Data and Insights

The Value of CRM in Modern Marketing

As part of the dedicated Consult team at iProspect, one of my favourite areas to explore with clients is how to leverage existing data to identify and develop opportunities that will ultimately add value. Unlocking value in this way can be challenging. However through combining customer triggers with other sources of data, our team believes in helping businesses to get more value from existing technologies, be it the Adserver, Analytic tools, Data Management Platform (DMP) or Customer Relationship Manager (CRM) solution.

One area that provides extra clarity to conversations around developing use cases is CRM. Most companies already collect vast amounts of data and typically have detailed CRM strategies to determine how they should respond to each customer. Combined with the other elements of digital, CRM is a great ‘stepping off point’ to really dig into what data is available, how we can use it to define use cases, and power digital marketing campaigns.

In some cases, our team has found that businesses don't often realise and understand the true potential of their first-party data and the opportunities it can provide. GDPR, although not without its challenges, is actually providing reasons for companies to talk about their data and therefore to their customers more (e.g. legitimate interest). With this in mind we thought we would outline general tips on how you might be able to build deeper connections between the CRM strategy and your digital marketing activity.

Firstly, taking an audience-first approach is essential when thinking about communication, especially in an age when consumers are demanding increased personalisation. It is important to consider what makes each customer segment unique. This could be in the form of age, location or how these customers behave. Open rates of email and communication may also be a factor in these behaviors. 

The next stage for these audiences is personalising communications. According to Conversent, 75% of businesses say personalised communication is essential however only 12% are equipped for it.  Dynamic Creative Optimisation (DCO) allows variations of creatives to be shown to different users based on their segment or interaction with your site, and is often seen as the goal for many organisations. In line with this, websites can use this technology to greet customers differently based on CRM data.

An important part of a CRM strategy is evaluating how the data can be shared to run activity on multiple channels. DMPs are considered the industry standard to ensure data is available in one place so it can be activated. We have seen CRM systems add significant value when segmenting data through the DMP. An example of this is through transaction value to identify most valuable customers in close to real time. This can be an astute way to retain customers and update offers dynamically.

The idea that we know how a customer will react before they have even visited a site is an alluring one, and there are now more companies offering data and technology solutions. However it’s not always easy to see exactly where the value added derives from. To put it simply, the technology is just an enabler and the process of aligning all of your sources of data, building use cases and delivering value is the ongoing challenge that needs to be constantly monitored, consolidated & tested. 

 Get in touch with our Consult team with any questions about the value of CRM. 

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