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From Social Media to Social SRM - IBM report

From Social Media to Social SRM - IBM report

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Published by Boris Loukanov
Social CRM – the integration of social media with customer relationship management (CRM) strategies – is the next frontier for organizations that want to optimize the power of social interactions to get closer to customers.
Social CRM – the integration of social media with customer relationship management (CRM) strategies – is the next frontier for organizations that want to optimize the power of social interactions to get closer to customers.

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Published by: Boris Loukanov on Jun 19, 2011
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10/03/2011

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IBM Global Business Services
Executive Report
IBM Institute for Business Value
Customer Relationship Management
From social mediato Social CRM
What customers want The rst in a two-part series 
 
IBM Institute for Business Value
IBM Global Business Services, through the IBM Institute or Business Value, developsact-based strategic insights or senior executives around critical public and privatesector issues. This executive report is based on an in-depth study by the Institute’sresearch team. It is part o an ongoing commitment by IBM Global Business Servicesto provide analysis and viewpoints that help companies realize business value. You may contact the authors or send an e-mail to 
iibv@us.ibm.com
or more inormation. Additional studies rom the IBM Institute or Business Value can be ound at
ibm.com/iibv
 
 Introduction
Getting closer to customers
is a top priority orCEOs, according to the IBM 2010 CEO Study.
1
Today’s businesses are ervently building social media programs to do just this. But are customers as enthusiastic? Actually, most do not engage with companies via social media simply to eel connected.It turns out, customers are ar more pragmatic. To successully exploit the potential o social media, companies need to design experiences that deliver tangible value in returnor customers’ time, attention, endorsement and data.
 With the worldwide explosion o social media usage, businessesare eeling extreme pressure to be where their customers are. Today, this hub o customer activity is increasingly virtual,located inside a social media or social networking site. But inan environment dened by customer control and two-way dialogue, are customers and businesses in sync with eachother’s expectations?Consider the speed at which social media is being adopted by consumers and businesses alike. 2010 saw staggering numbers. There were more than 500 million active users on Facebook,70 percent outside the United States.
2
By March 2010, morethan 10 billion messages, or Tweets, had been sent through Twitter since its launch in 2006. By July, that number haddoubled to 20 billion.
3
And in the Asia-Pacic region, 50percent o the total online population visited a socialnetworking site in February 2010, reaching a total o 240.3million visitors.
4
Clearly, this is where customers are congregating and busi-nesses want to be. Social media holds enormous potential orcompanies to get closer to customers and, by doing so,
By Carolyn Heller Baird and Gautam Parasnis 
acilitate increased revenue, cost reduction and eciencies. Asmight be expected, our ndings indicate social media initiativesare quickly springing up across organizations.However, using social media as a channel or customerengagement raises interesting challenges or traditional CRMapproaches. CRM strategy, enabled by processes and technolo-gies, is architected to manage customer relationships as ameans or extracting the greatest value rom customers overthe lietime o the relationship. These strategies typically concentrate on the operational responses required to managethe customer. With social media, though, companies are nolonger in control o the relationship. Instead, customers (andtheir highly infuential virtual networks) are now driving theconversation, which can trump a company’s marketing, salesand service eorts with unprecedented immediacy and reach.Companies need to embrace this shit with a new strategy –
Social CRM 
, which recognizes that instead o managingcustomers, the role o the business is to acilitate collaborativeexperiences and dialogue that customers value.

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