Social CRM DeMystified: The Business & Customer Benefits - BDI 12/15/10 B2B Social Communications Leadership Forum

Social CRM DeMystified:
The Business & Customer
Benefits

www.mzinga.com | December 2010

MZINGA l #1 ON-DEMAND SOCIAL SOFTWARE l

Introductions.

Dan Bruns
Mzinga
Sr. Vice President of Advanced Technologies
781.577.8968
www.mzinga.com

MZINGA l #1 ON-DEMAND SOCIAL SOFTWARE l 2
2

Today’s Agenda.
Topic

The new reality & the challenges we’re facing

What is Social CRM & how can it help your business?

Common use cases & benefits

How to get started

3

The Social Organization

A New Model

Ideate. Share. Listen. Change.


Six Realities of the Social Organization.

1 • Everyone is a spokesperson

2 • Everyone is the media

3 • The people outside know more

4 • They expect you to listen

5 • They want to help

6 • It’s OK to be wrong

As a result, the pressure on
businesses is higher than ever…
6

Build brand credibility &
buyer trust.

30% of consumers rely less on
advertising, and much more on
recommendations from friends and
family for making buying decisions.

7

Improve customer
loyalty & satisfaction
The primary driver of a consumer's loyalty is
their experience with your business, product
or service.

Yet, marketers on average only invest
20% of their programs in loyalty and
customer experience efforts.

8

Enter Social CRM

It’s a transformation of the
overall customer experience…


“ …designed to engage the customer in a collaborative
conversation in order to provide a mutually beneficial
value in a trusted and transparent business environment.
”
- Paul Greenberg, Author
CRM at the Speed of Light: Social CRM 2.0 Strategies, Tools,
and Techniques for Engaging Your Customers


“ It is not about the technology, it is about the people, process
and cultural shifts necessary to support and grow a business
with the social customer.
” - Mitch Lieberman, President & CEO
Comity Technology Advisors

“ Ultimately social media is not about the tools,
technology and whiz-bang things. It’s about
culture and culture change.
” - Scott Monty, head of social media
Ford Motor Company


The Five I’s of Social CRM

1. Information
Traditional Customer Relationship Management (CRM) is all about
information. But too often, it’s focused on standardizing and sharing
the information rather than on trying to manage the relationship.

2. Interaction
When you introduce social interactions, relationships move to the
forefront and control shifts to the customer. That can drive more
fulfilling and engaging relationships between and among the
customers and you.


The Five I’s of Social CRM

3. Integration
You need integration because ultimately you can't just give your
customer a voice in one spot. You own the information and the
customer owns the conversation.

4. Influence
But don't be surprised! Not all of your customers will interact with you -
and what they say shouldn't necessarily dictate where you should go.

5. Insight
Fostering interaction with and among your customers will likely drive
value, but you can't be sure unless you measure it.


It can transform how you do business…

Traditional Social organizations Unstructured
business processes Transformed business processes that social interactions
improve productivity, efficiencies & that streamline communication,
Often hierarchal and siloed, but critical enhance relationships, etc.
revenue growth
to business goals and success

Product Mkting Sales Services

Corporate Strategy Service
s
Information Systems

Human Resources

Finance & Administration


And you help you solve real challenges

• How can I innovate my products faster?
• How can I stay abreast of market research for R&D?
• How can I streamline product development?

• How can I improve brand visibility?
• How can I drive enhanced demand generation?
• How can I increase website traffic & ad revenue?

• How can I develop long-term relationships with customers?
• How can I reduce sales cycle?
• How can I accelerate new client opportunities?

• How can I reduce support costs?
• How can I reduce response times in addressing client issues?
• How can I improve customer retention & loyalty?


Common use cases &
benefits


Establish greater
brand engagement.

Build your brand & your market
• 82% of US online adults use social tools and are generating 3.5
billion brand-related conversations every day in the US- which
means you can reach and influence customers faster than ever

Increase buyer trust & grow revenue
• 1 in 10 adults is use social networks to share positive product
information, and forums to share opinions about brands
• 75% of consumers are influenced by peers in their purchase
decisions, more so than any other media or information source

Drive innovation & market research
“ With nearly 10,000
members and several hundred
posts, TIAA-CREF's
myretirement.org seems to
Grow market have established a solid
• One traditional focus group can cost up to $15,000 and weeks
awareness
of time, while online communities provide direct access to footing among TIAA-CREF plan

”
ongoing market research programs at a fraction of the cost participants.
with greater scale

- Should Annuity Firms Care About Social
Media?, Retirement Income Journal,
November 2009
MZINGA 2010 Forrester Research SOCIAL SOFTWARE l
* 2008, l #1 ON-DEMAND

Case in point…

More engaged site visitors & increased
readership
• ABCnews.com article commenting & discussions
help drive brand exposure & increase
engagement

• Readers can interact with other readers, reporters,
etc. on news items and topics of common interest

• Extends market reach, reader loyalty and retention


Improve your overall
customer experience.

Improve customer response times
• 36% of consumers prefer using websites to get answers to
questions rather than via telephone or email- and 57% are very
likely to abandon purchases if they cannot find quick answers to
questions.

Drive satisfaction, loyalty & retention
• Live chat, peer-to-peer forums, just-in-time customer education
and direct access to experts help customers get answers
questions quickly- improving satisfaction and reducing
abandonment.

Reduce support costs
“ We wanted to create an
interactive forum where job
seekers could find information to
further their career goals. It
• Telephone support costs $6 to $12 or higher per contact.
allows our members to connect
with both our experts and their
• Online chat costs only $5 and is 63% more effective, and web-
based customer self-service costs just a few cents per contact. peers to plan the next steps in

MZINGA Forrester Research
* 2010 l #1 ON-DEMAND SOCIAL SOFTWARE l
their career path.

Monster.com’s CareerOne
”
- Michael Harvey, Chief Executive at

Case in point…

Better customer response times & reduced costs
• Peer support for Ford owners of the Sync
In-car communication system

• 11,000 customer users &1M+ message views

• Lowered support calls, & more access to
product research

“ Before we had our forum, we'd compile lists of
what's being talked about once a month, but now
we can act right away… When something requires
an immediate response, we just post to our FAQ and

”
solve the problem.
- Trisha Habucke, Ford Digital Marketing
Manager. Ford Gets In Sync With Customers,

How to Get Started


Preparing for Social CRM

1. Measurement & Monitoring
2. Content Creation
3. Reach (Community)
4. Engagement (Conversation)
5. Conversion
6. Evangelism

22

A few smart rules of thumb…

Determine a few initial goals (and start simple!)
Rally a few champions
Set your sights on a small customer segment
Set some basic guidelines & communication plans
Focus on value (not just volume)
Be responsive
Monitor, measure & revise

23

Questions?


Dan Bruns
Mzinga
Sr. Vice President of Advanced Technologies
781.577.8968
www.mzinga.com

Visit mzinga.com to learn more:

Thank You! • Attend more webcasts
• Read our blogs
• Download eBooks & white papers


Social CRM DeMystified: The Business & Customer Benefits - BDI 12/15/10 B2B Social Communications Leadership Forum

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Social CRM DeMystified: The Business & Customer Benefits - BDI 12/15/10 B2B Social Communications Leadership Forum