Social Media & Its Impact on Crm

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CUSTOMER RELATIONSHIP MANAGEMENT ASSIGNMENT

SOCIAL MEDIA AND ITS IMPACT ON CUSTOMER RELATIONSHIP MANAGEMENT

Word Count: 3132

Submitted in partial fulfillment of the requirement for the Degree of Post Graduate Program In Management by

Kunal Verma(08P084) Under the Guidance of Prof. Neelu Bhullar

Management Development Institute, Gurgaon

Contents
Social Media and CRM .................................................................................................................... 3 Impact of Social Media on CRM ...................................................................................................... 4 CRM and Social Media: Maximizing Deeper Customer Relationships ........................................... 5 How social media is changing CRM................................................................................................. 8 Getting the right Social Media for CRM ........................................................................................ 10 Where to do it? ...................................................................................................................... 10 How to do it? ......................................................................................................................... 11 References: ................................................................................................................................... 13

Social Media and CRM
Social media are media designed to be disseminated through social interaction, created using highly accessible and scalable publishing techniques. Social media supports the human need for social interaction, using Internet- and web-based technologies to transform broadcast media monologues into social media dialogues. It supports the democratization of knowledge and information, transforming people from content consumers into content producers. Social media can be said to have three components: 1. Concept (art, information, or meme). 2. Media (physical, electronic, or verbal). 3. Social interface (intimate direct, community engagement, social viral, electronic broadcast or syndication, or other physical media such as print). Common forms of social media: 

Concepts, slogans, and statements with a high memory retention quotient, that excites others to repeat.



Grass-Roots direct action information dissemination such as public speaking, installations, performance, and demonstrations.



Electronic media with 'sharing', syndication, or search algorithm technologies (includes internet and mobile devices).



Print media, designed to be re-distributed.

Customer relationship management (CRM) consists of the processes a company uses to track and organize its contacts with its current and prospective customers. CRM software is used to support these processes; information about customers and customer interactions can be entered, stored and accessed by employees in different company departments. Typical CRM goals are to improve services provided to customers, and to use customer contact information for targeted marketing. While customer relationship management can be implemented without major investments in

software, software is often necessary to explore the full benefits of a CRM strategy. However, most CRM software vendors stress that a successful effort requires a holistic approach. Many initiatives often fail because implementation was limited to software installation, without providing the context, support and understanding for employees to learn, and take full advantage of the information systems. Tools for customer relationship management should be implemented "only after a well-devised strategy and operational plan are put in place".

Impact of Social Media on CRM
Everyone knows that social media has a major impact on CRM, but as lot of people on the sales side struggle with exactly how that will manifest itself. There doesn‟t seem to be any such struggle on...
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