Social CRM
CONTENTS: Introduction to Social CRM
Case Example
Current Scenario
Comparison CRM vs Social CRM
Differentiation b/w CRM and social CRM
Benefits of Social CRM
Use cases of Social CRM
Evolution of Social CRM
The Future of Social CRM
WHAT IS CRM ?
Customer relationship management (CRM) is, as the name suggests, about managing the relationships a company have with your customers, which might be potential or current i.e. anyone in the complete sales funnel. It’s a mixture of business processes and technologies with various consumers touch points like sales, marketing, customer support and feedback etc.
WHAT IS SOCIAL CRM ?
Social media and technologies have brought about a fundamental change in the way we work in our communications pipeline. We now have to deal with conversations and personal relationships. And the relevant conversations are not just about company to consumer anymore, it’s also about consumers to consumers. In this world of status updates, tweets and forum discussions such conversations can give an unmatchable insight.
INTRODUCTION:
•Customer facing Employee
•Centralized innovation group
•Customer life cycle
•Process centric
•CRM process
•Automating and supporting business process
•Single view of customer based on the interactions history
•Individual relationship
• Targeted message generates value
•All Employees engage
•Customers in
•The center of innovation cycle
•Company life cycle
•Conversation centric
•Value chain
•Community creation internally and externally
•Multiple channels complicate single view of customer
•Complex relationship network
•Conversation generates value
Process Technology Channels LandscapeMind set
The following diagram, showcase the transformation from CRM to Social CRM at Deloitte.
CASE EXAMPLE:
Uses new online channels and new communication
tools
Trusts advices made by online
acquaintances and strangers
Tends to buy more online than offline
Wants to provide feedback about the
product and customer service
Expects better customer
experience
Reads and creates product reviews, product rankings and blog posts
Seeks support to connect with like
minded peers
The new social
customer
The following diagram gives a glimpse of why social media is gaining popularity.
CURRENT SCENARIO:
The evolution of CRM 1.0 to CRM 2.0, now referred to as Social CRM.
Old world CRM Social CRM
CustomerCompetitor
Supply partner
Your company
COMPARISON:
Social Media is a platform for consumption of medium running mostly on digital signals like internet and sometimes mobile. Its main differentiating factor from a normal digital website is that such a medium will have functionalities built in to connect users together.
Social CRM on the other hand is a business strategy from the organization's side, and not the end user. Such a business strategy aims to insert such social functionalities and its use cases into business operations like feedback, sales and customer support etc. Social CRM is a strategy which fits into every department like IT, marketing etc. instead of living in a silo.
WHAT IS THE DIFFERENCE BETWEEN SOCIAL MEDIA AND SOCIAL CRM?
Raise Marketing ROI thanks to better targeting, better product solution, customer experience and word-of-mouth.
Gain insights to explore new market segments and improve marketing effectiveness
Identify new business opportunities and improve cross/up-sell abilities through increasing contact with existing and potential customers
Cut sales commissions costs by building community around the brand
Increase R&D capabilities and innovation through tapping into the collective intelligence of your target audience
Increase customer loyalty by promoting transparent dialogue and improving employee/customer interaction efficiency
Decrease customer service costs through self-helping communities
BENEFITS OF CRM
SOCIAL CRM IMPLEMENTATION AREAS
18 use cases of social CRM:
Marketing
•Social marketing insights
•Rapid social marketing response
•Social campaign tracking
•Social event management
Sales
•Social sales insights
•Rapid socials sales
•Proactive social lead generation
Service & Support
•Social support insights
•Rapid social response
•Peer to peer unpaid armies
Innovation
•Innovation insights
•Crowd sourced R&D
Collaboration
•Collaboration insights
•Enterprise collaboration
•Extended collaboration
Customer experience
•Seamless customer experience
•VIP experience
Social Customer insights: The 5M’s
Process Support
Account managementContact managementActivity ManagementLead / Opp ManagementCampaign ManagementSales ManagementService Management…
Process Support
Account managementContact managementActivity ManagementLead / Opp ManagementCampaign ManagementSales ManagementService Management…
RSS
HOW HAS CRM TECHNOLOGY EVOLVED TO MEET THE NEEDS OF SOCIAL CRM?
CRM 1.0
CRM 2.0
Wikis
Blogs
Social Networks
Forums
Podcasts
Widgets
Conversation tools
Monitoring/interconnecting tools
Customer owned data
API’s
Brand monitoring services
Cloud computing
Open ID
Data mining
WHERE IS INDUSTRY HEADINGThe CRM market, estimated at $8-9 billion
globally, is pegged at just $70-80 million in India, though predicted to clock a CAGR of 30-35% over the next few years.
It has been logging one of the highest growth rates in the world, making it the third-largest market in the Asia-Pacific region.
Wal-Mart, Dell, Comcast, Toyota, Domino's, among others, have been proactively addressing customer concerns on Face book. If questions cannot be immediately answered, their social reps normally direct "fans" to a Web page, toll-free number, or customer service e-mail address in a follow-up post.
But there are other types of simple-yet-interesting CRM/loyalty tactics being used. Toyota has been constantly posting comments under "fan" car photos as it continues to reach out to consumers in the wake of its scandal. A post on March 21 read, "Congrats on the new Tacoma, T.J.! Thank you and your family for your continuous support." Seven other similarly toned comments were posted by the Toyota rep within the same hour on that evening. The copy was often akin to post-sales-conversion "Thank You" e-mail subject lines.
It is difficult to break free of current systems and integrate social technologies with it. Social business is not about the tool, it’s about a cultural shift.
There is a great battle for business platforms brewing. Look around for the potential platform owners, and position your business to be able to leverage the platform(s) and data regardless of who ultimately wins that battle.
The Social Web is on a collision course with the enterprise. Those companies that understand the coming changes and are positioned to harness the data and translate real time information into effective action will be those that experience the largest success over the coming decade.
CHALLENGES
THANK YOU !!!!!!!!