Social CRM enable a company to keep in touch with its customers and increase sales opportunities by promoting brand loyalty. The ease of connectivity with customers enables a business to build faith and trust among its customers in the long run. It helps a company to monitor, respond and keep an eye on customer activities, in-fact it can also reply quickly to the conversation on social web like Twitter, Facebook, Google plus, LinkedIn, You Tube and in all social networking platform.
Moreover, a company can integrate its brand and business strategy with social media, which in result will build genuine conversations with customers, build loyalty and increased customer satisfaction. This will enable the company to achieve business goals and combine the social media monitoring tools, support communities and innovation communities in providing a better social experience to its customers.
A company spend large amount of money every year in marketing and in building good reputation. If the company fails to achieve its goal it may be difficult for some company to bear the huge losses for the same. Social CRM is a rescue tool for the company in addressing customer concerns promptly, driving innovation through customer support, building knowledge base for user generated content and to harness the word of mouth using Social Media Monitoring tools. Hence, making it easier for customers to find relevant answers and build loyalty & trust towards the company.
Social CRM for sales can be broadly distinguished into two categories:
Social sales prospecting and research: This category focuses on tools that help salespeople better qualify leads, conduct prospecting activities efficiently, and become better informed of both accounts and prospects. Functions include lead qualification, call planning, competitive intelligence, maintaining up-to-date contact information for prospecting, profiling prospects and frontline research, real-time feeds on contacts and accounts from the Web, external social communities, proprietary contact data communities, and sales information services providers.
Sales social collaboration: This category exploits social software to and methods for internal and external collaboration. Internal collaboration could involve interactions within a sales force and between salespeople and marketing, sales operations, or peer support organizations. External collaboration encompasses partner activities support and direct interactions between frontline sales and customers for collaboration in virtual workrooms responding to RFPs, tailoring solutions and delivery schedules, working on proposals or contracts, etc.
Social CRM has the following benefits:
- Social software improves turnaround time with proposals, providing sales content and encouraging cross-selling and up-selling within sales cycles.
- Strongest connection to social marketing for lead-management capabilities
- KPIs are being crafted to track aspects of RFP response times, bid or proposal cycle times, accepted proposal and quotes, instances of up-selling, attach rates, deal size and reductions in sales cycle duration.
- Combining all the customer touch points with the social experience
Social CRM has great potential to put CRM directly and effectively in the hands of sales people. However, there are certainly some essential challenges to be worked through to really hit a home run with this evolution of CRM.