Research released by Gartner today shows that the CRM market has grown by 23 percent in 2007.
Not surprising you’re probably thinking; companies will obviously be using every last breath in these torrid times to hold onto paying customers. Indeed, customer retention has to be one of the most important business aims in the current climate.
However, the interesting point about the report was the part that social networking tools had to play in the growth of CRM. It seems that in the increasing drive to know as much as humanly possible about customers, social networking tools provide various additional benefits to both customers and businesses.
Consider giving your clients their own social media portal as part of doing business with you. The content and benefit for them is akin to an old-fashioned ‘client area’ but with added social opportunities, cross client collaboration, sharing of information, messages, reviews and so on. It’s easy to see the pull of a new way of interacting with customers especially in mid-high price consumer products i.e. TVs, white goods, Cars etc.
On the business side this kind of setup could interface perfectly with a traditional CRM suite allowing even more critical insight into customer needs and behaviours, ultimately allowing businesses to serve customers even more effectively.
It’s not clear how many consumer-facing businesses are diving into the social CRM pool yet but it could herald a new level in customer interaction and communication.