CRM stands for customer relationship management and is a business strategy supported by systems and technology to improve customer interactions. CMR refers to customer-managed relationships where customers invite companies into relationships. Social CRM focuses on collaborative conversations to provide mutual value through trusted transparency. It responds to customers owning conversations. Social CRM prioritizes customer engagement over management. VRM is the reciprocal of CRM, giving customers tools to independently engage vendors for mutual benefit rather than being captive followers. VRM aims to improve markets by equipping customers.
CRM stands for customer relationship management and is a business strategy supported by systems and technology to improve customer interactions. CMR refers to customer-managed relationships where customers invite companies into relationships. Social CRM focuses on collaborative conversations to provide mutual value through trusted transparency. It responds to customers owning conversations. Social CRM prioritizes customer engagement over management. VRM is the reciprocal of CRM, giving customers tools to independently engage vendors for mutual benefit rather than being captive followers. VRM aims to improve markets by equipping customers.
CRM stands for customer relationship management and is a business strategy supported by systems and technology to improve customer interactions. CMR refers to customer-managed relationships where customers invite companies into relationships. Social CRM focuses on collaborative conversations to provide mutual value through trusted transparency. It responds to customers owning conversations. Social CRM prioritizes customer engagement over management. VRM is the reciprocal of CRM, giving customers tools to independently engage vendors for mutual benefit rather than being captive followers. VRM aims to improve markets by equipping customers.
CRM stands for customer relationship management and is a business strategy supported by systems and technology to improve customer interactions. CMR refers to customer-managed relationships where customers invite companies into relationships. Social CRM focuses on collaborative conversations to provide mutual value through trusted transparency. It responds to customers owning conversations. Social CRM prioritizes customer engagement over management. VRM is the reciprocal of CRM, giving customers tools to independently engage vendors for mutual benefit rather than being captive followers. VRM aims to improve markets by equipping customers.
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CRM, CMR, VRM or…Who Cares?
Block I: Chapter 2 What is CRM? • CRM is a philosophy and a business strategy supported by a system and a technology designed to improve human interactions in a business environment. • —Paul Greenberg, CRM Magazine, October 2003 • CRM has been a program for externally facing operational excellence. Once an organization develops a strategy and be able to plan appropriate programs, applying the newly defined or redefined processes and a well-chosen technology would support your ability to manage those relationships From CRM to CMR • CMR is Customer-Managed Relationships and it can be explained as “ CMR is our version of CRM-just a slight nuance regarding our philosophy that our guest invite us into their lives and ultimately manage our presence/relationship with them.” • It is quoted by Disney Destinations. Social CRM • Social CRM is a philosophy and a business strategy, supported by a technology platform, business rules, processes, and social characteristics, designed to engage the customer in a collaborative conversation in order to provide mutually beneficial value in a trusted and transparent business environment. It’s the company’s response to the customer’s ownership of the conversation. Difference between Traditional CRM and Social CRM
But Social CRM is based on the
ability of a company to meet Traditional CRM is based on an the personal agendas of their internal operational approach customers while at the same to manage customer time meeting the objectives of relationships effectively. We their own business plan. It’s now live in a customer aimed at customer engagement ecosystem. rather than customer management. Social CRM Technology: Features, Functions, Characteristics • Traditional CRM technologies have always been defined by features and functions. What are the technology tools and available automation that can make a company’s operations more effective when it comes to managing customers’ interactions with the company—or, as CRM got increasingly sophisticated, optimizing the customers’ experiences with the company? • The closest “feature” that fits a Social CRM technology profile is mobile device access. The rest is the historical and traditional CRM. The 360° View Isn’t Enough •Doing more to get attention: • There is a combination of components that are critical for deep insight that are not the same components you might be used to—or at least, most of them aren’t. – Data – Profiles – Customer participation The Social Stack
Identity and Presence Actions Sharing Objects
Reputation Relationships Conversation Groups
Collaboration Context. Social CRM & VRM
This has created the need for a new
approach to CRM strategy because The customer has taken the the customer’s demands and ownership of the conversation. expectations have changed and whom they trust has changed.
We have to provide the institutional
CRM strategy that actually involves facilities to the customer so that on deep knowledge of the customer, the one hand we satisfy their social some of which is derived from the and business requirements and on customer’s actual thinking and some the other we are able to gain deeper from the customer’s transactional insight into the customer and deeper history. commitments from the customer. Vendor Relationship Management (VRM) • VRM, or Vendor Relationship Management, is the reciprocal of CRM or Customer Relationship Management. It provides customers with tools for engaging with vendors in ways that work for both parties. . . . • VRM immodestly intends to improve markets and their mechanisms by equipping customers to be independent leaders and not just captive followers in their relationships with vendors and other parties on the supply side of the marketplace. VRM reciprocal of CRM
Traditional CRM VRM is about creating systems typically mutually beneficial address three touch relationships between points with customers: customers and marketing , sales, and vendors. support. Transaction-Conversation-Relationship • A stellar model for this point of view was put forth by Doc Searls in blog entry. In this post, he notes that there are three levels of interaction: – Transaction – Conversation – Relationship
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