Social CRM DeMystified: The Business & Customer Benefits

Social CRM DeMystified: The Business & Customer Benefits
www.mzinga.com | August 2010

Introductions. Dan Bruns Mzinga Sr. Vice President of Advanced Technologies 781.577.8968 www.mzinga.com Todd Van Hoosear Principal of Fresh Ground and a founder of the Social Media Club @vanhoosear 617.326.3211 www.

Session Follow-Up We’d love your participation.
Being social is about engaging each other & sharing ideas… so the best way to understand it, is to just do it!
Don’t feel limited: Join in the chat & feel free to tweet about our discussion. (#SCRM)
We also know some of you will prefer to listen; that’s cool too
After the event, the following materials will be made available to all of you:
Presentation slides
SlideCast recording
Chat transcript

Today’s Agenda. Topic The new reality & the challenges we’re facing What is Social CRM & how can it help your business? Common use cases & benefits How to get started

(The Old Model) Megaphone Flickr image uploaded by thivierr Shared under Creative Commons Attribution-Share Alike 2.0 Generic License The Earth Taken 7 December, 1972 Apollo 17 mission Courtesy: NASA The Social Organization.

The Social Organization: The reality

Fresh Ground, Inc. The Social Organization: The reality

As a result, the pressure on businesses is higher than ever…

According to IDC, the cost of NOT easily finding information = $3,300 per employee each year (That’s $3.3M in annual lost opportunity cost for a business of 1000 people) Work smarter & more efficiently.

30% of consumers rely less on advertising, and much more on recommendations from friends and family for making buying decisions. Build brand credibility & buyer trust.

More than 90% of customers' issues haven't been unearthed in most organizations, and in addition, often the organization doesn't have answers for them, according to Forrester Research.
These issues lead to long support calls, poor issue resolution, cost increases and customer dissatisfaction.
Reduce customer response times.

The primary driver of a consumer's loyalty is their experience with your business, product or service.
Yet, marketers on average only invest 20% of their programs in loyalty and customer experience efforts.
Improve customer loyalty & satisfaction

What is Social CRM?

It’s a transformation of the overall customer experience…

- Paul Greenberg, Author CRM at the Speed of Light: Social CRM 2.0 Strategies, Tools, and Techniques for Engaging Your Customers … designed to engage the customer in a collaborative conversation in order to provide a mutually beneficial value in a trusted and transparent business environment . “ ”

It is not about the technology, it is about the people, process and cultural shifts necessary to support and grow a business with the social customer. “ ” - Mitch Lieberman, President & CEO Comity Technology Advisors Ultimately social media is not about the tools, technology and whiz-bang things. It’s about culture and culture change. “ ” - Scott Monty, head of social media Ford Motor Company

Evolving Capabilities

Information Traditional Customer Relationship Management (CRM) is all about information. But too often, it’s focused on standardizing and sharing the information rather than on trying to manage the relationship.
The Five I’s of Social CRM 1. 2. Interaction When you introduce social interactions, relationships move to the forefront and control shifts to the customer. That can drive more fulfilling and engaging relationships between and among the customers and you.

The Five I’s of Social CRM 5. Insight Fostering interaction with and among your customers will likely drive value, but you can't be sure unless you measure it. 3. Integration You need integration because ultimately you can't just give your customer a voice in one spot. You own the information and the customer owns the conversation. 4. Influence But don't be surprised! Not all of your customers will interact with you - and what they say shouldn't necessarily dictate where you should go.

The Social Organization Fresh Ground, Inc. A New Model Flickr image uploaded by Caveman (Kickin' 66 with Pete Zarria) Shared under Creative Commons Attribution-No Derivative Works 2.0 Generic License Flickr image uploaded by Ed Yourdon Shared under Creative Commons Attribution-Share Alike 2.0 Generic License Flickr image uploaded by andronicusmax Shared under Creative Commons Attribution 2.0 Generic License Flickr image uploaded by adam*b Shared under Creative Commons Attribution 2.0 Generic License Ideate. Share. Listen. Change.

It can transform how you do business… Traditional business processes Often hierarchal and siloed, but critical to business goals and success Product Mkting Sales Services Corporate Strategy Information Systems Human Resources Finance & Administration Unstructured social interactions that streamline communication, enhance relationships, etc. Social organizations Transformed business processes that improve productivity, efficiencies & revenue growth Services

And you help you solve real challenges
How can I reduce support costs?
How can I reduce response times in addressing client issues?
How can I improve customer retention & loyalty?
How can I innovate my products faster?
How can I stay abreast of market research for R&D?
How can I streamline product development?
How can I develop long-term relationships with customers?
How can I reduce sales cycle?
How can I accelerate new client opportunities?
How can I improve brand visibility?
How can I drive enhanced demand generation?
How can I increase website traffic & ad revenue?

Social CRM solves three ailments Fishbowl syndrome Shiny object syndrome Talking head syndrome

Common use cases & benefits

“ ” - Should Annuity Firms Care About Social Media?, Retirement Income Journal, November 2009 With nearly 10,000 members and several hundred posts, TIAA-CREF's myretirement.org seems to have established a solid footing among TIAA-CREF plan participants. Grow market awareness
Build your brand & your market
82% of US online adults use social tools and are generating 3.5 billion brand-related conversations every day in the US- which means you can reach and influence customers faster than ever
Increase buyer trust & grow revenue
1 in 10 adults is use social networks to share positive product information, and forums to share opinions about brands
75% of consumers are influenced by peers in their purchase decisions, more so than any other media or information source
Drive innovation & market research
One traditional focus group can cost up to $15,000 and weeks of time, while online communities provide direct access to ongoing market research programs at a fraction of the cost with greater scale
Establish greater brand engagement. * 2008, 2010 Forrester Research

Case in point…
More engaged site visitors & increased readership
ABCnews.com article commenting & discussions help drive brand exposure & increase engagement
Readers can interact with other readers, reporters, etc. on news items and topics of common interest
Extends market reach, reader loyalty and retention

Improve customer response times
36% of consumers prefer using websites to get answers to questions rather than via telephone or email- and 57% are very likely to abandon purchases if they cannot find quick answers to questions.
Drive satisfaction, loyalty & retention
Live chat, peer-to-peer forums, just-in-time customer education and direct access to experts help customers get answers questions quickly- improving satisfaction and reducing abandonment.
Reduce support costs
Telephone support costs $6 to $12 or higher per contact.
Online chat costs only $5 and is 63% more effective, and web-based customer self-service costs just a few cents per contact.
Improve your overall customer experience. * 2010 Forrester Research “ ” - Michael Harvey, Chief Executive at Monster.com’s CareerOne We wanted to create an interactive forum where job seekers could find information to further their career goals. It allows our members to connect with both our experts and their peers to plan the next steps in their career path.

Case in point…
Better customer response times & reduced costs
Peer support for Ford owners of the Sync In-car communication system
11,000 customer users &1M+ message views
Lowered support calls, & more access to product research
“ ” Before we had our forum, we'd compile lists of what's being talked about once a month, but now we can act right away… When something requires an immediate response, we just post to our FAQ and solve the problem. - Trisha Habucke, Ford Digital Marketing Manager. Ford Gets In Sync With Customers ,

How to Get Started

Preparing for Social CRM
Measurement & Monitoring
Content Creation
Reach (Community)
Engagement (Conversation)
Conversion
Evangelism

Determine a few initial goals (and start simple!)
Rally a few champions
Set your sights on a small customer segment
Set some basic guidelines & communication plans
Focus on value (not just volume)
Be responsive
Monitor, measure & revise
A few smart rules of thumb…

Questions?

Thank You!
Visit mzinga.com & itsfreshground.com to learn more about how social is changing business.
Attend more webcasts
Read our blogs
Download eBooks & white papers
Dan Bruns Mzinga Sr. Vice President of Advanced Technologies 781.577.8968 www.mzinga.com Todd Van Hoosear Principal of Fresh Ground and a founder of the Social Media Club @vanhoosear 617.326.3211

Social CRM DeMystified: The Business & Customer Benefits

by Mzinga on Aug 20, 2010

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Social CRM DeMystified: The Business & Customer Benefits — Webinar Transcript