking Group, Barclays... The FIAT dollar and the fake economy have collapsed - Time for a replacement after the HAPPENINGS - dark mode]
  • TASS: Pakistan applies for BRICS membership in 2024 — ambassador to Russia
  • NewsTarget: 1.8M fraudulent transactions led banks to close accounts of innocent customers without warning or explanation
  • TheGoldObserver: Dutch Central Bank Admits It Has Prepared for a New Gold Standard
  • Reuters: China, Saudi Arabia sign currency swap agreement
  • USDebtClock: Transition from the Federal Reserve System to the US Treasury 1776 has begun [no more FIAT slavery]
multimedia/web development 
  • It'sFossNews: An Open Source Web-Based AI-Powered Vector Graphics Editor: Wait, What?
  • InVideo: How To Make YouTube Shorts: Create YT Shorts Using AI
  • Vecteezy: Graphic Design Trends
  • Videvo: What You Need to Know About Aspect Ratios
  • ThemeForest: Merchandiser - WooCommerce Theme for Wordpress Block Editor. FREE when you signup with a free account.
  • Videvo: Think Like a Director: How to Use the Medium Shot
  • Placeit: Font Pairing Made Easy. A Guide for Non Designers.
  • VidToon: #1 Top Video Animation Software To Make Explainer, Marketing, Animated Videos Online. HD Background Images and Music Files-Automated Voice Overs-Smart Timeline-Social Media-Animate Text-FHD Export-Camera Zoon In/Out-GIFs & Icons-Transitions, and more.
  • Dev: 10 Exceptional Developer Tools Launched in 2023
  • MotionElements: FREE background music for video. MotionElements is the best online stock music site to download free background music. Choose from free stock music to free sound effects to free stock video.
  • Deeezy: 14 FREE Bakery Store Illustrations
  • ThemeForest: Up to 50% OFF selected items. 27 website templates from $7 sorted by best sellers. Beautiful website templates from our creative community, reviewed one by one by our staff.
  • DesignModo: 19 Top Tools & Resources for Web Designers in 2023
  • CraftWork: FLASH SALE. Save up to 45% on illustrations, UI kits, Framer and Figma templates, and Pro Access subscription plans. Use discounts before 22 September.
  • PlaceIt App: Boost Your Business From Everywhere. Easy access to our entire library of designs, mockups, logos & videos. Download your designs directly on your device and share in seconds to your social media.
science/world
  • VentureBeat: Microsoft unveils ‘LeMa’: A revolutionary AI learning method mirroring human problem solving
  • ThePeople'sVoice: Elon Musk: Ventilators Euthanized MILLIONS Globally, Not COVID
  • Phys: Scientists manipulate quantum fluids of light, bringing us closer to next-generation unconventional computing
  • Decrypt: Global Powers Sign International Declaration on AI Safety
  • TheConversation: We built a ‘brain’ from tiny silver wires. It learns in real time, more efficiently than computer-based AI
  • NDTV: Time Travel Possible? What Scientists Found Out With Latest Experiment
  • NeuroScienceNews: Is AI Mimicking Consciousness or Truly Becoming Aware?
  • LosAngelesTimes: Stanford scientist, after decades of study, concludes: We don’t have free will
BRAND NEW CATALOGS:
  • Online Education Resources - Books, programs, courses, training, and so much more. I'll be adding many brands in the upcoming days and weeks. Check it out!
  • BizHub: The Ultimate Resource Catalog for Ambitious Businesses.The ultimate business collection by categories: organisation-administration, marketing, production-supply chain, financial management-economics, human resources management, IT &web development, legal & regulatory compliance, social image & responsibility, design & multimedia, business development, education, innovation. An upgraded version of the 200+ tools collection.

........................

DAILY BREAKING NEWS: Marketing, Business, Economy, Multimedia + The "7 IDEALS" Methodology FINISH LINE 85% 🙂

Some of the links on this page are “sponsored”. For more information, I refer you to the Disclaimer page.

TODAY'S SPONSORS

ERC Guaranteed: #1 Rated Tax Firm Since 2017. Get up to $26,000 per Employee.

AIOSEO: What is Google E-E-A-T? Understanding Google’s Secret Sauce for Creating Effective Content

Riverside: All-In-One Podcast and Video Platform.

DreamHost: Web hosting with purpose for businesses of all sizes. 

RovenThemes: Free WordPress Themes & HTML Website Templates.

ConvertPods: A new era of marketing automation. An online platform that allows entrepreneurs to upload their audio and video content to create virtual experiences (called “PodSpaces”), that capture their audience’s attention and convert them into action-takers.

Fotor: Online photo editor and design maker for everyone. 

Coolors: A super fast colour palette generator. Used by 5M+ designers and top companies.

#5 CONTRIBUTOR

“Here, we honour and reward the most valuable contributors to the blog.” #5 position Gregory V. Chapman who is passionate about researching new technologies in mobile, web, and WordPress. Also, he works on writing service review websites Online Writers Rating. Gregory is in love with stories and facts, so he always tries to get the best of both worlds.

TOP Quote

Slavery was legal. Segregation was legal. War is legal. Never use legality as a guide to morality.

law for ai masterclass banner 333
wealthy-affiliate
wealthy-affiliate
7ideals methodology - Market Parallax info-book page 01
marketing publishing mastery private training workshops featured banner
wealthy-affiliate
Divi WordPress Theme

Newsletter

Marketing, Business, Economy, Multimedia

Get access to marketing and business training, sales secrets and personal stories from the entrepreneurial world, downloads, exclusive discounts and bonuses, and the newsletter to scale your business

The “7 IDEALS” Methodology EARLY ACCESS

be part of the upcoming movement

Read More

Latest Posts

7ideals methodology - the market parallax model ver.5

Decrypting ConsumerBehaviour

 

Enter the groundbreaking "Market Parallax" Model.

We explore consumer behaviour by employing a diverse array of techniques, including research methodologies, data collection and analysis, market segmentation, targeted approaches, product positioning, and trial testing. 

Through these marketing lenses, we unravel the intricate field of consumer behaviour and explore avenues for influencing it judiciously.

Download the 31-page INFOGRAPHIC-BOOK to understand how consumers act on a deeper level and get closer to influencing their decisions with your marketing initiatives.

 

You have Successfully Subscribed!

Pin It on Pinterest

Share This