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This is Going to be BIG

November 15, 2010

vcmike

I have totally drunk the Kool-Aid on Social CRM — it’s my latest favorite answer to the question “what’s the next big thing?”

The social sea-change spreading across the web is not just influencing consumer sites and services, but will have a major impact on categories from Ad Tech to enterprise software. And nowhere is this more evident than in CRM.  Which makes also the sense in the world, since the “C” whose relationship is being managed is an inherently social creature who is becoming increasingly comfortable with (even dependent on) social products and services.

Paul Greenberg explains that Social CRM makes sense in large part because

customers … want to engage more than ever with the companies that they are purchasing from and they are conversing about those companies in the channels that the companies don’t control.

According to Greenberg, companies are looking to SCRM for 5 different uses:

  • How to find out what their customers are saying about their brand – good and bad.
  • How to provide customers with inputs to the company so that the customers can either have the opportunity to participate in dialogue with the company, or provide feedback to the company in multiple ways or minimally, have avenues for greater transparency from the company.
  • How to provide self-service avenues that are sufficient to allow the singular customer to sculpt his or her own individual experience with the company whether  as simple as deciding on the channel that the individual customer wants to use to find out information or as complex as creating and using tools to produce a product that is tailored to the customer’s individual desires.
  • How to make sure all of the customer’s interactions and social data become part of the individual’s customer record – adding to the more traditional transaction records and basic field level data (name, address, etc) that already resides there.
  • How to use all that to gain insight into the social customer and to figure out the value of that social customer to the company?
  • But above and beyond the various ways social data and interactions can be leveraged to make current CRM functions more effective, we are seeing startups using the social web to rethink the ways that businesses can identify, attract, acquire and retain users. And it is this new wave of startups that has me most exicted.
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    5 Comments

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    1. November 20, 2010

      Mike;

      You are absolutely correct. We are seeing a wave of businesses and people building new business processes and channels of communication with customers in Social Media. As a result, even traditional information management tools are changing. Social CRM will force a change in business analytics and business intelligence. If the most valuable, real-time, customer insights are coming out of Social CRM, how is this impacting business intelligence and business strategy at the executive level? Given the numerous platforms of Social Media evolving quickly, are businesses keeping up?

      At Terametric we are looking into the questions of how Social Media is changing business intelligence, starting from the marketing department and their need to develop business intelligence tools in Social Media. However, marketing is just one area. What about supply chain management? What about Human Resources? Well, we know what’s happening with sales. Yes?

      Social Media is changing the nature of business and CRM. It’s an exciting time and your Kook-Aid tastes great.

      Is yours purple? Mine is orange!

      Cheers,
      Taariq Lewis
      Senior Director Sales & Marketing
      Terametric

    2. dave w baldwin #
      December 7, 2010

      On the money! At least the big guys are starting to understand what is happening…only they are going to pay too much to accomplish it.

    3. ed #
      December 21, 2010

      Generally I do not post on blogs, but I would like to say that this post really forced me to do so, Excellent post! ed hardy clothing|

    4. merger #
      February 14, 2011

      Hey Mike –

      we’ve built exactly what you are talking about above. We’ve added the realtime layer to it.

      we were trading conversations with DB at your firm. we’d love to show you our progress if you are interested.

      • markgslater #
        February 14, 2011

        sorry mike – the link above (merger) i am not sure why it was there – if you are interested in chatting you can reach us at markgslater.wordpress – thanks!

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