Social CRM and VRM - Customer Relationship Management

We’ve established quite a bit here:

1. The customer has taken ownership of the conversation.

2. This has created the need for a new approach to CRM strategy because the customer’s demands and expectations have changed and whom they trust has changed.

3. Consequently we have to take a considerably deeper approach to CRM than in the past, not only accounting for the operational CRM of process, technology, metrics, and culture change programs, but also a social CRM strategy that actually involves deep knowledge of the customer, some of which is derived from the customer’s actual thinking and some from the customer’s transactional history.

4. To do that, we have to provide the institutional facilities to the customer so that on the one hand we satisfy their social and business requirements and on the other we are able to gain deeper insight into the customer and deeper commitments from the customer—a necessity because of the much deeper difficulties in just getting the attention of customers, much less getting them to stay customers.

But there is more to it.There is a increasingly important methodology and approach that has to not only be taken into account but understood if you are going to understand Social CRM.It’s called vendor relationship management (VRM) and, after I tell you a little about it, I want you to shake the hand of someone I think you need to go have a cup of coffee with while he explains VRM.


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