Gone are the days when there was a vast data pool and maximum third-party data providers. The need of the hour is to build trust-based dialogue with customers transitioning into a strong bond in which data is exchanged “with consent.”
Marketers and advertisers will have to devise strategies to build relationships with customers to collect their own data. But this could mean a lot of extra work and effort. It could also mean a lot of time to collect this data to have enough substantial information.
It is not as simple as it sounds and comes with its own challenges. Luckily with evolving AI technology and the need for new business models, data providers are shifting to collecting their own zero-party data, with the consent of the users, which they can present to brands, advertisers, and marketers to help with their campaigns.