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“From social media to Social CRM”. Reinventing the customer relationship. The second in a two-part series

“From social media to Social CRM”. Reinventing the customer relationship. The second in a two-part series

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Published by Justin Souter

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Published by: Justin Souter on Nov 16, 2011
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05/12/2014

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IBM Global Business Services
Executive Report
IBM Institute for Business Value
Customer Relationship Management
From social mediato Social CRM
 Reinventing the customer relationshipThe second 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
Welcome
to the age o Social CRM, a dierent way o thinking aboutcustomer relationship management that ocuses on using social media to enhancecustomer engagement. How prepared are companies to make this shit? Despite wide-spread adoption o social media, or most, Social CRM is still in its early stages,execution is patchy and concerns about ROI remain. To ully exploit the power o socialmedia to connect with customers, organizations need to move beyond isolated projectsto integrated programs and, ultimately, a Social CRM strategy.
 According to the IBM 2010 CEO study, getting closer tocustomers is the overwhelming top priority or CEOs.
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It’s no wonder then that the pressure to exploit social media is soerce. It is ideally suited or customer collaboration and oersopportunities or reach, access and immediacy that simply don’t exist with other channels. By the end o 2010, nearly 80percent o the companies we surveyed, anxious to interact withcustomers where they are congregating virtually, had apresence on a social networking site and were aggressively launching social media initiatives. But do companies have thestrategies needed to make these eorts fourish? As the next generation or customer relationship management,Social CRM is gaining momentum. Traditional CRM strategocuses on management solutions or channels such ascorporate Web sites, call centers, and brick and mortarlocations. With Social CRM, these strategies now take intoaccount the dynamics o the community-based environmentthat denes social media – an environment in which control o the relationship has shited to the customer, who has the powerto infuence others in his or her social network.
By Carolyn Heller Baird and Gautam Parasnis 
 To gauge companies’ current Social CRM progression andtheir ability to provide the value customers seek in a socialplatorm, the IBM Institute or Business Value conducted twoonline surveys. One went to 351 executives rom unctions where the responsibility or social media typically resides. Theother was issued to more than 1,000 consumers to shed lighton why they engage with businesses and how these interactionsaect their eelings o brand loyalty (see Appendix or study methodology). When we evaluated consumers’ responses against those romexecutives, we uncovered some surprising perception gapsbetween the two groups. As highlighted in the rst paper o this series, “From social media to Social CRM: Whatcustomers want,” the search or tangible value – coupons,discounts, etc. – is what triggers most consumers to seek out acompany via social media. Executives, on the other hand, say this is the least likely reason customers interact with them; andthey signicantly overestimate consumers’ desire to engage sothey can eel connected to the company or brand. Additionally, while 70 percent o businesses believe social media willincrease customer advocacy, only 38 percent o consumersagree, suggesting businesses are more optimistic than perhapsthey should be.
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