Major forces driving this market are the rising focus on customer engagement, emerging SMEs, social platforms and the recognition of sharing ideas on a real time basis. Enterprises are coming up with solutions for Social Monitoring, Social Listening, Social Middleware, Social Management and Social Measurement for providing the best in class customer experience to the customers. Today, Social CRM is not limited only for increasing sales and improving marketing activities, but to bring in more customer engagement with the enterprises.
Customer relationship management (CRM) software is used to manage organizational interaction with existing and prospective customers. CRM is defined as a management philosophy with the objective to create, develop, and increase customer relationship in order to maximize customer value and market profitability, and ultimately the shareholder’s value. CRM software supports organizations in maintaining contact details of their existing or prospective customers, including details such as names, addresses, phone numbers, call records, and purchase history. Social CRM software helps customers to engage in meaningful conversation, thereby benefiting both, the company and the customer.
Innovations in this software have enhanced its speed and reachability. Businesses and enterprises are implementing this software as an addition to their overall CRM software channels. Players in the social CRM market are investing heavily owing to the rising demand for more business-specific solutions. Addition of mobility to the organization’s CRM strategy can help in enhancing the consumer interaction. Increasing usage of Bring Your Own Device (BYOD) has gained prominence in the industry. It is driving both consumers and employees to access websites through their mobile devices that has resulted in increased employee productivity by almost 26%.
Major factors driving growth of this market include capability to increase focus on customer consultation, emerging SMEs, and social media monitoring. Various firms are developing solutions for social monitoring, social listening, social middleware, social management, and social measurement in order to provide best-in-class customer experience. In addition, social CRM software is not limited only to the purpose of increasing sales and improving market activity, but also to enable and enhance customer engagement with the enterprise.
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