![]() Like any conversation, in a café or bar, for instance, the content varies. Social ‘media’ (see the Appendix for list of social media types) contains ‘conversations’. Consumers talk to each other like never before through a multitude of social channels. Consumers are much more trusting of friends and colleagues than they are of TV advertising or corporate communications. As for any relationship, the strength of feeling will develop and vary over time and, as in any healthy relationship, both parties should be aware of feelings so they can react accordingly. A consumer's engagement with a brand can be measured along a continuum from no awareness, through to early engagement, and maybe, if you are lucky (and clever), onto advocacy. ![]() Much has been written about SM and its rising importance in engaging customers. Forget that and you have little chance of success. At the end of it all, SCRM is about people and relationships and demands a customer focus as never before. However, pioneers in large companies face three hurdles: (a) organisational readiness, (b) over-hype and over-expectation and (c) project management failings. Finally, the knowledge gained on customer behaviour, attitudes and mood will help drive benefits throughout the value chain, impacting on suppliers (for example, forecasting demand) and intermediaries (for example, shaping in-store promotions). In addition, social customer relationship management (SCRM) can deliver insight, which will help drive real customer centric innovation. Financial benefits apply across the customer life cycle, in acquisition, retention, value development and managing cost to serve. ![]() The benefits are centred around increasing ‘customer insight and engagement’ and are not peripheral but fundamental to driving business performance. Harnessed with customer relationship management, social media can deliver financial benefits to companies no matter what sector. Never before have we been able to get so close to our customers and engage with them in such a timely and relevant manner. Marketers are working in challenging times.
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