Social Media Impact on CRM by gjjur4356

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									?The concept of CRM has changed overtime and with new technologies emerging the
domain is expanding faster than ever. CRM has always promised and delivered the
vision of managing customer interactions at the right time, at the right place and in the
right style, to maximize value for both the company and the customer.
In terms of the company, no matter the size of the organization, you need loyal
customers, customers who will keep coming back to you. The business goals and
challenges of organizations remain the same today as they were quite some years ago.
CRM is a major point of focus for business executives, with the goal of acquiring,
developing and retaining customers in a profitable manner. For a top up, its not just
about the customer, its also about the cost of lead acquisition.
Every company in the current times has a major focus in lowering down the cost of
lead generation and sales. The process has become quality and not quantity driven, its
no more about the number of leads you generate, but the quality, which also associates
with it, the need for optimizing the lead management process.
With the marketplace becoming more and more consumer driven and consumers
actively seeking out like minded individuals to connect with, felicitated by social
media, businesses have to engage with the emerging consumer segments. The
consumer is no more in isolation. There are THREE major ways in which Social
Media is impacting the CRM need, evolution and hence positioning in the market,
creating unified customer experiences.
1. Being in the listening
Enterprises today have to be in the listening of the prospect who is talking about them
on the internet. Word of mouth has taken an entirely different shape, to which the
business has to listen to. If your CRM solution can provide you the access to the key
social media channels where you can connect with your target consumer segment and
key into the right details, your sales cycle time reduces and your cost of converting
the lead to a customer does as well.
2. Responding
Since the CRM system has one level of information already about the customer and
social media gives a deeper level to it. You can now see what the customer is talking
about you and which all platforms is he available at, hence you know what messages
to push across and affect the consumer sales cycle. This involves leveraging social
networks for customer service and gain real time feedback.
3. Customer profiles
To refine your target prospect (reducing your sales cycle) you have the access to the
profiles of the customer. Your CRM application filters out the relevant pieces of
information for your use which helps you better understand and define your target
market, to position your services/ product to.
These capabilities are major game changers in the CRM domain and are defining the
next generation CRM applications, which allow your sales/ marketing team to create
opportunities with your customer like never before.

								
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