Measuring CRM Initiatives (Part 1) – The importance of ROI in social CRM initiatives

In Customer Engagement, Loyalty & CRM, Marketing and Sales by michellegLeave a Comment

CRM, Customer Relationship Management, ROI, Marketing, Loyalty In this 2 parts series that evaluates Customer Relationship Management (CRM) initiatives, we touch on incorporating ROI as a measuring tool for CRM effectiveness.

Companies are increasingly embracing the use of social media for sales, marketing and customer service. Yet Gartner analysts expect only 50% of Fortune 1000 companies to receive a worthwhile return on investment from their CRM initiatives by the end of 2012. Surprisingly, many companies lack the data to evaluate their social strategy and hence cannot justify future funding.

While companies continue to innovate and come up with numerous ways of customer engagement in their social CRM initiatives, what is increasingly critical is the tying of social objectives to clear and measurable business objectives. To differentiate oneself as the top social CRM vendor, one must now show quantified business cases and deliver repeatable social CRM processes that are not yet broadly available.

To find out more about CRM and the issues critical to the agility, resilience and adaptability for Asia's customers, join like-minded professionals at Loyalty World Asia 2012.

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Categories: CRM, customer loyalty, social media

Tags: loyalty, customer loyalty, social media, engagement strategy

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