SOCIAL CRM: The "IN" Thing...

CRM has always been a fascination for me. So, after all the buzz CRM has created focussing on the “constructive” interaction between a customer and a company, something else has taken a centerstage now. A new thing that has added a zing factor to CRM is “SOCIAL“. So, how different is SOCIAL CRM is from a regular CRM system??

The difference between these two is just one word, social. Social brings a new element into CRM because now instead of just dealing with data and information we are dealing with conversations and relationships. These conversations and relationships take place not just from company to consumer but also from consumer to consumer. The social CRM can be used by marketing and sales teams to listen to conversations, craft appropriate messages, join in immediately with customer conversation and offer them value in terms of information and solutions.

Social CRM has the ability to:

* Convert content to conversations therefore humanising a company so that customers regard the organisation as a trusted peer.
* Extend conversations into collaborative experiences, putting the customer at the core of a company’s strategy.
* Transform these experiences into meaningful relationships based upon real customer engagement.

Social CRM will help generate marketing intelligence, providing the marketing department with insight that will assist your company to source better leads and reduce customer support costs through self-helping communities.

FORMULATION Models

There are various models that can be used to assist in the formulation of strategy.I would discuss three broad categories of formulation models:

1. Matrix based Formulation Models
2. Nmemonic Letter based Formulation Models
3. Issues/Themes Models

Matrix-Based Formulation Models

These models take two variables, one variable being placed on a vertical axis and the other being placed on a horizontal axis. This makes possible to plot various options, products, companies and so on. Variables can be dependent or independent. They need to be important issues that are of relevance to the strategic situation being considered. Scale can be any of any parameters either a matrix can have three scales like "high", "medium", "low" etc or even 2 scales like "high" and "low". Plotting of variety of things like products/services, companies or even strategic choices can be done on a matrix which can be represented as bubbles, dots or enhancements. The size and shading of these can be used to show vital information.

Keep reading STRATEGYAAN for more FORMULATION MODELS..

OPERATIONAL Alignment- Continued

3. Degree of business strategy and IT alignment:HIGH and Use of Technology:HIGH(B):It means the business has a clear view of where it is going and how to innovate, identify and deploy technology to contribute to business success. The challenge for a business is to maintain this initiative to avoid falling into the place where the degree of business strategy and IT Alignment is low. Both the Balanced Scorecard and the 5 Views Model will be used continuously and reviewed to ensure that a business can maintain its competitive lead.

4. Degree of business strategy and IT alignment:LOW and Use of Technology:HIGH(D): There is a chance that the business is spending too much on technology and also that it is not getting any measurable benefit or contribution towards its business strategy. Many new start-ups either started or ended up here because of combination of poor business models and bleeding-edge technology solutions.

There are additional drivers pertaining to Planning, Funding and Communications from Operational and Strategic point of view.

Planning

Operational Fit: Responsive to business unit requirements, prioritize by business unit, IT plans reviewed by the business, IT infrastructure approval linked to funding

Strategic Fit: Involves all key business stakeholders, Single, well-integrated business plan

CONTINUED....