An ADAGE article on Marketers start to use social networks for CRM instead of ads [1] strengthens my understanding on the uses of social media as a tool catering to customer engagement, loyalty and satisfaction. The key objectives of CRM, at the end of the day are Customer Aquisition and Retention, and social media has offered tools to cater to each of these objectives by strengthening relationships, building networks and starting a two way communication process with the customers.
While the ad age article traces how first time product users can connect with experienced ones on these networks, creating a rich customer experience sharing platform, my article on how Corporate Blogs can make organisations customer centric [2] had focussed on how auto giant General Motors had used its blog to maintain and nurture its relationships with its customers. By allowing companies to build product brands, create a customer-centric image, and by giving people a contact point by attaching a face or name they can interact with, corporate blogs serve as for a for consumer redressal and help build intrinsic relationships between the company and it's customers.
Social media and it's contribution to CRM maybe a subject of discussion today...but will definitely provide companies with a competitive edge, in the long term!!!