Abstract
The combination of genetic data and CRM systems has pushed customer engagement into a new world, totally transforming the traditional marketing strategies. This chapter explores the impact of the relationship between genomics and CRM together on understanding consumer behaviour, personalization, and targeted marketing. This chapter starts with the overview of using genomic data for understanding marketing. The discussion then progresses to the core concepts of CRM and the importance of the need of integrating CRM strategies with genomic data. Real world case studies are demonstrated highlighting the benefits of integrating genomic data and CRM. Emphasising the importance of handling the data with responsibility and maintaining the customer privacy, this chapter also addresses the arising challenges, explores the enhancements in the technological infrastructure required to facilitate the integration, and predicts the emerging trends. It also provides practical tips to find ways to adapt to this changing landscape and set the foundation for a customer centric future driven by genomic data.
TopIntroduction
In today’s digital era, convergence of science and marketing has opened ways for innovative methods to understand and connect with the consumers. One of the notable development in the recent years is emergence of genomics and its deep implications for Customer Relationship Management (CRM) (Willcox, et al., 2023). The advanced technology and research in the field of genomics is completely transforming the perceivance and engagement of the businesses with their customers on granular level (Yang, 2018).
Overview of the Burgeoning Field of Genomics and its Impact on Marketing
The field of genomics which focuses on studying an organisms’ DNA sequence and its genes has experienced advancements in recent years. From the completion of the Human Genome Project, to the emergence of DNA sequencing technologies, people, now have access to an amount of genomic data. This wealth of information not holds great potential for scientific discoveries but also offers valuable applications in various industries, including marketing (Yang, 2018).
Applying genomics in the field of marketing gives more clarity on consumer behaviour and preferences. By analysing individuals’ genetic makeup researchers can uncover insights into predispositions, for traits, behaviours and health conditions. This knowledge allows marketers to gain an understanding of their target audiences and enables them to create precise segmentation strategies and personalized messaging approaches (Daviet, Gideon, & Jerry, 2020) (Hendricks-Sturrup & Lu, 2020). Genomics can play an important role in the way brands engage with consumers that could be in development of advertising campaigns or adapting the products in line with the consumer expectations. Furthermore, incorporating information into marketing strategies for sparking innovation and gaining a competitive edge. Creating products and services that actually consumers are expecting proactively improves the level of satisfaction. This results into enhanced brand reliability and establish the long term relationship with the consumers. As the field of genomics continues to advance its influence on marketing strategies is expected to expand fundamentally transforming consumer engagement dynamics (BenMark & Masri, 2015), (Insights, 2019).
Importance of Integrating Genomic Data With Customer Relationship Management (CRM)
While genomics has potential in the field of marketing its true value lies in how it integrates with Customer Relationship Management (CRM) systems which is the interface for interactions with existing as well as the prospect customers. It lays the foundation for adopting suitable marketing strategies. By centralizing customer data and facilitating communication CRM enables businesses to foster relationships and drive revenue growth. The genomic data integrated with the CRM increases the possibilities for better customer engagement and creating the personalized experiences. Furthermore, it helps businesses to understand their customers by combining demographic and genetic data and enabling marketers to advertise in a precise manner with relevant activities (Gupta, et al., 2023).
Businesses in the field of health and wellness can develop trust and loyalty among their customers through proactively promoting health initiatives with the help of integrated data. For examples brands can offer customised wellness programs or product recommendation based on need of an individual. This demonstrate the commitment to well-being of the customer and customer will see brand as a trusted advisor. Genomic data when used in combination with CRM, the kind of information it presented can foresee far ahead about future (Greenfield, Wittorff, & Hultner, 2019). For any business maintaining relevance with the changing time is essential otherwise engaging with the customers with right offering for the prevailing needs remains terrifying and competitors can take advantage of this to increase their market share. Thus acknowledging this power of combined data and get ready to use it effectively is utmost need in this dynamic landscape (Dorok, Breß, Läpple, & Saake, 2014).
Key Terms in this Chapter
Precision Marketing: Precision marketing is a business strategy which uses technology and data to offer personalized and targeted marketing communications to particular individuals or groups. It comprises analysing customer data to effectively customize marketing efforts, increasing relevance and customer engagement.
Personalization: In marketing, personalization refers to tailoring the products and/or services, and communications to meet the explicit needs and preferences of individual customers. Personalization aims to deliver more customized and relevant experience to the customers, augmenting customer engagement and satisfaction.
Data Privacy and Security: Data privacy and security refer to the protection of personal and profound information collected from customers. It includes instigating measures to safeguard data against unauthorized access, use or disclosure, ensuring compliance with regulations and maintaining customer trust.
Customer Experiences: Customer experiences include all kind of interactions and touchpoints a customer has with a brand throughout their journey. It comprises the quality of service, ease of use and overall customer satisfaction that can be derived from their interactions with the brand/business, influencing their perception and loyalty.
Customer Engagement: It is the practice of building and maintaining relationships with customers at every interaction, beyond the transaction, fostering loyalty and encouraging customers to interact with brand at various touch points, ultimately leading to increased customer satisfaction and retention.
Customer Relationship Management (CRM): CRM is a business strategy used to manage relations with existing and potential customers. It encompasses organizing customer data, tracking customer communications and improving relationships to boost customer satisfaction and loyalty.
Genomics: It refers to the detailed study of a DNA, including all of its genes. It includes examining the evolution and structure of genome, its function as well as mapping of genomes to cognize genetic variations, heredity, and the role of genes in health and disease.