social media social crm ibm pt 2

social media social crm ibm pt 2 - IBM Global Business...

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IBM Global Business Services Executive Report IBM Institute for Business Value Customer Relationship Management From social media to Social CRM Reinventing the customer relationship The second in a two-part series
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IBM Institute for Business Value IBM Global Business Services, through the IBM Institute for Business Value, develops fact-based strategic insights for senior executives around critical public and private sector issues. This executive report is based on an in-depth study by the Institute’s research team. It is part of an ongoing commitment by IBM Global Business Services to 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 for more information. Additional studies from the IBM Institute for Business Value can be found at ibm.com/iibv
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Introduction Welcome to the age of Social CRM, a different way of thinking about customer relationship management that focuses on using social media to enhance customer engagement. How prepared are companies to make this shift? Despite wide- spread adoption of social media, for most, Social CRM is still in its early stages, execution is patchy and concerns about ROI remain. To fully exploit the power of social media to connect with customers, organizations need to move beyond isolated projects to integrated programs and, ultimately, a Social CRM strategy. According to the IBM 2010 CEO study, getting closer to customers is the overwhelming top priority for CEOs. 1 It’s no wonder then that the pressure to exploit social media is so fierce. It is ideally suited for customer collaboration and offers opportunities for reach, access and immediacy that simply don’t exist with other channels. By the end of 2010, nearly 80 percent of the companies we surveyed, anxious to interact with customers where they are congregating virtually, had a presence on a social networking site and were aggressively launching social media initiatives. But do companies have the strategies needed to make these efforts flourish? As the next generation for customer relationship management, Social CRM is gaining momentum. Traditional CRM strategy focuses on management solutions for channels such as corporate Web sites, call centers, and brick and mortar locations. With Social CRM, these strategies now take into account the dynamics of the community-based environment that defines social media – an environment in which control of the relationship has shifted to the customer, who has the power to influence others in his or her social network. By Carolyn Heller Baird and Gautam Parasnis To gauge companies’ current Social CRM progression and their ability to provide the value customers seek in a social platform, the IBM Institute for Business Value conducted two online surveys. One went to 351 executives from functions where the responsibility for social media typically resides. The other was issued to more than 1,000 consumers to shed light on why they engage with businesses and how these interactions
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social media social crm ibm pt 2 - IBM Global Business...

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