CRM, CMR, CEM, sCRM spotting the difference If you have a phobia of acronyms, you might want to look away now – otherwise, use Redspire’s guide to what CMR, CEM and sCRM mean for CRM and your business You & Your Customers It all begins with… … Customer Relationship Management Customer Relationship Management is both a business strategy, and a software designed to enact that strategy Traditionally, CRM has been about controlling and managing your customers’ relationship with your brand… … through analysis and metrics… … to understand, exploit and bring order to your database, boosting efficiency and productivity while driving up sales The Tide Has Turned In recent times, the customer’s journey has changed dramatically: You are no longer in control The customer is They choose the rules of engagement now, not you To help deal with this new consumer landscape, CRM thinking has evolved to keep you ahead of the curve It has led to the creation of different strategies and business philosophies to exploit every aspect of the new customer’s journey, including: CMR Customer Managed Relationships What is Customer Managed Relationships (CMR)? At its core, CMR is about engagement wherever the consumer is in their buying journey Whether they’re… Browsing in-store Chatting online with your company’s help desk Reading online reviews CMR ensures that wherever they are, you can act as a realtime ‘anchor’ for the customer to come back to when they are ready To misquote ‘Friends’: Wherever your customer is, you’ll be there for them And your interactions with prospects and existing customers can then be fed back into your CRM, creating a living, always-on database of critical metrics What is Customer Engagement/ Experience Management? CEM is the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus, increase customer satisfaction, loyalty and advocacy Gartner’s definition In practical terms, imagine CEM as a specific focus on managing and improving the touchpoints where customers actually engage and experience your company From call centres’ recordings and surveys… … to monitoring if a customer is, say, struggling with a trial of your product… … CEM offers you the chance to go the extra mile, winning over your customers with your service wherever they are on their journey, while offering assistance exactly when the customer most needs it Call it a sixth sense – but with the right CRM platform in place, it’s actually common sense What is Social Customer Relationship Management (sCRM)? Social media has dramatically transformed the way customers interact with businesses Whether it’s digital word of mouth… … or company social channels being used to engage with customers… … social is critical to companies serious about competing in the 21st Century digital marketplace – and your CRM needs to be optimised to monitor your customers’ interactions on your social platforms It’s why Social Customer Relationship Management is becoming so critical for companies wanting to create a true social engagement strategy, which enables them to… Listen Track Engage … new leads to drive them through the sales funnel while increasing upselling and cross-selling opportunities with existing customers… … all with the aim of boosting loyalty and creating social advocates to boost your brand’s messaging in the social space Remember None of the acronyms are replacements for CRM After all, it is predicted that CRM will be worth: £36.4 billion worldwide by 2017 according to Gartner The Dos Do see each as subsets of CRM which, when focused, can transform your customer relationships Do understand that there are crossovers and similarities across each; this is a joined-up world after all Do hire in a CRM specialist to help create a bespoke, unified CRM platform that works for you and your business’ unique needs The Don’ts Don’t be confused by the acronyms or regard them as disparate, unjoined-up systems competing for your attention Don’t dismiss these critical subsets of CRM out of hand; your competitors aren’t The reality of CRM is not the same as the theory Find out more with our free report: What people really think about CRM Download Now Report: What people really think about CRM Maximise the potential of your CRM with this report on what benefits and issues companies are experiencing with their platforms across the UK [...]... Management (sCRM) ? Social media has dramatically transformed the way customers interact with businesses Whether it s digital word of mouth… … or company social channels being used to engage with customers… … social is critical to companies serious about competing in the 21st Century digital marketplace – and your CRM needs to be optimised to monitor your customers’ interactions on your social platforms It s... recordings and surveys… … to monitoring if a customer is, say, struggling with a trial of your product… … CEM offers you the chance to go the extra mile, winning over your customers with your service wherever they are on their journey, while offering assistance exactly when the customer most needs it Call it a sixth sense – but with the right CRM platform in place, it s actually common sense What... attention Don’t dismiss these critical subsets of CRM out of hand; your competitors aren’t The reality of CRM is not the same as the theory Find out more with our free report: What people really think about CRM Download Now Report: What people really think about CRM Maximise the potential of your CRM with this report on what benefits and issues companies are experiencing with their platforms across the... interactions with prospects and existing customers can then be fed back into your CRM, creating a living, always-on database of critical metrics What is Customer Engagement/ Experience Management? CEM is the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus, increase customer satisfaction, loyalty and advocacy Gartner’s definition In practical... platforms It s why Social Customer Relationship Management is becoming so critical for companies wanting to create a true social engagement strategy, which enables them to… Listen Track Engage … new leads to drive them through the sales funnel while increasing upselling and cross-selling opportunities with existing customers… … all with the aim of boosting loyalty and creating social advocates to boost... Engagement/Experience Management sCRM Social Customer Relationship Management They’re all subtly different strategies/approaches to using CRM software, but share many common themes between them CMR Confused? Don’t be CEM sCRM What is Customer Managed Relationships (CMR)? At its core, CMR is about engagement wherever the consumer is in their buying journey Whether they’re… Browsing in-store Chatting online with your company’s... social space Remember None of the acronyms are replacements for CRM After all, it is predicted that CRM will be worth: £36.4 billion worldwide by 2017 according to Gartner The Dos Do see each as subsets of CRM which, when focused, can transform your customer relationships Do understand that there are crossovers and similarities across each; this is a joined-up world after all Do hire in a CRM specialist ... the customer most needs it Call it a sixth sense – but with the right CRM platform in place, it s actually common sense What is Social Customer Relationship Management (sCRM) ? Social media has... transformed the way customers interact with businesses Whether it s digital word of mouth… … or company social channels being used to engage with customers… … social is critical to companies serious about... look away now – otherwise, use Redspire’s guide to what CMR, CEM and sCRM mean for CRM and your business You & Your Customers It all begins with… … Customer Relationship Management Customer Relationship