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Competitive Futures White Paper: Social media and customer relationship management

Competitive Futures White Paper: Social media and customer relationship management

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Published by Eric Garland
White paper from Competitive Futures on how the tipping point for social CRM appears to be just around the corner. See more at http://www.competitivefutures.com/projects/socialcrm2022
White paper from Competitive Futures on how the tipping point for social CRM appears to be just around the corner. See more at http://www.competitivefutures.com/projects/socialcrm2022

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Published by: Eric Garland on Aug 18, 2011
Copyright:Attribution Non-commercial

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 Social media and customer relationship management:
 THE TIPPING POINT IS JUST AROUND THE CORNER
Social media has radically changed the way people meet and interact. Huge crowdsfrom all over the world gather into a handful of social networks where they connect,share, collaborate, and influence. Conversations are immediate, and ideas, emotions,and information can spread globally within minutes. This new landscape poses bothgreat challenges and tremendous opportunities for businesses, organizations,and brands.Two data points tell a powerful story about the shifting landscape of CRM:



l

If this forecast is accurate, then marketing practices and the majority of ad spendare out of sync with the way most customers prefer to be engaged - especially thecustomer of tomorrow.Buyers are more and more engaged with social media, yet CRM is not. The companiesthat embrace the totality of social CRM will have a competitive advantage over thosewho remain with outdated practices. The tremendous shift in consumer behaviorshows that despite the recent hyperventilation by the media and the financialcommunity, social media is much more than just hype.

http://blog.comscore.com/2011/06/facebook_linkedin_twitter_tumblr.html

www.biakelsey.com/Company/Press-Releases/110502-Social-Media-Ad-Spendingto-Reach-$8.3-Billion-in-2015.asp
$180$160$140$120$100$80$60$40$20
   U   S   $   B   i   l   l   i  o  n  s
2010 2011 2012 2013 2014 2015
$9$8$7$6$5$4$3$2$1
   U   S   $   B   i   l   l   i  o  n  s
2010 2011 2012 2013 2014 2015
Steady Shift Toward Digital MediaSocial Ad Spend: Five-Year Forecast
$136.0$116.8$19.2$136.2$22.3$113.9$141.5$25.7$115.8$144.3$29.4$114.9$149.8$33.7$116.1$153.5$37.9$115.7$2.1$2.1$0.0$3.4$0.1$3.3$4.5$4.7$0.2$5.9$0.3$5.6$7.9$0.4$6.6$8.3$0.6$7.7TraditionalOnline/DigitalSocial DisplaySocial Non-displayNote: Numbers are rounded
Proprietary and confidential. Copyright ©2011 IBIA/Kelsey. All rights reserved
Note: Numbers are rounded
Proprietary and confidential. Copyright ©2011 IBIA/Kelsey. All rights reserved
 
 THE EFFECT OF social mediaON CRM has just begun

have a tendency to overestimate the effect of a technology in the short run, and

Today, the business media is fueling a frenzied obsession with the power of socialmedia, adding a great amount of hype and driving mythical stock valuations of 

finally appearing, declaring that social media and social CRM are both hyped-up

back to real work.

before:

 

platforms have become globally-recognized, their long-term effects are yet to beseen. That is because this most recent phase of growth is only the beginning of 

norm for the customers of the future all over the world.

perceive that the practices of tomorrow will look largely like they do today, despite thefact that their customers will not be waiting in the same places for their marketingmessages and customer service agents and sales people.Clearly, there is a difference between perception of the future of CRM, and reality.
 
 SOME STATISTICS TO INDICATE the shift towards SOCIAL CRMAS A DRIVER OF BUSINESS VALUE
The sheer numbers behind social media suggest the permanent shift in technologicalusage among customers in every possible market.

users compared with older technologies: a scant five years, compared with fourteen

In the same way that television created permanent change in consumer patterns, soshall it be with social media which maintains its value proposition irrespective of the

.The media is the message, and the message is that social interaction will foreverreplace the one-way, mass communications employed by most major brands.

technologies.

web users globally.


http://bit.ly/iXk0Mt
2004-2006 Google Earth & Skype1994-1998 The Internet (WWW)2004-2009 Facebook2001-2008 iPod1983-1997 Cell Phone1928-1966 Television1876-1965 Telephone2 years4 years5 years7 years14 years38 years89 years

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