Alone we can do so little; together we can do so much!
In my previous post titled What is Social CRM and why it is important, I have highlighted the phenomenal growth in number of Social Media users and importance of engaging customers through Social Media for building trust and brand loyalty.
Given statistically significant correlation between social media engagement and financial performance metrics – revenue and profit, one would expect CMOs to be busy making elaborate plans about engaging customers through Social Media, Right? WRONG!
In one of my earlier posts, I defined Social CRM as follows:
Social CRM is the business strategy of engaging customers through Social Media with goal of building trust and brand loyalty. Loyalty is defined as attitude towards a brand that inclines a customer to repurchase it and/or recommend it to others. Social CRM and Social Media are more about building trust and managing loyalty with customers than about managing relationships or transactions, which are focus areas of “traditional” CRM.
I received a lot of great feedback on this definition and want to elaborate further on it to answer some of the questions raised by readers of this blog.