Value of Social Media CRM
Discussion Response 1
Eric Pollard-Lancaster posted Aug 11, 2023 2:24 PM
Importance and impact of social media CRM platform
Customer relationship management (CRM) software allows businesses to create databases that merge customer contact information with behavior data. Today, CRM is the central nervous system of any business because it allows them to manage customer relationships. A social CRM platform is also created when CRM software is merged with social information collected from social media platforms such as Facebook and Twitter. Social media lets businesses easily collect customer data and track their behaviors (Stokes, 2013).
A social media CRM platform is useful to an online merchandise store like CompanyOne in several ways. First, a social media CRM platform helps a business to obtain valuable information to complete customer profiles and centralize the information. Second, such a platform allows businesses to monitor how customers interact with their brand across social media platforms. As a result, businesses gain greater insight into their customers. Third, the information obtains from social media CRM platform offers mutual benefits to businesses and customers (Ding, 2022). For instance, the platform allows businesses to tap into the relationships and enhance customer interaction. In return, businesses can create products or services that meet specific customer needs based on information mined from social data. Fourth, social media platforms make it easy for customers to leave a comment about a brand on Facebook, interact with a brand’s support team on Twitter, and give the brand a mention on Instagram in a few minutes. Therefore, social media CRM platforms allow marketing teams to collect information, centralize it, and use it to strengthen customer relationships (Stokes, 2013).
Social media CRM platform has a positive impact on brands. First, it enhances a brand’s interaction and engagement with customers. Second, social media CRM platform enables easier and faster communication between a brand and its customers. Third, social media CRM platform helps brands to promote their products and services. Fourth, social media CRM platform increases brand awareness (Ding, 2022).
Reference
Ding, Y. (2022). The Effect of Social Media Marketing on Customer Relationship Management at Disney in USA. Highlights in Business, Economics and Management, 2, 348–352. https://doi.org/10.54097/hbem.v2i.2385
Stokes, R. (2013). Customer Relationship Management (CRM). In eMarketing: The Essential Guide to Marketing in a Digital World (5th Editio). Quirk Education Pty (Ltd). 1. What is a social media CRM platform? Why would an online merchandise store like CompanyOne combine CRM and social data? What is the impact on its brand? Explain.
Response to Discussion Topic 1-Priscilla Jebaratnam posted Aug 8, 2023 4:38 PM
A social media CRM (customer relationship management) platform is a tool that helps businesses manage their social media interactions with customers (Scheiner, 2021). The platform is used to track customer sentiments, to create customer profiles, and to engage with customers. The platform tracks customer sentiments and feedback by monitoring social media posts and comments. This information can then be used to understand how customers feel about the company and its products (Scheiner, 2021). The platform is used to create customer profiles. Profile information can be used to distinguish customers, group them by similarities, and target them with specific messages. The platform is used to engage with customers. By responding to customer posts and comments, the CRM platform provides a customized experience with users. The platform can also be used to create and manage social media campaigns. This helps businesses reach a larger audience and generate more leads (Scheiner, 2021).
2. Why would an online merchandise store like CompanyOne combine CRM and social data?
CompanyOne would combine CRM and social data to better understand their customers and to respond to their needs (Koch, 2008). By understanding their customers better, the company can provide them with better customer service and improve their overall experience. Additionally, this data can be used to create targeted marketing campaigns that are more likely to be successful. Secondly, the social data that is collected can be used to create customer profiles (Cutts, 2012). These profiles includes information such as customer demographics, interests, and purchasing habits. This information can help segment customers into groups, and create targeted marketing campaigns (Bulygin, 2013). Additionally, this data can be used to improve customer service (Koch, 2008). Furthermore, the CRM data that is collected can be used to identify trends and issues that customers are having, as well as to engage with customers and provide them with better overall customer experience. Lastly, CompanyOne would combine CRM and social data, to be able to understand their customers and provide them with better service. (Koch, 2008).
3. What is the impact on its brand? Explain.
The impact on its brand would be positive because the company would be able to show that they are committed to understanding their customers and providing them with the best possible experience. This would improve the company’s reputation and make customers more likely to purchase from them in the future. Additionally, this data can be used to create marketing campaigns that are more likely to be successful. By combining CRM and social data, CompanyOne would be able to improve its brand reputation and to increase customer loyalty (Bulygin, 2013).
References
Bulygin, D. (2013). App store optimization infographic: How to promote your app [Web log post]. Retrieved from http://trendblog.net/app-store-optimization-infographic-how-to-promote-your-app/
Cutts, M. (2012). Page layout algorithm improvement. [Web log post]. Retrieved from http://googlewebmastercentral.blogspot.com/2012/01/page-layout-algorithmimprovement.html
Koch, R. (2008). The 80/20 principle: The secret of achieving more with less. New York: Doubleday.
Scheiner, M. (2021). What is social CRM? 10 Best social media CRM tools & software platforms. https://crm.org/crmland/social-crm
Discussion topic 2
Charles Deatrick posted Aug 11, 2023 4:56 AM
How can CompanyOne use social CRM tools to track and engage its customers across different social platforms? What should CompanyOne do to ensure a successful social CRM strategy? What challenges can it face? Explain.
Social CRM tools can be used by CompanOne to effectively manage and keep their consumers engaged across these different social platforms by a few of the following actions. CompanyOne should focus on collecting information from each of their followers on each of these social platforms. By being exposed to their followers’ interactions, this will allow for CompanyOne to better cater to the needs of their followers first hand and ultimately maintaining a successful company.
Both CRM tools and CRM software will help ComapnyOne with duties such as their marketing strategies and sales to name a few. While the CRM software can provide assistance to plan, post, schedule and manage branding and marketing content on the social media platform of their choice. This helps the company in areas such as maintaining customers and clientele, gaining new customers, better customer service, reputation of CompanyOne, and managing their social media platforms. Which again, ultimately further increases their business. However, as there are to pros to having CRM tools and software, there are cons to using them. The main challenge that ComapnyOne may face alongside using the tools and software is the monthly fee of each. The tools and software are available for large businesses, hence, that’s why its priced depending on the plan type, it can reach up to $40,000 per month for all of the special features, and bells and whistles, which would best suit this company.
DiscussionTopic 2
Redmond Gautier IV posted Aug 10, 2023 3:34 PM
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Topic 2
How can CompanyOne use social CRM tools to track and engage its customers across different social platforms?
Through social CRM tools, CompanyOne must engage it customers before tracking its customers across different social platforms. Initially, customers begin as prospects, but transition to customers as CRM enables a brand to speak with one voice across multiple touchpoints to deliver a rewarding experience every time it interacts with customers (UMGC Understanding Customers, 2023, Consumer Touchpoints section, paras. 1 and 2). It is through these touchpoints that CRM would enable CompanyOne to engage their customers across different social platforms. Essentially, CRM allows a company to seamlessly engage its customers through all three phases of the costumer touchpoints which are pre-purchase, purchase, and post-purchase (UMGC Understanding Customers, 2023, Consumer Touchpoints section, paras. 5 through 7). In addition to engaging customers through all three phases, the CRM tracks the customers’ interactions, preferences and purchase history across multiple channels, such as email, phone, social media, and live chat (Soni, 2023, Advantages of Implementing a CRM System section, para. 1). As CompanyOne can use social CRM tools to track and engage its customers across different social platforms, there are certain activities that need to followed to ensure a successful social CRM strategy.
What should CompanyOne do to ensure a successful social CRM strategy?
An abundance of effort is required to implement a successful social CRM strategy. At a minimum, CompanyOne must incorporate the following steps which are to 1) conduct a business needs analysis, 2) understand customer needs, 3) set objectives and measurements of success, 4) determine how you will implement CRM and 5) choose the right tools (UMGC Implementing a CRM Strategy, 2023, paras. 1 through 11). Once this is prework is complete and CRM is operational, there is a requirement to conduct specific activities to ensure the CRM strategy does not subside. Once the CRM is established, it is recommended that CompanyOne use automation as an advantage, conduct periodic audit of customer database, publish content that adds value, create personalized communications, and build a custom analytics and reporting dashboard (Bottorff & Polner, 2022, Examples of Effective CRM Strategies section, paras 2 through 6). The majority of these tasks will involve a collaborative effort between CompanyOne’s information technology personnel and the users of the CRM software. Relating to tasks, CRM can help streamline a series of processes, making it easier for the user to focus on more rigorous tasks relating to providing, receiving, and interpreting of consumer data. This consumer data can also become obsolete which it makes it necessary for CompanyOne to confirm the validity of the data on a regular basis. In terms of connecting with the consumer population, it is essential for CompanyOne to ensure their messages are attracting positive awareness as well as creating individualized messages that are reaching the intended demographics. Lastly, by truly understanding the capabilities, CompanyOne can use CRM to create reports that otherwise would be overly daunting and time consuming without the CRM software in place. While there are certain tactics that CompanyOne needs to conduct to ensure a successful social CRM strategy, there are some limitations to CRM.
What challenges can it face?
There are numerous challenges to CRM which can adversely affect a social CRM strategy. Specifically, the dilemmas with the CRM platform are the 1) costing potential revenue opportunities 2) lack of efficiency to access customer data across marketing, sales and service systems, 3) customer data is incomplete, out of date, or inaccurate 4) administrative burdens of their system causes friction, and 5) trouble predicting when customers will churn and why customers churned (Marks, 2021, para. 2 through 6). From these issues, it is important for a company to make the proper investment to receive the maximum benefit from the CRM software. If the proper CRM funding and budget is not adequately appropriated, the impact of the brand will be negatively affected (Marks, 2021, para. 9). Further, the CRM is a universal tool that pertains to any employee involved in the impact of a brand. Therefore, the CRM is not just designed for a select few individuals, but needs to be widespread across a company to ensure the company’s objectives for the impact of the brand are met (Marks, 2021, para. 10). Overall, CRM can positively affect a brand only when the ample time, money, and personnel are applied.
References
Bottorff, C. & Polner, M. (2022, December 28). Creating a CRM strategy that will help your business thrive. Forbes. https://www.forbes.com/advisor/business/creating-a…
Marks, G. (2021, February 19). 48% of sales leaders say their CRM system doesn’t meet their needs. The good news is that this is fixable. Forbes. https://www.forbes.com/sites/quickerbettertech/202…
Soni, A. (2023, April 5). Understanding the application of CRM systems in business. Forbes. https://www.forbes.com/sites/forbesbusinesscouncil…
University of Maryland Global Campus (2023). Implementing a CRM strategy. Document posted in MBA 630 9044 online classroom, archived at https://leocontent.umgc.edu/content/scor/uncurated…
University of Maryland Global Campus (2023). Understanding customers. Document posted in MBA 630 9044 online classroom, archived at https://leocontent.umgc.edu/content/scor/uncurated…
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