New Age Customer Relationship Management
The online social revolution that's sweeping the world by storm has revolutionized the concept of Customer Relationship Management.
While many businesses have not woken up to this realization of a new dawn, Web 2.
0 has caused an exponential shift in the core equation between the organisation and the customer.
So why should you as a business sit up and take notice of customer relationship management? 1.
Consumers have more trust in their networks and less trust in a marketing pitch Consumers have grown wary of corporate and brand advertising.
Exaggerated claims on brand performance has resulted in mistrust among consumers who now rely on opinions of fellow online networkers who may have purchased a product they are interested in or used a service they may be considering.
The internet has opened up the field of customer relationship management and getting advice from members of an online community is not difficult at all.
Some of these members may also have specialist skills and expertise which they could well be willing to share.
You may also come across members of a network who have reviewed a product in detail and posted the review online.
If you were in the market to buy such a product a review of this nature would be invaluable and influence your purchase decision far more than a full page newspaper advertisement.
As a business owner, you should be excited at the prospect of jumping into these online conversations as these will give you the opportunity to highlight product benefits and eliminate negative connotations about your product.
2.
The power of the masses In a highly "aware" market economy, product quality cannot be compromised.
New about a poorly crafted product can spread like wildfire on the internet.
Consumers who have a poor experience with your product will spread the word through various social networking platforms.
The solution of course is to scan social media and listen to what others are mentioning about your product and responding to any negative feedback.
Of course if there is a genuine problem with your product you will have to fix it and then announce how you have solved the problem.
While joining online conversations, refrain from taking a defensive approach.
Accept criticism and diffuse them through candid explanations or accept the feedback as constructive criticism.
Never make the mistake of responding to such criticisms harshly.
Be polite and firm, without getting defensive.
3.
The value of user-generated content In the pre-internet age of customer relationship management, the voice of journalists, experts and pundits were taken as gospel by most consumers.
After all who would dare critique a review by an expert in a magazine.
The "Wikipedia" changed all that in a split second, and the gurus face some serious competition.
The WIkipedia has caused a "Democratisation of Expertise" by opening the floodgates so that anyone can contribute their knowledge and expertise on a topic.
As a serious contender to Encyclopedia Britannica, Wikipedia is used by more people than Encyclopedia Britannica for conducting research.
What's more reputed websites such as Digg opt to capture the "crowd power" in identifying the best material published online.
As a business you should encourage customers to share their experiences and opinions.
In this way you will learn what consumers think about your product or services and what their expectations are in the future.
4.
A generation of consumers who like to interact The current generation of consumers have grown up in an interactive world of two-way communication...
a habit inculcated from their youth when college students study online expecting to interact, rather than sit back and soak up information provided by a website.
These genres of online gamers are not accustomed to one-way communication, which is why companies must initiate a dialog with prospects and customers.
Traditional one-way communication does not cut it with these consumers.
5.
Consumers demand what they want from companies In a web enabled economy, consumers are unafraid to voice their needs to companies.
As a business, you should be on the ball, listening to these opinions, desires and needs, to develop products and services that are in tune with customer expectations.
Companies who have their fingers on the pulse of their customers are more innovative and grow much faster tan their competitors who continue to rely on traditional market research techniques.
While social media is beginning to force businesses to revamp their communication strategies, effective customer relationship management requires a carefully crafted plan that integrates into the overall strategy of the organisation.
Customer relationship management using social media networking should not be viewed in isolation but as part of an overall marketing strategy.
While many businesses have not woken up to this realization of a new dawn, Web 2.
0 has caused an exponential shift in the core equation between the organisation and the customer.
So why should you as a business sit up and take notice of customer relationship management? 1.
Consumers have more trust in their networks and less trust in a marketing pitch Consumers have grown wary of corporate and brand advertising.
Exaggerated claims on brand performance has resulted in mistrust among consumers who now rely on opinions of fellow online networkers who may have purchased a product they are interested in or used a service they may be considering.
The internet has opened up the field of customer relationship management and getting advice from members of an online community is not difficult at all.
Some of these members may also have specialist skills and expertise which they could well be willing to share.
You may also come across members of a network who have reviewed a product in detail and posted the review online.
If you were in the market to buy such a product a review of this nature would be invaluable and influence your purchase decision far more than a full page newspaper advertisement.
As a business owner, you should be excited at the prospect of jumping into these online conversations as these will give you the opportunity to highlight product benefits and eliminate negative connotations about your product.
2.
The power of the masses In a highly "aware" market economy, product quality cannot be compromised.
New about a poorly crafted product can spread like wildfire on the internet.
Consumers who have a poor experience with your product will spread the word through various social networking platforms.
The solution of course is to scan social media and listen to what others are mentioning about your product and responding to any negative feedback.
Of course if there is a genuine problem with your product you will have to fix it and then announce how you have solved the problem.
While joining online conversations, refrain from taking a defensive approach.
Accept criticism and diffuse them through candid explanations or accept the feedback as constructive criticism.
Never make the mistake of responding to such criticisms harshly.
Be polite and firm, without getting defensive.
3.
The value of user-generated content In the pre-internet age of customer relationship management, the voice of journalists, experts and pundits were taken as gospel by most consumers.
After all who would dare critique a review by an expert in a magazine.
The "Wikipedia" changed all that in a split second, and the gurus face some serious competition.
The WIkipedia has caused a "Democratisation of Expertise" by opening the floodgates so that anyone can contribute their knowledge and expertise on a topic.
As a serious contender to Encyclopedia Britannica, Wikipedia is used by more people than Encyclopedia Britannica for conducting research.
What's more reputed websites such as Digg opt to capture the "crowd power" in identifying the best material published online.
As a business you should encourage customers to share their experiences and opinions.
In this way you will learn what consumers think about your product or services and what their expectations are in the future.
4.
A generation of consumers who like to interact The current generation of consumers have grown up in an interactive world of two-way communication...
a habit inculcated from their youth when college students study online expecting to interact, rather than sit back and soak up information provided by a website.
These genres of online gamers are not accustomed to one-way communication, which is why companies must initiate a dialog with prospects and customers.
Traditional one-way communication does not cut it with these consumers.
5.
Consumers demand what they want from companies In a web enabled economy, consumers are unafraid to voice their needs to companies.
As a business, you should be on the ball, listening to these opinions, desires and needs, to develop products and services that are in tune with customer expectations.
Companies who have their fingers on the pulse of their customers are more innovative and grow much faster tan their competitors who continue to rely on traditional market research techniques.
While social media is beginning to force businesses to revamp their communication strategies, effective customer relationship management requires a carefully crafted plan that integrates into the overall strategy of the organisation.
Customer relationship management using social media networking should not be viewed in isolation but as part of an overall marketing strategy.
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