From CRM to Social CRM and FRM

Abstract

C-R-M stands for Customer Relationship Management. At its simplest, a CRM system allows businesses to manage business relationships and the data and information associated with them. While a CRM system may not elicit as much enthusiasm these days as social networking platforms like Facebook or Twitter, any CRM system is similarly built around people and relationships. And that’s exactly why it can be so valuable for a fast-growing business. FRM was developed from learning of success and failures on conventional CRM. FRM – Relationship Management is a unique way to build and love your fans, is a form a Social CRM. Traditional Customer Relationship Management focuses on collecting and managing static customer data, such as past purchase information, contact history and customer demographics. This information is often sourced from email and phone interactions, commonly limited to direct interactions between the company and the customer. Social CRM adds a deeper layer of information onto traditional CRM by adding data derived from social networks like Facebook, Twitter, LinkedIn or any other social network where a user publicly shares information. The key benefit of Social CRM is the ability for companies to interact with customers in a multichannel retailing environment (commonly referred to as omnichannel) and talk to customers the way they talk to each other. Social CRM enables companies to track a customer's social influence and source data from conversations occurring outside of formal, direct communication. Social CRM also allows companies to keep a full audit history of all customer interactions, regardless of social channel they choose to use, available to all customer care employees. FRM delivers probability while ensuring client partner expectation in revenue generation and customer expectation.