This morning there was a great presentation by thought leader Ray Wang (Twitter: @rwang0) of Altimeter at CRM Evolution 2010 highlighting the new rules of Social Business and Social CRM, and how the keys are relationship management and reengaging the customer through trust.
Wang touched on a lot of great points about Social CRM throughout his presentation, with a few key presentation aids that are worth everyone's time, including The 18 Use Cases of Social CRM and The Five M's of Social Customer Insights, but below are a few key takeaways:
- Customers no longer care about what department you're in, they simply want their problem fixed. Therefore, it's important to train all of your employees on how to improve customer engagement and thus satisfaction.
- Support is the new PR: According to the American Express Global Customer Service Barometer released July 7, 61% of 1,000 American consumers surveyed think good customer service is more important amid economic instability and are willing to spend an average of 9% more at a retailer that provides it. Some additional numbers from the survey that are rather interesting is that 81% of American Express respondents are more likely to give a retailer repeat business after receiving good customer service, while 75% say such measures will make them spread the word about a company that treated them well.
- Everything Starts With the Social Customer Insights: The five keys to this idea are Monitoring, Mapping, Management, Middleware and Measurement. If you haven't checked out this great Slideshare presentation, do it now. http://www.slideshare.net/jeremiah_owyang/20100407-s-c-r-m-part1-final5-n-o-n-o-t-e-s
- Facebook Knows More About My Customers Than I Do: this statement shared with Wang by one of his clients was substantial. With all of the data and online behavior many users willingly share with Facebook, they hold the key to understanding many consumers moving forward.
- You want to own the forum where the conversation is happening: While Wang was running out of his allotted time toward the end of his presentation, this point shouldn't be overlooked. As a company, you want to be the one controlling the channel where the conversation about your service and engagement is happening.
So again, if you have a few minutes, be sure to check out the Slideshare of Wang's work, The 18 Use Cases of Social CRM and the American Express Global Customer Service Barometer.