LiveRamp’s, Head of Data Strategy for Brands, David Popkin, examines how brands can augment their customer profiles with virtual CRM (vCRM) to turn anonymous data into rich personas, identify customer journeys and measure LTV. David also highlights how companies can take advantage of leveraging third-party data to help identify previously unknown prospects to the vCRM, and how it can become the core of the customer profile “Know thy customer” might be the chief commandment of the modern business era.
The proliferation of Salesforce and new platforms claiming to be “Salesforce for X” demonstrate that Customer Relationship Management (CRM) is top of mind for companies of all stripes. While B2B companies were the first to adopt CRM at scale, today even CPG brands are investing to create direct relationships with the consumer, and in some cases even enter the e-commerce space themselves. The most extreme example of this trend is indisputably Unilever’s $1 BN acquisition of razors-by-mail startup Dollar Shave Club in 2016, but other CPG’s are taking more practical steps to capture CRM data, such as Kraft’s robust content program publishing recipes on the web, in print, and in email newsletters.
Until recently, gaps in customer knowledge could be blamed on technological limitations. In the days before digital marketing, brands relied on panels, surveys, and focus groups to understand their customers reached via TV, direct mail, billboards, and print ads.