Zero Party data has been taking the Customer Master Data Management (CMDM) world by storm. And it's no wonder why. The value and trust derived from the ability to create deeper relationships with consumers who share their data directly to a brand can make all the difference in the modern marketing age.

Pretectum CMDM is a customer data management platform to help capture and leverage zero party data and create powerful, data-driven experiences. Get started on your zero party data journey today!

What Does Zero Party Data Mean?

The term "zero party data" refers to information about consumers directly gathered from them, which they give you knowingly and willingly. You can get it in many ways, such as through quizzes and polls on the website, customer profiles, interactions with customers, and website activity.

Then, a business can use this information to make product suggestions, interactive experiences, and targeted marketing for each customer on a large scale.

The use of zero party data has changed how businesses connect with their online customers. This led to more engaged shoppers, loyal customers, and customers who stay longer with a business.

For the future of online data collection, which is about to change a lot, it is crucial to start laying the groundwork for collecting zero party data. This could be done by getting information straight from customers.

The best thing about zero party data is that it is accurate. You don't have to wonder where it came from since the customer gave it to you for free. You don't have to worry about how it was gathered.

This is done by a data manager who creates, oversees, organizes, stores, and analyzes data and data systems. A data manager ensures that all of this is done quickly and with the highest level of security and privacy.

Why Is Zero Party Data Important?

In today's large, globalized markets, it's rare that we get the chance to feel understood, special, and cared for.

When done correctly, zero party marketing allows you to make your consumers feel appreciated while gathering the knowledge essential to build your company and improve your customers' overall experience. There are a lot of firms that have already implemented it, and they have begun experiencing the benefits of doing so.

The fact that consumers are worried about their privacy is another important reason zero party data is getting more attention.

It is anticipated that data collection by third parties will be entirely phased out due to privacy concerns. The use of third-party data has traditionally been an essential feature of the eCommerce industry. It allows for a flow of passive customer acquisition by providing access to a broader pool of consumer information and cleverly retargeted advertisements.

However, with the new focus on the importance of zero party data, we will need to take a more balanced and active approach to client acquisition and customer retention. Brands have switched their attention toward customer retention in recent years.

About Pretectum

The Pretectum CMDM approach to customer master data management gives you collated insights about your customers and business partners, as well as unified, high-precision, and managed customer data profiles.

Managing accurate and complete customer data is integral to customer master data management if you want to build a better relationship with your customers. It means you need to know as much as possible about them, their likes and dislikes, and their history with your company. For this to work, you'll need data management software to help you along the way.

Experts in customer master data management with decades of experience with Salesforce, SAP, Microsoft Dynamics, and other systems of record can build secure and reliable Pretectum solutions. These solutions offer new ways to improve the quality and value of customer master data.

Businesses can use "data mastering" to get more strategic value from the customer data they already have. They can collect, organize, control, connect, enrich, and share this data for whoever needs it.

The Value of Zero Party Data

Zero party data, also called ZPD or 0PD, is information about your customers that they give you voluntarily. This can include things such as likes, dislikes, plans, and interests.

In contrast to first-party data, which is collected through forms and applications, and third-party data, which is collected from outside sources, zero party data is given directly by the customer, often in exchange for something of value, like personalized recommendations or customized experiences.

Zero party data can be more valuable and reliable than the other types of customer data because it is given voluntarily. It can also be used to improve the customer experience by letting companies offer more relevant and personalized products and services.

The Pretectum CMDM helps you manage all kinds of customer data, but it pays special attention to how well you can combine the ways you collect data into a single repository of optimized customer data.

Opportunities Afforded by First Party Data

If you work in retail, you can use zero party data in many ways to improve the customer experience, such as:

• Personalized product recommendations: By learning about a customer's likes and dislikes, retailers can use zero party data to make product suggestions that are more relevant and tailored to the customer.
• Personalized promotions: Retailers can use zero party data to send personalized promotions and special offers to customers based on their interests and past purchases.
• Better customer service: Retailers can use zero party data to provide more personalized and effective customer service, such as by suggesting relevant products or offering customized support.

If you run a business that provides services, you can use zero party data to:

• Personalized support: Service providers can use zero party data to offer more personalized and effective customer service. For example, they can suggest relevant services or give customers personalized help.
• Personalized experience: Service providers can use zero party data to make services better suited to their customer's needs and preferences.

The Importance of Customer Consent and Data Privacy

Data privacy remains a primary concern as people, businesses, and governments collect and share more personal information.

Some vital data privacy trends to look out for in 2023 are:

• More regulations: Governments worldwide use stricter laws and rules to protect personal information. For example, the General Data Protection Regulation (GDPR) of the European Union set a high standard for data privacy that has influenced laws in over 100 countries.
• Awareness: As people learn more about the risks of sharing personal information, they want more control over their data.
• Data breaches: When personal information gets stolen, this is called a data breach. Data breaches are becoming more common and can seriously affect people and businesses.
• Privacy-focused products and services: Products and services that put privacy first, like encryption tools and virtual private networks, are getting increasingly popular (VPNs).
• Ethics of data collection: There is also a growing debate about the ethics of data collection, such as whether it is okay for companies to collect and use personal information without explicit consent for targeted advertising or other purposes.

Data Governance as an Umbrella Concept With Customer Data Management as a Subdiscipline

Customer master data management and customer data governance are co-dependent disciplines. With at least a few key pieces of data governance, CMDM can work.

Even though CMDM is mostly about technology, the people, processes, and technology make up data governance.

With Pretectum's CMDM, all three are inextricably linked, so it's impossible to buy CMDM without data governance.

With Pretectum's CMDM for your customer master data, your business can take advantage of some of the best data management practices. This goes a long way toward ensuring that your customer data is accurate, reliable, up-to-date, and useful, leading to more personalized customer service, more effective sales and marketing, and real opportunities for organizational growth.

The Value and Significance of a Single Customer View

A single point of reference, also known as a Single Customer View, is made available to businesses through Pretectum. This can help meet compliance obligations because it defines the records that are kept and the data attributes associated with those records.

It also enumerates the changes that had occurred in those data over time, from when the records were first created until the time they are in their current state.

Using Pretectum's single customer view, or SCV, you can reduce the expenses and risks associated with client data ownership and the friction involved with conducting business or communicating with customers. In general, this boosts the chance for customer segmentation and targeted lists.

Aside from that, Pretectum is in charge of managing your Customer Golden Record. The database compiles the master data about a customer from any System of Record (SOR) operating within a specific business sector or the entire firm. Your company will have a better understanding of who its customers are as a result of the golden record management system.

This will allow your company to more successfully meet the expectations of its customers by catering to those customers' preferences through the personalization and customization of customer journeys.

Benefits:

• They specialized in just Customer Master Data Management
• Also have four different MDM styles to consider customer master data management
• SaaS application that coexists with other applications and platforms
• Flexible yet secure customer data management

Advantages:

• Provides quality data, which is an essential part of the customer master definition
• Modeling customer data that can change and adapt
• Offers four different ways to put the plan into action
• Price for SaaS depends on how much data you have, how many users you have, and how you use the system
• A deployment that is done by itself
• Connects to the cloud and on-premise services and works with files

The Pretectum Customer Management Data Management is now in beta and ready to revolutionize customer data curation. This could be the perfect opportunity if you're looking to take the plunge and try something new.

Pretectum CMDM gives you a deal. You can avail of their free trial for 30 days when you sign up.