CEO Social Media
According to an IBM 2010 case study Getting close to customers is a top priority for CEO’s. Many of today’s businesses are working valiantly to maintain or implement social media programs that address their business needs and requirements. In order for businesses to be successful on implementing such systems, customers must be presented with some form of value for their attention, time and most importantly their data.
The first point to consider is the speed at which social media has exploded and is being adopted by consumers and businesses. In 2010 it was reported that there were more than 500 million active Facebook users, also in 2010 Twitter hit the 10 billion tweet mark. This staggering record by Twitter was then outshone later on in the same year in July 2010 by which time the tweet record had doubled.
It is clear to see that social media is an active platform where many regular and potential customers are congregating and this is where businesses must act, what if all of your target market and potential customer where all in once location at once? This in a nutshell is social media. Social platforms therefore hold enormous potential for companies to form and build relationships with their consumers and get closer to understanding each individual better. By doing this businesses are able to facilitate an increase in revenue , reduction of costs and improvements that increase efficiency. This information has clearly impacted the industry with many businesses quickly acting in constructing social media initiatives to reap these benefits.
“Our social tools are not an improvement to modern society, they are a challenge to it.”
― Clay Shirky
CRM is Now Social!
The main issue presented by social media in customer relationships stems from the traditional approach to customer relationship management (CRM), the traditional approach typically focuses on extracting the best value from each customer with the business being in control. With social media, companies face a different challenge in maintaing relationships in that the business is no longer in control of the relationship. Instead customers and their networks are now driving the conversation between business and consumer. This power of the customer is far greater than that of the business and has the ability to out do and out perform the strongest marketing strategy and sales efforts with unprecedented immediacy.
Companies must therefore embrace this new approach and update their strategy by adopting new elements of CRM, this recognises that instead of the business managing customers the role now shifts to facilitate the experience and opinions that customer present.
- Interesting Infographics #1 (reecemedway.wordpress.com)
- Slow and Steady Wins the Social Media Race (business2community.com)
- Don’t just leave social media to the marketing department (business.financialpost.com)
- How to Jumpstart Your Social-Media Marketing During the Summer Slowdown (Infographic) (news.terra.com)