Crm & Social Networks

By Janakova, M. | Academy of Strategic Management Journal, January 1, 2018 | Go to article overview

Crm & Social Networks


Janakova, M., Academy of Strategic Management Journal


(ProQuest: ... denotes formulae omitted.)

INTRODUCTION

CRM (Customer Relationship Management) industry is one of the big businesses with great potential for the future based on CRM trends. The growing business affects customer contacts. Statistics show revenue from CRM applications between 2010 and 2017. In 2011, it was USD 16.08 billion, and increased annually by approximately USD 2-3 billion to USD 26.29 billion in 2015 (Global CRM software revenue 2010-2017). The big jump occurs in 2016 and 2017. In 2016, the revenue from the CRM market was approximately USD 33.7 billion, and in 2017 it was approximately USD 39.5 billion. Similarly, Gartner claims that CRM will be the fastest growing IT (information technology) market in 2018. (Bamiduro & Rob, 2018). Finally, it is estimated that the global CRM market will be approximately USD 81.9 billion in 2025. Reasons are focused on leadership, contact and service management, customer voice support with over 20% growth.

The CRM industry influences rapid changes in information technology and there is also room for social networks. Major trends in CRM are visible in automated workflows, IoT (Internet of Things) integration, self-service, mobility support, and integration of social networks (media such as Facebook, Twitter and many others) (Chapalamadugu, 2018). Social media play an important role in these trends and it is estimated that approximately 67% of customers are communicating with social media accounts (Anastasia, 2018). Social media integration into CRM delivers social CRM with the benefit of providing customer support online (customers are now using these media very well) with quick customer-to-chat and real-time conversation, feedback on customer experience and quick response to getting customer confidence. CRM applications have many channels for communicating with customers, such as social campaigns, sales calls, and mobile marketing. These IT-based trends play an important role in CRM industry to improve customer experiences and the implementation must be optimal for everyday use with common trends.

CRM and social media are in the interest of many authors of scientific works, books, analyzes, and blogs. Integrating social media into CRM creates the right solution for marketing with great potential (Top 2018 CRM Trends For Businesses, 2018). This integration offers better customer retention by 26% based on the fact that customers spend time on networks. In this state of affairs, it is natural that the future of CRM is closely related to social media, and CRM applications will integrate social media. The main reason is that it helps to communicate with customers through social networks to deliver customer loyalty (Srivastava et al., 2018). These solutions use customer profiles for marketing and sales to improve service and journey to customers. Many social media experts predict key trends for social media and their integration into CRM for use in marketing (with Facebook Messenger), diversified network ads (with Twitter and Pinterest), and information sharing (with Snapchat, Messenger, Facebook or Instagram). From the overview, social media is playing an increasingly important role in CRMbased performance (Kamboj et al., 2016).

There are many specialized applications for customer relationship management from complex information systems to easier tools to business success (Greenberg, 2009). These CRM applications are available in many forms as an open-source and commercial solution. Orientation can be difficult due to the large volume of available CRM applications. Optimal selection may be realized with the help of surveys, analyses or top lists to evaluate CRM applications (Chavdarov, 2015). Their authors try to evaluate selected CRM applications by defined criteria, but there is not a particular interest in links to social networks and their integration into adopted CRM applications. This topic is mentioned only marginally with a few words. …

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