Social Networking sites have seen a phenomenal growth in number of users in the last one year. Brian Solis has estimated that for August 2009, Facebook recorded 110 M unique visitors from US and 370 M globally. Similarly, Twitter registered 24 M unique visitors from US and 66 M worldwide.
This offers a unique opportunity to marketers for engaging their customers through Social media channels. Social CRM is the business strategy of engaging customers through Social Media for building trust and brand loyalty. Research has shown strong evidence that Social Media Engagement correlates to Financial Performance (see report on world's most valuable brands - Who's most engaged?). According to this study "Engagement via social media IS important — and we CAN quantify it. There is statistically significant correlation between social media engagement and the two most meaningful financial performance metrics - revenue and profit". This study further emphasizes quality of customer engagement through social media by concluding:
This clearly illustrates importance of Social CRM - engaging customers via Social Media for building trust and loyalty towards the brand.
There has been lot of discussion on whether Social Media revolution is for real or is it some passing fad that will die down eventually. Well, those who have any doubt should read findings of a recent survey by Forrester. In this survey of 204 marketing executives across industries, it was found that recession is accelerating shift to interactive, mobile and social media.
Marketers were most optimistic about social media, online video, SEO, mobile, paid placement in social media, email and paid search, in descending order. Near the bottom were outdoor, telemarketing, radio and newspapers. As per Forrester's Interactive Marketing forecast, Interactive marketing will approach $55 billion in marketing spend in 2014 benefiting from search, social media and mobile marketing.
It is important to note that in the past two years, time spent by consumers online has grown from 29% to 34%, but advertisers spend only 12% of their budget on Internet marketing. Forrester predicts that by 2014, spend will increase to 21% of budget. Forrester further predicts that both social and mobile will have the biggest compound annual growth rate (CAGR) — 34% and 27%, respectively through 2014.
Would you believe that 89% of businesses expect to compete primarily on customer service in the upcoming years? With that in mind, it’s no surprise that CRM software is becoming such an integral part of business operations. But not all solutions are created equally, especially when it comes to the value they deliver to your business. more
There’s some big things happening with CRM software that you should to be aware of. Technological advancements and changes to business processes have led to developments and new features that are making CRM more valuable than ever. Things like mobile capabilities and greater integration with other software are at the front of this progress. more
A good SMB CRM system can be an incredibly valuable asset for your business. As more businesses recognize this value, the amount of SMB CRM vendors is expanding quickly. Navigating the pricing plans, features, and service terms of all these can be a decision-making nightmare. more
One of the best ways to improve your customer service is to integrate your CRM and contact center software. Benefits of doing this include:Improved customer satisfaction through more personalized contacts, Better conversions on lead, and Increased employee productivity. more