CRM Group Project_Social Media and CRM

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CRM ProjectImpact of Social Media

on CRM

IMT (PT) 2010Group IVMembers:

Anurag AggarwalNitesh SharmaNikhil GuptaRajat WadhwaRishi Tarar


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Introduction

Objective of thisproject to findinformation about

various social mediaplatforms, its users,business use and its

impact on businessstrategies mainlyfrom CRM point ofview.


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Research Questions

Questions to which we will try and find answersto are:

What is Social Media?

Who is using Social Media? What is the percentage of companies using

Social Media?

Why consumers interact with companiesusing Social Media?

What is the impact of Social Media oncompanies and challenges it poses to thetraditional CRM strategy its CRM strategy?

Does use of Social media by company helpimprove Customer loyalty?

What are common Social CRM mistakes?


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What is Social Media?

Social media includes web-based and

mobile technologies used to

turncommunication into Interactivedialogue.

For distinction from mainstreammedia

businesses may refer to social

media as-


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Users of Social Media

Nearly 80 percent ofthe online consumershave at least oneaccount on a socialnetworking sitewhere they canquickly and easilyconnect with people.

More no. of usersfrom emergingmarkets (BRIC).


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Drivers for usage ofSocial Media

Social Media still a lesspreferred medium used

by consumers tointeract with their

brands.


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Percentage of Companiesusing Social MediaAmong Fortune 500

companies, 71%

have Facebookpages, 59% are onTwitter and 56%accepts importance

of social media.


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app ng e oc aInternet


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Impact of Social Media

As we have seenSocial media hasalready changed the

way peoplemeet and interact.People from all over

the world gather intoa

handful of social

networks where theyconnect share


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Perception vs Reality

Companies have misperceptions regarding why consumers interact with them viasocial sites. Clearly, there is a

difference between perception of the future of CRM, and reality.


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Growth ofSocial Media

We have seen unprecedented growth ofsocial media platforms Like Facebook

Twitter, Linkedin etc. and have become


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Traditional CRM vs SocialCRM

A widely implemented strategy for managing acompanys

interactions with customers, clients and sales

prospects.Traditional CRM:

A philosophy and a businessstrategy, with system andtechnology as its mainingredient with sole objectiveto improve human interactionsin a business environment.

That includes sales,marketing , customer serviceand technical support. In nutshell all customer relationshipswith the business.

Social CRM:

A philosophy & a businessstrategy, supported by atechnology platform, businessrules, workflow, processes &social characteristics, with focus

on a collaborative conversationin order to provide mutuallybeneficial value in a trusted &transparent businessenvironment. Its the companysresponse to the customers

ownership of the conversation.
http://en.wikipedia.org/wiki/Customershttp://en.wikipedia.org/wiki/Customers


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What companies are doingwith Social Media?

Market place is fast changing frompassive to active with digitaltechnology enabled Social media.Companies have little option but toadopt new medium to conventional20th century public relations basedrelationships. So they have accepted

social media as a game changer andthey are:

Engaging with their customersabout their social mediaexperiences & expectations.

Having internal guidelines for

social CRM that are consistentwith strategic objectives, legalconstraints, and branddevelopment, yet allow forauthenticity and directengagement.

Creating social media campaigns

around events, milestones,contests, and user content.


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Example of network giantCisco


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ConclusionThe communications revolution that was characterized by the proliferation of Internetuse and of mobile devices changed the way that people wanted to (and did) interactwith each other and with the institutions that they dealt with. In business this was atransformation of how customers dealt with businesses and with each other. This isbringing a major paradigm shift in CRM strategyto customer engagementratherthan managing customers.

We have recently seen social media emerging as a strong voice which hasimplications and opinions voiced have far reaching impacts. The impact has not be

restricted to businesses, brands or individuals but recentpolitical revolutions arelargely driven through these forums. Recent,Arab spring &Anna Hazare movementforJan Lok pal bill in fact forced Indian Governmentto come out with diktat forwebsites questioning the credibility& identityof the social media content/publisherand impact it has on the countrys stability

Barack Obama's upcoming re-election campaign is set to be the biggest social mediacampaign yet said an advisor to the current president, Roger Fisk at the 20th Public

Relations World Congress yesterday."The 2012 re-election will be the largest social media exercise ever conducted. Socialmedia is key to making the campaign personal and empowering people to be thecampaign," said Fisk, who currently coordinates diplomatic and trade missions for theUS Cabinet and President Obama. According to Fisk, using social media throughoutObama's 2008 campaign was a game changer for the then-candidate. As the NationalDirector of Special Events, Fisk led a grassroots campaign that built up the largestdonor base of $100 million in history by mixing social media and online platformswith traditional media.


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References

http://en.wikipedia.org/wiki/Customer_re

http

://en.wikipedia.org/wiki/Social_media http

://www.customerthink.com/blog/the_imp

http://www.crmsocialmedia.com/2012/0 http

://www.competitivefutures.com/projects/

http
http://hbr.org/2010/07/vision-statement-mapping-the-social-internet/ar/1http://en.wikipedia.org/wiki/Social_mediahttp://en.wikipedia.org/wiki/Social_mediahttp://en.wikipedia.org/wiki/Social_mediahttp://www.customerthink.com/blog/the_impact_of_social_media_on_crmhttp://www.customerthink.com/blog/the_impact_of_social_media_on_crmhttp://www.crmsocialmedia.com/2012/01/5-social-media-ideas-for-your-small-business/http://www.competitivefutures.com/projects/socialcrm2022http://www.competitivefutures.com/projects/socialcrm2022http://hbr.org/2010/07/vision-statement-mapping-the-social-internet/ar/1http://hbr.org/2010/07/vision-statement-mapping-the-social-internet/ar/1http://www.competitivefutures.com/projects/socialcrm2022http://www.competitivefutures.com/projects/socialcrm2022http://www.crmsocialmedia.com/2012/01/5-social-media-ideas-for-your-small-business/http://www.customerthink.com/blog/the_impact_of_social_media_on_crmhttp://www.customerthink.com/blog/the_impact_of_social_media_on_crmhttp://en.wikipedia.org/wiki/Social_mediahttp://en.wikipedia.org/wiki/Social_mediahttp://en.wikipedia.org/wiki/Social_media

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