Social CRM By Angsuman ChakrabortyChief Architect - Relaso Social CRM (Taragana Inc.) S
ContentsS About usS Why CRM?S Why CRM fails? Copyright Taragana Inc.
Contents – Social CRMS What is Social CRM?S The Social CustomerS CRM to Social CRMS Why Social CRM?S Case StudiesS How to evaluate Social CRM products? Copyright Taragana Inc.
About Angsuman ChakrabortyS 18 years of industry experience in architecting, leading & developing enterprise software products for Fortune 500 to Startup companies in USA & IndiaS Product & Technical Lead for Extensity Enterprise products like Expense Report, Timesheet & Travel Plan products, products which lead to very successful IPO in 2000S Co-Founder Taragana IncS Chief Software Architect at DoubleTwist Inc., Consultant Architect MilliporeS B.Tech (Hons.) IIT Kharagpur, Sun Certified Java Architect Copyright Taragana Inc.
Taragana IncS Develop Software Products & Services S Relaso Social CRM & Customer Support Software S Machine Translation Products for Blogs S Gaea Times News MediaS Few Notable clients: S Invitrogen Inc., Millipore Inc., Merck Pharmaceuticals (all Fortune 1000) S Scripps Research Laboratories, 720 Inc., Jotmate Inc. etc. S ABP Group, Keya Seth etc.S Worldwide customer base (over 2000) Copyright Taragana Inc.
Why Customer Relationship Management?S In Peter F. Drucker’s words, the purpose of business is to create and keep a customer.S “The ability to successfully manage customer relationships can be decisive advantage in today’s competitive world.” – Craig Conway, President & CEO, PeopleSoft, Inc. Copyright Taragana Inc.
Why CRM? - CustomerS Increase customer satisfactionS Add new customersS Retain and Increase sales from existing customers Copyright Taragana Inc.
Why CRM? - RelationshipS Relationship with existing customer to S Retain them as well as cross-sell S Spur Word-of-mouth campaign of product / serviceS Relationship with new prospects S Increase conversion S Spur Word-of-mouth campaign of product / service, effectively creating an unpaid marketing teamS Avoid PR disasters before they happen Copyright Taragana Inc.
Why CRM?S Shared Information S Leverage new prospects S Cross selling S AnalyticsS Record all interactions S Maintain commitments, even with staff churning S Legal Compliance (SOX, J-SOX, Bill 198 etc.) S Business Analytics & Reporting Copyright Taragana Inc.
Legal RequirementsS Key financial processes S Marketing discretionary spending S Sales revenue recognition S Service credits and product returnsS Audit TrailS Monitoring business activitiesS Tracking cost and revenues Copyright Taragana Inc.
SalesS Tracking, recording and streamlining sales processS Sales forecastS Business insights into opportunities, territoriesS Workflow automation Copyright Taragana Inc.
MarketingS Tracking & measuring multi-channel campaignsS ROI AnalysisS Lead qualification & lead targetingS Drip MarketingS Recency – Frequency - Monetary Value Analysis & Automated Actions Copyright Taragana Inc.
Customer SupportS Increase customer satisfaction by better and standardized service and processesS Accept requests by SMS, Email, Phone, Social Media and process them uniformly with timely notificationsS Track support tickets for analysis and reportingS Measure & improve resolution & response times Copyright Taragana Inc.
CRM Failures in 2001-2009Year Organization Failure Rate2001 Gartner Group 50%2002 Butler Group 70%2002 Selling Power, CSO 69.3% Forum2007 Economist Intelligence 56% Unit Copyright Taragana Inc.
CRM ChallengesS Management S Vision & Strategy S Support S Change AgentS End User AdoptionS Total Cost of OwnershipS Time to implement Copyright Taragana Inc.
CRM Challenges: End User AdoptionS A well cited study by AMR Research found that even among top CRM vendors, 47 percent of companies reported serious challenges with end-user adoption that often put projects in jeopardy.S Analysis shows that CRM implementations that do not make daily tasks more productive for individuals will not see corporate benefits.Source: http://www.crmlandmark.com/survey_crmfailures.htm Copyright Taragana Inc.
What is Social CRM?“CRM is a philosophy & a business strategy, supported by atechnology platform, business rules, workflow, processes &social characteristics, designed to engage the customer in acollaborative conversation in order to provide mutuallybeneficial value in a trusted & transparent businessenvironment. It’s the company’s response to the customer’sownership of the conversation.”Paul Greenberg, a leader in Social CRM & Author of CRM atthe Speed of Light Copyright Taragana Inc.
What is Social CRM?S Social CRM is a business strategy & mindsetS Social CRM is still CRM but evolved to account for new generation of enlightened customersS Supported by Technology & ProcessesS Component of Social or Collaborative Business Copyright Taragana Inc.
The Social CustomerS Consumes information and learns about breaking news through sites like Twitter and FacebookS Learns about new products through social channels and networksS Discusses about products and services on web and Social MediaS Desires a conversation with the brand rather than one-way ad messages. Wants brands to listen, engage and respond quicklyS Expects brands to be active in the same social media site that he participates in Copyright Taragana Inc.
CRM to Social CRM Mindset Processes Technology Channels LandscapeCRM - Customer facing - Customer life Automating Single view - Individual employee cycle & supporting of customer relationship - Centralized - Process business based on - Targeted Innovation Team centric processes interactions messages - CRM history generate Processes valueSocial - All employees - Company life Community Multiple - ComplexCRM engage cycle creation both channels relationship - Customers in the - Conversation internal & complicate network center of centric externally single view - innovation cycle - Value Chain of customer Conversation -do- generates value Copyright Taragana Inc. Modified from : Deloitte Development LLC Slide
CRM to Social CRM CRM SOCIAL CRMWHO Assigned departments EveryoneWHAT Company defined Customer defined process processWHEN Business hours Customers defined hoursWHERE Defined channels Customer-driven dynamic channelsWHY Transaction InteractionHOW Inside out Outside in Modified from: Chess Media Group Slide Inc. Copyright Taragana
Why Social ? 18 Use Cases Marketing Sales Service & Innovation Collaboration Customer Support Experience Social Social Sales Social Innovations Collaboration Seamless Marketing Insights Support Insights Insights Customer Insights Insights ExperienceRapid Social Rapid Social Rapid Social Crowdsourced Enterprise VIP Marketing Sales Response R&D Collaboration Experience Response Response Social Proactive Peer-to-Peer Crowdsourced Extended Campaign Social Lead Unpaid Roadmap Collaboration Tracking Generation ArmiesSocial EventManagement Copyright Taragana Inc.
Case StudiesS AFTER STEAZ: When an organic tea company started talking on Facebook and Twitter about why teas that are organic matter, consumer listened. In fact they not only listened, they bought the product and sales doubled. When downloadable coupons were then offered on these social networks, 250,000 were downloaded and 2,830 tweets were recorded in an hour.S BARACK OBAMA: Social media campaign for the President on My.BarackObama.com raised $30,000,000 from over 70,000 personal fund-raising pages, 400,000 blogs, 35,000 groups and 200,000 offline events. Based on approval ratings, it also was probably the time when trust in the President was highest. Copyright Taragana Inc.
Case StudiesS BEST BUY (Twelp Force) : Best Buy employee communities grew to 2,200 employees within 3 months and responded to over 13,000 customers on social networks answering public questions, concerns, and opinions. The Twitter feed @twelpforce now counts over 29,000 followers and the number of questions averages 100-125 per day and is considered a key value-add by customers and the company Copyright Taragana Inc.
Case StudiesS DR. VAKSMAN: Local Dentist with five month old dental practice in San Francisco attracted 320 new clients through social media presence including Facebook, Twitter, LinkedIn and YouTube.S H&R BLOCK: Tax preparation is a highly seasonal business. H&R used Facebook and Twitter to provide immediate access to a tax professional for Q&A in the “Get It Right” social media campaign. The effort secured 1,500,000 unique visitors and answered 1,000,000 questions for a 15% lift in business versus the prior year when there was no social media “Get It Right” program Copyright Taragana Inc.
Case StudiesS INDIUM: A company that manufactures special alloys isn’t sexy; neither is convincing 14 of its engineers to start blogs. But that exactly what the company does. It increased leads, prospects, conversions and sales by double digits plus it gave customers the opportunity to know the company’s employees personally.S QUICKEN: Launched social community and blogger outreach to build long- term relationships with future and potential customers and provided free credit reports/scores, home value report and mortgage recommendations. Quizzle.com received over 425,000 visits and 70,000 accounts were created without a dollar spent in traditional advertising.S Kolaveri Di – 45,542,295 views on Saturday 25th 2012 at 5:15AM Copyright Taragana Inc.
Social CRM for ProfessionalsS Manage Contacts and Clients S Automate greetings and reminders S Bulk & automated communicationS Generate leads online through Social Media & WebS Create & Manage Targeted SMS & Email CampaignsS Unified Customer Support through Phone, Email, SMS, Web & Social Media, with side-effects of increasing brand image online & increased customer satisfaction. Copyright Taragana Inc.
How to evaluate Social CRM Products?S Does it work with any mobile, not just smartphones? Does it work even without internet access?S Does it unify communication across multiple regular and social channels including SMS, Email, Phone, Web, Twitter, Facebook, LinkedIn and Blog thereby allowing both you and your customer to communicate via these channels?S Built-in intelligence. Does it intelligently & proactively fetch information about your contacts & their business from web & social media. Does it reduce your daily work by in-built intelligence? Copyright Taragana Inc.
How to evaluate Social CRM Products?S Is it multi-lingual? Can you use the CRM in Hindi or Bengali etc. in addition to English?S Does it notify you in real-time what your customers are talking about your company, your product & services as well as your competitors and also allow you to respond instantly?S Does it have a Business Rule Engine & Workflow Engine to encapsulate your business processes and SLA’s etc.? Copyright Taragana Inc.
Social CRM – SaaS vs HostedS Software-as-a-Service S Zero to minimal upfront cost S Low monthly cost, proportional to team size; you pay more as your business grows and vice versa S No AMC, S Anytime, anywhere availability S Automatic Data protection & backup, increased robustness S Protection against hard-drive crash, virus, worms Copyright Taragana Inc.
Social CRM – SaaS vs HostedS Hosted S Pros S Installed on your server so greater perception (not reality) of data security S Cons S Installed on your server S Need to ensure: S Data protection & backup S Virus, worms, trojans protection S Not available anytime, anywhere unless it is hosted on 24/7 connected data center like with a hosting provider Copyright Taragana Inc.
Social CRM - SummaryS CRM & Social CRM has addressable challengesS Social CRM is a mindset and process, not just technologyS Social CRM today is a requirement, not a luxury for most business. Social CRM market to surpass $1 Billion in revenue by 2012 (Gartner Study). Copyright Taragana Inc.
ResourcesS Social CRM Presentation at IIFT http://blog.relaso.com/social-crm-presentation-at-iift-slides-in-pdf/S Review of CRM failures http://pi.vu/GuHS CRM Success Factors http://pi.vu/GumS Social CRM Market Size http://www.gartner.com/it/page.jsp?id=1777938S Taragana http://taragana.comS Relaso http://relaso.com S Blog http://blog.relaso.com S Facebook page https://www.facebook.com/relasoproductS Angsuman Chakraborty http://taragana.relaso.com/profile/angsuman Copyright Taragana Inc.