Businesses are increasingly relying on consumer data to succeed in today's digital age. Growing demand for personalized marketing has led companies to explore different types of data to gain insights into their customers' preferences and behaviors. One type of data that has been gaining traction in recent years is zero-party data, particularly among advertisers.
In exploring the use of zero-party data within their DSPs, digital media buyers must consider the ethics of collecting and using this data while balancing consumer privacy concerns.
Zero-party data is information consumers intentionally and proactively share with a business, including preferences, interests, and other personal data, unlike first-party data that companies collect. Consumers are increasingly concerned about privacy and are demanding more control over their data, making zero-party data attractive, especially when incentivized.
However, using zero-party data raises ethical questions about how businesses collect, store, and use this data. Digital media buyers must consider the ethical implications and design systems that protect consumer rights and privacy.
Ethics are crucial in collecting and using zero-party data as it helps mitigate concerns and ensures responsible data practices. One key concern is around obtaining consumer consent, as individuals should have the freedom to choose whether to share their data with businesses. Companies must be transparent about the data they collect and how it will be used and provide clear options for consumers to opt-out or revoke consent at any time. Another important ethical consideration is protecting consumer data, as businesses must implement proper security measures to prevent data breaches and misuse.
Despite these concerns, zero-party data is more ethical than other data types, as consumers agree to share their data, ensuring it is obtained through transparent and ethical means.
Zero-party data also complies with GDPR and CCPA regulations, which protect consumer privacy and ensure that businesses are transparent about their data collection and use. This makes zero-party data a more ethical option for companies seeking to optimize their marketing and advertising efforts while prioritizing ethical considerations.
Using zero-party data responsibly and ethically is essential for digital media buyers seeking to incorporate this data into their DSPs. Businesses must balance their needs with consumer privacy and prioritize transparency in data collection and use.
More specifically, digital media buyers must take ethical considerations into account, implement proper security measures to safeguard consumer data, and ensure compliance with GDPR and CCPA regulations to effectively leverage the benefits of zero-party data while prioritizing the consumer experience. When done well, it's a win-win.
This blog post was originally published on MediaPost.
Programmatic advertising has established itself as a leading method of buying and selling digital advertising space in recent years and continues to grow in popularity. In 2022, over 90% of all digital display ad dollars transacted programmatically. Automation and data-driven decision-making have revolutionized how advertising is bought and sold, and they will play a critical role in the future of programmatic advertising. In this blog post, we will examine the future of programmatic advertising, the importance of data and the role that zero-party data and multicultural consumer insights will play.
Powered by algorithms and data, programmatic advertising automates buying and selling digital advertising space. As a result, buyers and sellers benefit from a more efficient and cost-effective process. Several key trends are influencing the future of programmatic advertising, including increased automation, the use of artificial intelligence and machine learning and the emergence of new programmatic channels.
Data is the backbone of programmatic advertising. It informs ad targeting, optimization and measurement resulting in better client results. Data also enables digital media buyers to demonstrate their campaign's return on ad spend, build trust with clients and ensure the transparency and accountability of programmatic advertising.
With the phase-out of third-party identifiers, new forms of data have emerged. Zero-party data is a relatively new concept in the world of data privacy, and it is rapidly gaining traction. [bctt tweet="Consumers voluntarily provide zero-party data without any need for cookies or tracking." username="@ThinkNowGlobal"]
Data of this type is more accurate and relevant and delivers more personalized consumer experiences. By leveraging zero-party data, digital media buyers can maximize client results while maintaining data privacy.
Another important factor driving the need for data in programmatic advertising is consumers' increasing diversity and multiculturalism. Advertisers aiming to reach and engage diverse and multicultural audiences must first understand them. Leveraging data, advertisers can identify consumer behaviors, preferences and purchasing patterns to personalize advertising campaigns and develop culturally relevant messaging.
[bctt tweet="Data is essential in enabling advertisers to personalize ads and deliver culturally relevant messaging to diverse audiences." username="@ThinkNowGlobal"]
By leveraging data, advertisers can identify consumer behavior patterns, preferences and purchasing patterns, which are essential to developing successful advertising campaigns. Understanding these insights enables advertisers to deliver more personalized advertising experiences that connect with consumers, making them more likely to engage with ads and act.
Programmatic advertising can serve timely, relevant ads to an increasingly diverse and multicultural consumer market, which is critical for reaching audiences effectively. Advertisers can leverage data to ensure that they are connecting with diverse audiences in meaningful ways that are culturally relevant and resonate with consumers. In this way, programmatic advertising is evolving to meet the needs of diverse and multicultural audiences, delivering better outcomes for both advertisers and consumers.
The future of programmatic advertising is exciting and rapidly evolving, and data will play an integral role in ensuring its success. Whether through zero-party data, multicultural consumer behavior or ad targeting and optimization, data underpins the growth of programmatic advertising and its ability to serve timely, relevant ads to an increasingly diverse and multicultural U.S. consumer market. Digital media buyers who stay informed and invest in their understanding of data and programmatic advertising will be well-positioned to deliver better client results and stay ahead of the curve.
This blog post was originally published on Quirk's Media.
While the demise of cookies may have expedited the shift to zero-party data, consumer demand is driving its adoption. Privacy and personalization are key concerns for consumers, and zero-party data delivers both.
Typically obtained through interactive experiences, opt-in forms, or consumer surveys, zero-party data comes directly from consumers. It can include explicit information, such as purchase history and preferences, and implicit information inferred through behaviors and interactions.
As zero-party data is provided voluntarily, it affords marketers an unrestricted view of consumer needs and preferences, facilitating long-term relationships and loyalty.
For digital media buyers using programmatic demand-side platforms (DSPs) such as MediaMath, The Trade Desk, and Google DV360, zero-party data is a game changer. These platforms rely on data to inform targeting and optimization decisions, and zero-party data provides a more nuanced and relevant understanding of consumers.
For example, a digital media buyer using a DSP may target a specific audience segment based on third-party data indicating a certain affinity level for a particular product or service. Zero-party data, however, offers a self-reported accounting of an individual's interests and preferences, allowing the buyer to create more personalized and effective campaigns.
In addition to its benefits for targeting and optimization, zero-party data can also help digital marketers overcome the challenges posed by the phasing out of third-party cookies by 2024. Businesses must find alternative ways to gather and use audience data. Since zero-party data is obtained directly from consumers and can be used with their explicit consent, it provides a more privacy-sensitive and sustainable solution than its predecessor.
Digital media buyers can leverage zero-party data in various ways, such as creating interactive experiences or opt-in forms on their websites or social media channels. Through these tools, explicit information like purchase history and preferences can be collected, as well as implicit information inferred from behaviors and interactions.
Another option is to use marketing automation tools that allow businesses to collect zero-party data through email opt-ins and other direct communication with customers. Marketers can use these tools to segment and analyze zero-party data to better understand their audience and tailor their marketing efforts accordingly.
Zero-party data is the future. By putting consumers back into the equation instead of just focusing on their digital breadcrumbs, digital media buyers and marketers can usher in a new era of personalization resulting in more effective campaigns and increased brand loyalty. In the wake of the highly anticipated end of cookies, embracing zero-party data now and incorporating it into targeting and optimization strategies gives digital media buyers the tools to position themselves for success in a post-cookie world.
This blog post was originally published on MediaPost.
The U.S. celebrates National Hispanic Heritage Month each year to recognize the influence, culture, and contributions of Hispanic Americans. One generation is blazing a trail and breaking convention – Gen Z. An area in which we see a tremendous impact by this demographic is employment. The U.S. labor force is shifting toward younger workers who favor the trending "work from anywhere" concept. But it's not just their job philosophy that differs from traditional ideologies. Gen Z's consumption habits differ from other generations and will likely evolve as they age. ThinkNow surveyed more than 1,400 Hispanic Gen Z to determine where these differences lie.
About 8.3% of respondents stated earning a salary between $50K-$60K, with 6.7% stating they make between $40K-$50K. Nearly a quarter of respondents are still in their undergraduate careers, so it's no surprise that 40% said they live with their parents/family.
Gen Z is likely listening to the radio while driving to work. Fifty percent of Gen Z listen to AM/FM radio, with 63% listening on traditional radios (not streaming services like Sirius XM, iHeart, or Pandora). For advertisers, this presents a cost-effective opportunity to reach this demographic through a channel competitors may be ignoring.
When they are not listening to the radio, they watch their favorite programs. Sixty-six percent of Gen Z responded that they spend 0-4 hours per week watching Spanish-language TV programming. Nearly 70% of respondents stated they watch Netflix programming. As a bonus for advertisers, 60% of respondents stated they don't listen to top Spanish or Latino podcasts. Redirect that spend to channels more native to this generation.
Finally, we often see Gen Z calling out injustices around the world. But a surprising 83% state they're optimistic about the future. Perhaps that's because they feel empowered to be the change they want to see in the world. Three-quarters stated being satisfied with their current life, and less than one in five responded feeling their life is at least somewhat worse off than their parents'.
Gen Z is on track to fundamentally change the work environment and social norms.
Want more Gen Z facts? Get on-demand audience insights with ThinkNow ConneKt.
Even though the sunset of cookies by Google has been pushed out by another year to 2024, marketers are still looking for alternatives to reach their customers online as third-party cookies have helped agencies create targeting for their ad campaigns for over a decade. More and more agencies have begun to look for a replacement, specifically, zero and first-party data.
Another more important trend that has coincided with the sunsetting of cookies is the rise of the multicultural consumer in the U.S. According to the Brookings Institution, “nearly four of ten Americans identify with a race or ethnic group other than white and suggest that the 2010 to 2020 decade will be the first in the nation’s history in which the white population declined in numbers.”
Furthermore, “The unanticipated decline in the country’s white population means that other racial and ethnic groups are responsible for generating overall growth.”
The sunset of cookies and the rise of the multicultural consumer in the U.S. puts digital marketers at a turning point, making zero-party multicultural data an imperative rather than a nice-to-have.
What is zero party data?
The term zero-party data was coined by the market research firm, Forrester. Zero-party data refers to data that is voluntarily shared with companies and organizations via surveys, online forms, online applications, polls, etc. Often times respondents are incentivized to share their data through cash, sweepstakes, or other types of rewards, but sometimes respondents share their data for a chance to just share their opinions.
Zero-party data is arguably one of the most accurate forms of data as it comes directly from customers. By directly asking consumers what their opinions and preferences are, marketers are able to better tailor their marketing messages and create a two-way relationship with customers. This also enables better product recommendations as marketers aren’t making assumptions based on cookie data, but rather asking customers directly the types of products and services they are interested in.
Who are multicultural consumers?
The word multicultural can be confusing as it literally means many cultures. In the context of marketing, multicultural means non-Hispanic White consumers. This term is also most commonly used in the United States as other countries look at race and ethnicity differently. The most common audiences the term multicultural refers to in the U.S. are Hispanic, Black, Asian, and increasingly Indigenous, and Mixed-Race audiences. Multicultural is also starting to encompass audiences beyond race and ethnicity to refer to LGBTQIA audiences and Disabled audiences.
What is zero-party multicultural data?
It’s a term coined by market research company, ThinkNow and refers to the intersection of zero-party data and multicultural consumers. As the U.S. becomes a multicultural majority, the need to authentically reach multicultural consumers is a business imperative. Connecting authentically with multicultural consumers is difficult to do with the current digital marketing tools available. But zero-party data can help. By asking multicultural consumers their identity, preferences and cultural touchstones directly, digital marketers can now craft culturally sensitive online campaigns that avoid stereotypes.
The rise of zero-party data comes at the perfect time for marketers as identity is at the forefront of what is important for multicultural consumers.
This blog post was originally published on MediaPost.
As disparities in pay exist on the basketball court and soccer field, female pro gamers in eSports also contend with pay inequity in the virtual space. That lack of parity is showing up in real-time in their household income. In our study of nearly 1,000 respondents who identify as pro gamers (extremely serious about playing, participate in competitions), about 30% are female. Among them, female pro gamers reported a total household income of less than $10,000, while male pro gamers reported a total household income greater than $150,000. This reporting is interesting because the most reported industry in which they work is IT/Programming.
When asked about their future, 65% of female gamers responded feeling optimistic compared to 83% of their male counterparts, yet the disparities continue into the fintech space. Only 62% of female gamers stated they held cryptocurrency, versus 87% of male gamers stated they held cryptocurrency. When comparing credit scores, 63% of female gamers stated having at least good credit scores compared to 88% of male gamers. Half of female gamers stated having enough money set aside for a rainy day, while three-fourths of male gamers stated having enough.
Digging a little deeper into the types of games played by female and male pro gamers, we found some curiosities that may be fueling the disparity, such as the platforms female gamers most commonly use. Our data shows that female gamers responded highly to playing puzzle/word or number games while male gamers responded highly to playing fighting games. Fifty-one percent of female gamers said they played on a mobile device, while 59% of male gamers said they played on a console such as a PlayStation or Xbox.
But that doesn’t explain why female pro gamers who play competitive eSports and compete in tournaments like The International Dota 2 games experience a lower earning capacity than their male counterparts. Female gamers deserve better, not just because they are women but because they have earned it. Just ask Nadrah Saufi, who, along with her teammates, made history for being the first Commonwealth eSport Championships (CEC) Dota 2 Women’s Division gold medalists.
People with disabilities don’t want to be defined by the stigma of being differently abled. By celebrating people for who they are and adapting experiences through their lens, we get the privilege of seeing how they shine. ThinkNow ConneKt surveyed over 500 people with disabilities who identify as Non-Hispanic White, Hispanic, and African American and discovered these amazing stats. (more…)