CRM at the Speed of Light: Social CRM Strategies, Tools and Techniques for Engaging Your Customers (Fourth Edition)

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Senteo Rating 4.0
04/27/23
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Author:Paul Greenberg
04/27/23
views 14869
comments0
Author:Paul Greenberg
DIAMOND
RATING
Senteo Rating 4.0

CRM at the Speed of Light: Social CRM Strategies, Tools and Techniques for Engaging Your Customers (Fourth Edition)
Paul Greenberg, McGraw Hill, 2010
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In the fourth edition of CRM at the Speed of Light, the author seeks to address all of the changes that have occurred since the previous edition as a result of technology and social media.

The new edition is much more than an old version with a new introduction; the author has rewritten the book to emphasize the importance of understanding today’s socially empowered customer and how to transform traditional CRM strategies to be better connected to those customers. He calls it “the first edition of Social CRM at the Speed of Light,” and it is radically different from the first three.  Social CRM is defined as a philosophy and a business strategy supported by a technology platform, business rules, processes, and social characteristics, designed to engage the customer in a collaborative conversation. It is the company’s response to the customer’s ownership of the conversation. The requirements of customers have changed, so that for a business to get the attention of customers or turn them into advocates, it’s now necessary to provide new means of developing and sustaining relationships in response to changed customer expectations.
The book is organized into 5 parts: “The Era of the Social Customer,” “Collaborating with Your Customer,” “CRM Still Needs the Operational,” “CRM Goes Vertical,” and “Looking at the Framework.”  The author devotes two chapters to customer experience, and goes on to addresses all types of social media and channels for collaborating with your customers. The book covers every important development impacting CRM, from the collaborative value chain to vendor/customer relationships to measurement techniques, such as NPS and measuring the value of CRM through customer lifetime value, customer brand value and customer referral value (CLV, CBV and CRV).

The author goes a long way to explain all the changes confronting CRM, for example, devoting two chapters to customer experience and its importance, as well as mapping the customer experience. He claims that the “inside-out” approach of CRM is now obsolete. Social CRM is an “outside-in” concept and methodology for customer interactions with a company, so we have taken the concepts of CRM 1.0 and CEM and merged them. The book also addresses NPS and questions whether it is enough, showing alternative metrics and the need to recognize the true value or profitability of generating consumer advocates, utilizing additional financial and operational metrics to help drive strategic decision making. (see The Ultimate Question 2.0 review by Senteo for more on NPS) There are examples throughout and case studies, for example, an overview of on-premises vs. on-demand and open-source applications (Oracle, SAP, Microsoft, Sage CRM, SaaS, SugarCRM, Cloud Computing).

Given the title of the book, the author preaches the virtues of CRM throughout and questions potential challengers such as customer experience management (CEM), which is assumed to just be merged with CRM in order to address the new challenges of Social CRM. Nonetheless, readers would be well served to delve more into good customer experience books for a complete picture (see The Experience Economy and Infinite Possibility). Also, while the book gives many examples of applications of both the theory/strategy and systems, the book could use more information on implementation issues and ongoing measurement/management issues.

A social revolution in how we communicate has taken place in recent years. Smartphones, social web tools, and the instant availability of information in an aggregated and organized way provide real-time intelligence to customers, not just the enterprise.
Social CRM is critical to business success in today’s hyper-connected environment. Customers’ expectations are so great and their demands so empowered that a Social CRM strategy must be built around collaboration and customer engagement, not traditional operational customer management. It’s the company’s response to the customer’s control of the conversation that makes Social CRM work.
Written by CRM guru Paul Greenberg, CRM at the Speed of Light, Fourth Edition, reveals best practices for a successful Social CRM implementation. Greenberg explains how this new paradigm involves the customer in a synergetic discussion to provide mutually beneficial value in a trusted and transparent business environment.

This book is essential reading for anyone interested in the subject of CRM. It provides a unique analysis of the impact of social media and technology on the customer relationship, resulting in a transfer of control to the customer vs. the previous models of transformation of the organization to focus on the customer from “inside-out.” It also provides ample examples of how companies in a wide variety of industries are using tools and strategies of CRM in the era of social media.

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This book is focused on research and theory to develop a CRM strategy, as well as to address industry trends. The author also gives examples of tactics for application as well as measurement techniques. 

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    CRM at the Speed of Light: Social CRM Strategies, Tools and Techniques for Engaging Your Customers (Fourth Edition)
    Paul Greenberg, McGraw Hill, 2010
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