CRM is not a new concept, but with the emergence of Big Data, it has the ability to transform organizations more than ever.
The rise of the social customer has also given rise to communities, friends, and recommendation sites having profound influence in their purchase decision. Companies have gotten too big to think about the individual customer. Companies have ignored the statistically insignificant.
These days, that same customer has the ability to bring down Goliath. I always come back to United Breaks Guitars incident. The truth is that we've now come full circle and these days in order to get a customer and keep them you have to go beyond just meeting their expectations.
A recent article: "The Reason So Many Brands Fail On Social Media Is That They Don't Actually Talk To Their Customers" indicated the following:
The wealth of data on customer desires being generated is helping organizations work more effectively, and achieve better results.
Social customer management doubles the percentage of sales leads that result in actual sales, relative to traditional CRM approaches.
Corporations are starting to recognize that paying attention to customer comments, interests and preferences–once deemed "irrelevant" by brands– becomes the competitive differentiator.