Social CRM: The Social Media Plugin To Make Businesses Customer-Centric

Mike Boysen is a pragmatic SCRM thought leader who shared his thoughts on why technology follows SCRM strategy.  I agreed with my own take.

Is a Business Culture Change required to find value in Social?

Mitch Lieberman raises the questions and shares his thoughts on a few answers.  I added mine.

I started to post a response to Esteban’s article but as I watched the length of my comment grow, decided to post it here instead.

Esteban postulates:

[D]o we need Sensemakers, people who can make sense of the data — or can we trust the systems to make sense and make the decisions for us?

Esteban’s essential argument is the world is too complex and the data volume so high that computers are needed to handle such high volumes of information and then act on them.

My thought?  I agree in part with the Esteban...but with a big qualification.

Chris wrote,

[ValueRight is] an application that takes a stab at applying the numbers involved in Social CRM – both the expenses and the revenues – to draw a clear picture of the impact Social CRM has.

…

[The] presence of such an application is great news for the Social CRM space; marketing suffered for years without the ability to associate costs and revenues with their efforts. Social CRM is an even trickier nut to crack.

Read the full review here.

You can also follow Chris on Twitter at @bucholz.

Our Pathlight Solutions’ social valuation tools now come in two flavors – ValueRight Social CRM and ValueRight Social Media.

ValueRight benefits

No matter which edition you select, ValueRight will determine the true dollars and sense valuation (and ROI) for your social initiatives.  Use one of the tools and you’ll provide the information executives most want to know, including:

• Cash flow of gains and costs.
• Net present value of gains, costs, and net results across multiple discount rates (also known as cost of capital).
• Return on Investment.

Photo by Michael Krigsman (http://flickr.com/mkrigsman)

Where to start…First, much to my surprise we had almost full attendance despite the snow and travel challenges.  I was a local and almost got scared from braving the roads but knew I needed to be there given the number of stellar attendees.  And I’m pretty darned sure that’s what motivated the other attendees to brave the travel tribulations too.

What I loved about the group was the open discussion, and sometimes debate, within the conference room and in the evenings’ various social gatherings.  We don’t always agree with each other but everyone handles the debates with professional courtesy and a willingness to evolve their thoughts.  That’s how we all grow.

Here are 7 takeaways that hit the loudest.

Are you trying to get your management team's buy in for your social business initiatives?  Are they asking how your company makes money with social business or at least lowers cost for customer support?

If you want your social business initiative to stand out, then you have to talk dollars and sense. 

Now the “sense” part relates to strategy and benefits – and we discussed these in articles 2 and 3 of the eSeries.

The dollars part though, that relates to Valuation.  And yeah, for a lot of folks economics isn't the fun, sexy part of social initiatives -- but it is necessary to get to Go (and Go means the start of success which is fun and sexy).

In today's article, I'm demystifying Valuation. I'll take out the guess work so it's easy to get your arms around it.

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

Are you confused about social media and its ROI? You’re not alone.

One big reason for the confusion is because social business, of which social media is a part, abounds with ROI (a.k.a. valuation) myths.

Today’s article focuses on getting real about social media. Get ready to blast away those show-stopping myths so you can start building a holistic and reasonable business case for your social initiative.

Once you do, you'll be a giant step closer to gaining your management's buy-in and impressing them one more time.

This is the 4th installment of the Business of Social Business.

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

Rethinking Sales in a SCRM Strategy

Although a social business model can touch all aspects of your operations, and for the better, the top 3 arenas to consider are:

• Marketing – engaging prospects and customers to extend sales.
• Service – supporting existing customers and partners.
• Team collaboration – with combinations of internal and external audiences.

Let’s look at each in more detail because each will impose variations to your social strategy.  This is the 3rd installment of the Business of Social Business eSeries.

(Note: Up next in the next installment, we’ll blast through social media valuation myths.  ‘Cause if you want your social business strategy to be successful, you have to get real.)

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

The ROI of CRM (and Social CRM) -- This week's best!

Mike Boysen wrote a dandy article consolidating thoughts from a variety of folks, including me.  I also added more thoughts in the comments.

ROI Hype: Finance for Fools?

Andrew Rudin discusses what is needed to evaluate the value of a corporate initiative -- and he gets it.  I shared some related thoughts. 

Hey Social Media – It’s not all about You! 

I like the way Alasdair Munn thinks and this article is one of the reasons.  He sees the big picture.

HOW TO: Measure Social Media ROI

Despite the title, Christina Warren's article focuses mostly on metric tools rather than how to, you know, actually determine social media valuation.  I made comments salient to valuation.  

If you want to know an actual methodology to determine the value of social business initiatives (including social media) , then check out my webinar How To Determine Social Media and SCRM Value and ROI.

Social Media ROI for Small Businesses

Christina wrote an abbreviated version of her above Mashable article.  My comment here was a mirror of the one I posted in the article above.