n:sight // networked insights

It’s true. Social CRM — where online communities provide content to customers in search of information – is pitching the traditional 1:1 dialogue of CRM into a veritable shout out. Not surprising.

Social CRM has transformed CRM into CMR — one of those breezy acronyms I wish I would have thought of first. Because what’s not to love about that quirky letter exchange. But Social CRM– and its byproduct –a Customer Managed Relationship — is a lot deeper than glib wordplay.

Customer Managed Relationships have been designated, validated and abbreviated “CMR” by Yoram Wind, one of the brilliant minds at Wharton. Finally, three magic letters that identify what happens in the social cloud where consumer networks and member opinions and intersect with traditional, data-driven CRM business models. The result of this consumer content and brand message mash-up is Social CRM.

Businesses engaged in Social CRM connect with their customers in a more open, benign environment where their prospects network and congregate. Here they can listen to conversations about their brand and turn their observations into insights, action and yes, even product development. For a more relevant relationship.

A Social CRM strategy is not a replacement for traditional CRM, but a way of using social media to engage with customers on a more transparent, personal level. To do this, a company must have an effective, traditional CRM system in place, according to Brent Leary, a leading authority on Social CRM. You can follow him on Twitter at http://twitter.com/brentleary.

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Be advised. The enterprise that takes the next step to engage with current customers and prospects in Social CRM, well…that company is expected to react, respond and respect the comments of the community. Or be outed.
From the outside in.

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Tagged as: CRM, Customer Managed Relationships, Social CRM

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Good post on the notion of Social CRM - or the change CRM approach in a social business world.