The shift from inside-out to outside-in
The speed of change in this past decade has been breathtaking. Broadband Internet has rampaged through our social lives and transformed business from top to bottom.
This revolution has shifted power from seller to buyer. Information is no longer a scarce resource; price is no longer a differentiator; bad service or poor value for money is now brutally exposed and rapidly communicated through our social networks for all to see. Customers are using blogs, price comparison sites, social networks and review sites to make their voices heard and to leverage collective power.
Some companies have embraced the revolution. They are participating in conversations with customers and collecting direct feedback to help them design better products and processes. They have reduced their advertising and customer service spends by using their customer and partner networks to create win/win relationships.
Organisations looking to harness the power of the social customer are embracing Social CRM as a business approach. Much has been written about Social CRM but what exactly is it?