Social CRM market set to soar, but brands warned to keep service personal

Published on 30 July 2013 by in Latest News

Social customer relationship management Social CRM market set to soar, but brands warned to keep service personalA new study predicts the social media customer relationship management market is set to expand rapidly over the next few years, as companies get to grips with offering quality customer service via social media.

Through surveying the leading players in the CRM market, RnR Market Research have predicted the social CRM market will reach an expected value of $9.08 billion in 2018, up from the current figure of $1.91 billion. This represents a 36.5 per cent annual growth rate, with the most prolific expansion set to occur in the North American and Asia-Pacific markets.

This rising trend suggests companies are looking to improve their social CIM efforts beyond the current level in order to see the full benefits of offering social media customer service. In particular, brands may be beginning to see the importance of delivering more personalised, relevant responses to social customer service queries.

This is especially pertinent after a recent case involving Bank of America, criticised for repeatedly responding to customers complaints with a blanket, “Please let us know if you need assistance,” message. Citing this example in a recent article, NBC reporter, Bob Sullivan, highlights the need for businesses to place greater emphasis on developing their social media customer service offering to improve the rate, speed and accuracy of responses.

By allowing brands to keep a record of previous interactions with each consumer, investment in social CRM systems over the next few years will undoubtedly go some way towards ensuring brands achieve this superior level of social media customer service.

For the investment to reach its full potential though, companies must ensure the new systems are well integrated with current CRM services. This means unifying records across all communication channels, traditional and social, to create a comprehensive view of each customer’s history and preferences.

To learn more about the advantages of a fully-integrated customer interaction management system, contact numero.

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