Benefits of Incorporating Social CRM in your Business Strategy

The modern day abstractionism of inferring a social media-centered association is what we could call yesteryear word-of-mouth publicity. Social media can catalyze almost anything in today’s world. Needless to say, expansion and amplification of a trade meant for the masses using this social media extensively. By definition, any web application that facilitates individually creating content sharing and exchange can be symbolized as another social media forum. The variety of these social media sites differ from the style of communication platforms they offer.

Implementing these concepts, the main idea of social CRM is to enhance the visibility of your business whilst individuals attempt to socialize with the globe. Though the interpretations of social CRM vary as per the outlook and viewpoint of dealings it is associated with, the bottom-line is to proactively connect to existing customers as well as prospective ones.

Social Media CRM
So what are the possibilities of this integration between your CRM and a social media platform? How can linking between any CRM and a social media network help? What would be the outcome of this integration?
  • Branding: Definitely in the case of expensive marketing, branding projects is a distinctive feature which purely exalts the product and your business. Your business product/ service can be made extremely exuberant by advertising and indulging in conversations through these platforms.
  • Product launch: Marketing of an existing/ emerging product gains recognition by up to 21% as compared to any other form of advertising. Counting the recent efficiency of these social media portals, better marketing and advertising figures can be achieved.
  • Feedback and suggestions: Since it is all about customer experience, social CRM can help a great deal to match customer desires and requirements on a real-time basis.
Discovering the implications of social CRM in the market, Gartner noted that 90% of current spending on social CRM is for B2C use, but that spending on B2B social CRM is growing faster than B2C, and will account for 30% of the market by 2015.

In addition to the above, a few common statistics for both B2C and B2B are outlined -
  • 25% of the regular internet users spend at least 1 hour of their time to socialize and update themselves
  • 41% of customers believe that companies should use social media tools to solicit feedback on products and services
  • 43% of consumers say that companies should use social networks to solve the customers’ problems
  • Only 7% of organizations understand the CRM value of social media
Brand Science Institute, European Perspective

    Social Media and B2C
    When speaking about B2C marketing, the adoption of social media in B2C marketing has already been discovered, recognized and executed. Although, specifically in this category, there is simply one staunch protocol- convert every viewer to a customer. The justified reason being the enormously large targeted viewers. Considering even the lesser-than-achievable conversion accuracy, many customers are achieved in the campaigns of B2C marketing. Citing another simplicity, the sky is the limit when by classifying this extreme number of users, different marketing techniques are applied.

    For example, through a populated networking site, one can achieve a group of users having a common interest in the sport “Soccer”. Thoughts such as pictures, autographs and memorabilia can be used as techniques to lure customers. Furthermore, various such tactics can be applied thus tagging it with a great deal product-centricity. Continuing on the present concept, the simple single step sales process can be regarded as the third-string in the interest of social CRM for B2Cs.

    Social Media and B2B
    Playing second fiddle, the supposition of B2B marketing leveraged by social CRM is pretty fragmented. Being reliant on social media in this confined category has never been an essential requirement, hence it hasn’t been very popular. Differing from B2C marketing, some challenging traits of B2B are:
    • It is Relationship-Driven 
    • Identifying decision makers 
    • Extensive Sales Cycle
    The inclusion of a social CRM solution in this category will not necessarily overcome these factors. As a matter of fact, it is easy to go wrong when you have social CRM in a B2B business. The most common case is the complexities involved in interactions using a social platform when there are multiple stakeholders involved in a B2B scenario.

    Finally, enunciating the two dominating elements which businesses should concentrate on for integrating social media CRM :
    • No less than an 'Intelligence' System:  In context to the deficiencies of B2B marketing, the structure or processes can’t be generalized to a handful of strategies as we do so easily in B2Cs. Social Media here can be used as a tool on the lines of data mining, helping discover those unknown analytical patterns in your trade.
    • Make the move from 'Listening' to 'Action': We by now know about B2Bs being relationship-driven. The essence here is to try and devise the “Actions” more than only communication used to achieve a better prospect-to-customer conversion rate, in order to compensate for the disadvantage of a meager target audience.
    For example, make the product/ service offerings of your business “branded” on any of the most happening social sites, be it Twitter, Facebook or LinkedIn. Gain more recognition, a larger number of 'likes', creating various posts, updates, etc.

    The ideology in B2B marketing is more conservative in contrast to B2Cs. Nevertheless, in both cases, the advantages of incorporating social CRM are numerous. All spoken and read about can definitely be classified as generalized paraphernalia. Their precise advantages vary from organization to organization and how differently you have used the magic of social media.