Customer relationship management (CRM) is a term referring to strategies, practices and technologies which several companies use to administer and evaluate customer interactions and data from end-to-end in the customer lifecycle, with the aim of enhancing business relationships with customers, attending to customer retention, and driving sales growth. On the other hand, Social Customer Relationship Management (social CRM) is an evolution of CRM, which makes use of social networking websites such as Facebook, Twitter, etc., technology and techniques to let organizations engage with their end-users. It is customer-centric approach to render service and product support, by focusing on lifting awareness about a particular brand, engaging socially with potential customers, and social backing to customers, marketing their products and creating a community. Social CRM incorporates conventional CRM solutions with social media for enhancing the complete customer engagement for various enterprises. Social CRM basically adds a social dimension to the way one thinks regarding the customers and his or her relationships with them. Research done on Social Customer Relationship Management (CRM) Software market, the business based on the verticals is segmented into different categories, such as BFSI, academia & government, healthcare, energy, power and utilities, automotive, transportation and logistics, oil and gas, consumer goods and retail, and telecom and IT.
Understanding Social CRM
One of the most crucial roles in Social SRM is Public Relation (PR). For a matter of fact, PR generally takes charge of the budgetary control and influence of social initiatives ahead of every other department. In most companies, there is a dedicated PR department which takes care and manages complete social presence of brands and handles the customer engagement.
The future alterations are such that promotion and experience are vital elements of social CRM, all of which encircles the customer. In CRM there is no such relationship and collaboration with the customer on one-on-one basis. Whereas, in social CRM, the aim and focus is solely the customer. The customer is in true manner is the key point of whether in what way a company functions. Rather than marketing to customers, the brands directly interact and associate with customers to solve several business issues, authorize customers to contour their own understandings and develop customer relationships.