Tuesday, 3 May 2011

The Power of CRM 2.0

The voice of the common man has been amplified tenfold
with the advent of Web 2.0, as seen when people gain
fame and recognition due to their contributions in
blogs, wikis, forums and podcasts. It seems as if
every opinion is heard and each word that they say
count. With the massive amount of users surfing
through the internet and with some people needing
advertisements in their webpages for income, this has
become a wonderful opportunity for companies to tap
into this potential oil rig of prospective customers.

Since companies are taking great efforts to reach out
to consumers in the internet, software publishers have
announced the arrival of the modern CRM: CRM 2.0.
Along with the basic tools of CRM applications, Web
2.0 technologies are integrated into these programs,
allowing businesses to keep track of the likes and
buying patterns of online customers/ shoppers. This
also gives leeway for marketers to present their
products more forcefully and convincingly without the
need of an expensive marketing research team for
information...CRM 2.0 can do the job perfectly.

Collaborative leanings

The main feature and driving force of CRM 2.0 is that
it’s inherently collaborative, putting the business
and consumer on the same page for the benefit of both.
With also the versatility of CRM software, marketers
and PR agents can truly engage the consumer across
multiple points. The assurance of the client’s
attention is guaranteed given that he/she has visited
a specialized site (e.g sports site) that is in
accordance with the target market of the business (in
the previous example, Nike is the perfect company to
reach out in that site).

Also, given human nature’s tendency to believe in the
testimonials of peers rather than repetitive marketing
pitches, the presence of blogs and podcasts create an
opportunity for companies to find legitimate models to
talk about their products, and spread the benefits of
their products to the market. This then encourages a
two-way exchange of communication where firms can hear
about the good and bad side of their products, giving
them inexpensive access about consumer concerns, which
will in turn help the company’s business strategy.

Lower costs

With the internet having more and more surfers every
year, this gives companies potentially more knowledge
about the market and also giving less value to those
expensive research firms, which implicitly benefits
big companies and handicaps small ones. Such is the
reach of Web 2.0, and it is necessary that
entrepreneurs be aware of its massive reach, which has
insight on literally billions of voices from around
the world.

Monitoring costs are also slashed and advertising too,
since the latter can be done in single click in a
consumer reports website and the latter’s cost is
based on the frequency of clicks on the company’s
banner. In the end, the company is getting closer to
that sweet dot in the profit maximization graph.

Lend an ear

Communications is developing at a staggering rate. Two
decades ago, text messaging and picture messages are
unheard of. Today, online video conferences can be
done and every internet surfer has an unsaid
opportunity to be a journalist or be a plain concerned
consumer, warning people of the boons and banes of
products. Either way, it benefits companies greatly.
And with the help of the organizational prowess of CRM
2.0 applications, managers and entrepreneurs should
lend an ear for millions speak their mind behind the

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