Big brother is watching you! Well, not exactly, but companies have been paying more attention to social media habits online and here’s why. Customer relationship management (crm) has enabled companies to tack customer habits, relationships and activity on social platforms.
The question is: how can a social CRM make my company money? Buyers and vendors are trying to find the answer to this since social CRM has proved itself to be a valuable asset to have. Here are some things that is has affected:
- Productivity. Sales terms have increased by more than 25% thanks to social CRM
- Sales Representatives. They now have a better picture and understanding of the customer
- Business-to-business. Applications allow sales teams to share information about consumer habits to organize in their databases
- Sales teams. They are able to track a customer’s satisfaction after a purchase
The key to increasing ROI isn’t necessarily social CRM. Social CRM needs to be more comprehensive in improving customer relations to increase ROI. It is best to have an all inclusive CRM instead of separating things like tracking customer satisfaction and marketing new products. They should compliment each other, and them being all in one place will make maintaining relationships that much easier.
CRM has naturally been separated in three groups: sales, marketing and customer service. In light of this, vendors create their plans primarily focusing on one of these instead of all three. A company that encompasses all three categories into one CRM and strategy will hold the most success.
Like any other CRM, already established customers are good ones to keep. It is much easier and cost efficient to keep a current customer than it is to market to a new one. In addition, if you build and maintain your already established relationships, it could lead to referrals similar to them.