The technology surrounding customer relationship management (CRM) has evolved over the years to provide IT managers and enterprise users with more innovative paths for providing customers with rich experiences. The demand for viable, market-facing solutions that support mobile customers continues to grow as the competitive landscape intensifies. As a result, opportunities abound for social CRM and mobile care.
This recent Midsize Insider report highlights the importance IT pros must place on understanding more than just the technical side of their discipline. It’s critical that they understand how any solution they select and implement impacts business processes, revenue opportunities and profit margins. Stronger returns are possible with social CRM and mobile care, but a little patience may be required along the way.
For social CRM and mobile care to deliver the promised benefits, IT managers may need to look a bit deeper than the surface. Market predictions suggest that only half of the Fortune 1000 companies using a social strategy will identify a worthwhile return on their investment before 2012 ends. Of those companies, 30 percent lack the necessary data to do a proper analysis to know if their strategy is working, and may struggle to secure funding for additional investments.
Even with this outlook, however, spending on social CRM and mobile care continues to increase. The social CRM market is expected to hit $2.1 billion this year and will claim 10 percent of the overall CRM software market. This projected growth begs the question – if social CRM and mobile care as a strategy is so popular, why is there a disconnect between perceived and measured returns?
The reality is these returns are coming, but at a slower pace than some executives may like. In this world of social interactions that take place within seconds, it’s difficult to wait for a positive return on a platform related to this segment. A solid return on social CRM can’t happen overnight, however, as solid relationships take time to build. The foundation must be there for that relationship to deliver solid opportunities over time – something much more valuable to the smaller enterprise.
For the mid-sized company seeking to make its impact, social CRM and mobile care is a great way to connect directly with customers – but it has to be done through a non-sales approach. If consumers feel they are being sold to when they really want information, entertainment or the opportunity to engage, they will avoid that channel. The company needs to use these opportunities to enhance the brand and extend the customer experience.
This approach over time builds extremely loyal customers with long-term purchasing intent. It may take a while for the fruits of the social CRM and mobile care labor to become evident, but it will be worth the wait.
Edited by Stefanie Mosca