Customer relationship management has been a difficult and expensive concept for many businesses to operationalize into reality, primarily because CRM implementation focused heavily on technology rather than process and culture. Social media creates new intelligence sources while requiring new processes and tools to manage unstructured information flow.
In essence, sCRM theory stands synonymous with consumer engagement in supporting the larger concept of social business. (The other keys are workforce engagement and business partner optimization.)
I've adapted the slides above from my colleague Dion Hinchcliffe, who has a gift for making complex enterprise architecture simple. You can read his explanation of social CRM in these two articles: