Impact of social crm on product or service quality paper presented at international marketing conference 2012

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The Paper titled Impact of Social CRM on Product or Service Quality was presented at the International Marketing Conference 2012. The key topics addressed are: …

The Paper titled Impact of Social CRM on Product or Service Quality was presented at the International Marketing Conference 2012. The key topics addressed are:

- Why social media has become so important in the recent times?
- How customer preferences are captured by the social CRM?
- Are the quality of product & services better for companies who are involved in real time bi-directional communication with customers and leads?
- What are the Social CRM monitoring tools?
- How does Social CRM affect Brand Value ?

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  • 1. SIDDHARTHA ROYCHOWDHURY ANGSUMAN CHAKRABORTY
  • 2. The Paper Aims to address thefollowing questions• Why social media has become so important in the recent times?• How customer preferences are captured by the social CRM?• Are the quality of product & services better for companies who are involved in real time bi-directional communication with customers and leads?• What are the Social CRM monitoring tools?• How does Social CRM affect Brand Value ?
  • 3. This is a SOCIAL transformation that impacts all institutions – business among them – not exclusively
  • 4. From CRM to Social CRM "CRM is no longer just a model formanaging customers but one of customer engagement"
  • 5. The SocialCustomer
  • 6. The SocialCustomer
  • 7. Factors driving growth of social media•Growing distrust of traditional marketing•Word-of-mouth has gone global!•Proliferation of influencer channels•Rising means of aggregating word-of-mouthopinions
  • 8. An effective quality system will addressthe following components:•Client partnership.•Strategic planning and alignment.•Process management.•Performance management.•Continuous improvement.•Employee involvement.•Supplier partnership.
  • 9. Analysis of Responses • 88 % of Customers do online research before purchasing a product / service. • Most of them also verify the same from WOM (word of mouth). • Most of the customers use facebook.com, twitter.com • They find reviews of the product & services from sites like mouthshut.com, glassdoor.com, etc.
  • 10. Analysis of Responses•40 % of the customers strongly agree that Social CRMhas influenced their purchasing decisions.•SCRM has sometimes influenced 50 % of customersdecisions & 10 % of customers opine that Social CRMhas not influenced their purchasing decisions.•60 % of the Companies are aware of Social CRMMost of the Companies have presence in Social Medialike Facebook, Twitter etc.•Most of the companies are still manually managing thesocial network forums.
  • 11. Analysis of ResponsesCompanies are facing issues to monitor the feedbackmanually and uniformly answering them and amechanism to synchronize all and apply a commoncontext is missing in the current tech and processelements.All of them strongly agree that Social CRM helps toimprove Product / Service Quality.Social CRM is mostly relevant for Home & Lifestyle,Real Estate, Electronics & Technology, , Education &Learning
  • 12. Social CRM influences purchasingdecisions
  • 13. Social CRM importance for Product /Service Promotion
  • 14. Social CRM importance for Product /Service Promotion
  • 15. Social CRM Post Sales Service
  • 16. Social CRM importance for Customer
  • 17. Social CRM importance for Organisation
  • 18. Social CRM importance for Organisation
  • 19. Product / service Promotion by SCRM
  • 20. SCRM & Purchasing Decisions•SCRM influences purchasing decisions” (XSIPD) as variable X•Importance of product / Service Promotion in SCRM” variable Y1;•Importance of Customer Feedback in SCRM” as variable Y2;•Importance of followups and post sales services in SCRM”as Y3. Pearson’s correlation coefficient r(X1, Y1); r(X1, Y2) and r(X1, Y3)have been calculated as 0.75, 0.93 and 0.78 respectively signifyingmoderate to high degree of correlation among the variables. Also,r(X1, Y2) having the value of 0.93 shows that highest level ofimportance is paid to Customer Feedback leads to a positivepurchasing decision by the customer.
  • 21. Social CRM & Brand Value : Brand Value in $ Engagement withSn millions Facebook Likes the Customer o Brand Name (X) (Y1) (Y2) Louis 1 Vuitton 23,577 11498231 670436 2 Gucci 9,446 9660985 199078 3 Hermes 6,182 835706 15821 4 Cartier 5,495 1064158 48338 5 Tiffany & Co 5,159 3225117 251748 6 Burberry 4,342 14478124 24915 7 Prada 4,271 2064213 22845 Ralph 8 Pearsons Correlation Coefficient is R (XY1) 5827244 coefficient 186840 Lauren 4,038 = 0.44 of determination R2 = 0.19 Pearsons Correlation Coefficient is R (XY2) = 0.91 coefficient of determination R2 = 0.82
  • 22. Social Media Management
  • 23. A Case Study16000 Leads & Contacts generated using Relaso SocialCRM for the period (Feb 2012 – Nov 2012 )15000 Leads have been generated from SMS1000 Leads have been generated from Other Sources
  • 24. References :• Why we twitter: understanding microblogging usage and communities (2007).• Twitter power: Tweets as electronic word of mouth. (2009)• The real power of artificial markets. (2005)• The predictive power of online chatter (2005) .• The Impact of New Media on Customer Relationships (2010)• Customer Relationship Management: Getting it Right! (2003)• Predicting the Future. Information Systems Frontiers (2003)• Customer relationship management: emerging practice, process, and discipline• The impact of loyalty with e-CRM software and e-services (2009)• Social Media: The New Hybrid Element of Promotion Mix (2010)• The-8-best-luxury-brands-in-the-world (2012)• Powering Brand Equity through Social Media (2012)
  • 25. THANK YOU