Independent marketing software company Cheetah Digital has acquired Wayin, a tool for opt-in data collection and activation.
Wayin specialises in what the company calls zero-party data, defined as the information a customer intentionally and proactively shares with your brand.
This is considered distinct from first-party data which is owned by a company, generated by interactions with your own audience and/or customers.
Since zero party data is a new one on us, we asked Raz Chorev, the chief marketing officer of Orange Sky CMOs to explain the concept.
“First-Party data is collected from online users, based on their actual behaviour and activities. Zero-party data is collected from users, consisting of information they choose to share, including the user’s perceived preferences, opinions and wishes. Not actual, or data-supported information,” he said.
Data that consumers have willingly provided and consented to its use is increasingly important to marketers in a world that is becoming more hostile to the collection and use of third-party data.
Cheetah Digital said the acquisition will strengthen its ability to help marketers collect zero- and first-party data and preference insights to drive hyper-personalised, real-time experiences and meaningful customer engagement across all channels and stages of the customer lifecycle.
For example, marketers will now be able to capture first- and zero-party data through participatory campaign experiences like sweepstakes and quizzes. Wayin offers a library of more than 80 pre-built experiences designed to allow non-technical marketers to activate without involving their IT team.
Wayin’s customers include NHL, Bauer Media, Vodafone, Priceline.com, Reckitt Benckiser, Air New Zealand, and Manchester City FC.
“Marketers have never faced a tougher challenge than they do today,” said Sameer Kazi, CEO, Cheetah Digital.
“Consumers are demanding personalised experiences, global consumer privacy regulations mount, trust in and effectiveness of third-party sources deteriorates, and CEOs demand greater efficiency of their marketing spend. Smart marketers are turning to zero- and first-party data, to not only be compliant and build customer trust, but deliver exceptional brand experiences.”
Richard Jones, CEO, of Wayin said joining Cheetah Digital would accelerate the company’s mission to “facilitate honest, mutually beneficial relationships between brands and consumers.”
“Privacy and personalisation can only exist in the future with a first- and zero-party data strategy, rather than third-party data that is increasingly incomplete, inaccurate, and breaches consumer trust,” Jones said.
“That’s why many of the world’s biggest brands are continuing to turn to Wayin for interactive experiences, audience building, and profiling that helps them identify customers, drive rich personalisation, and keep data accurate, relevant, and current – because it’s coming directly from their customers.”