From CRM to Social CRM

CRM was about being customer-centric. It required companies to transform from a product-centric mindset to one that views the customer as the key entity with which the company interacts with.

Social CRM recognizes that customers don’t live in isolation; every customer is part of a social sphere.

Why is this important? Because this social sphere is both influencing and influenced by each customer. When an influencer customer buys a new product, three to fifteen additional customers may also buy it as a result of her recommendation. And when an influencer leaves your company, it could very well be that ten or more additional customers will follow his footsteps and leave.

Knowing which customers carry this kind of influencing power on their friends, family, and associates is critical to the ability of the company to focus attention and resources where they matter most.

The real bottom-line effect of each customer action, positive or negative, can only be calculated once their social influence is taken into account.

Companies that have adopted a customer-centric approach often use Customer Lifetime Value as a key metric to guide their interactions with customers across products and functions, from sales and marketing to customer service and support.

Companies that understand the social nature of every customer and the importance of social influence are moving towards a new metric Social Customer Lifetime Value, taking into account the cumulative lifetime value of each customer as well as those influenced by them.

Pursway enables you to accurately measure Social Customer Lifetime Value and adopt your customer relationship strategies to maximize this value across your entire customer base.

Case in Point: Mobile Operators Integrates Social Influence into Customer Relationship Strategy

“The Pursway technology represents a breakthrough approach in CRM. Using the Pursway solution has enabled us to dramatically improve our profitability through a tenfold increase in the effectiveness of our retention and up-sell efforts.”

Adi Cohen, VP marketing, Cellcom Networks