CRM and Social Media: New Ways of Marketing
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You are a marketing consultant (as before). You get a call from the president of a medium size service firm. (Choose your industry and/or company.) The VP of marketing has rebelled. The VP says: "This CRM is nonsense. We have loyalty programs and we're polite. We even give adjustments most of the time
"But this is 2011. Customers are fickle. All they care about is price. We might as well reposition ourselves as the bargain service with the lowest prices. Why bother with CRM?
You are hired (as usual, with a generous retainer) to comment on the VP's statement.
Oh yes, the president says. "When you write your report please show us how we might use some of the new-fangled 21st century ideas. Should we be in (shudder) Facebook? And what's all this about customer engagement? Isn't it enough that they like us?"
ASSIGNMENT: Write a business memo to answer the President's question. As usual, keep the background very short.
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Solution Summary
This solution addresses the strengths and weaknesses of traditional marketing strategies as opposed to CRM and Social Media - the new marketing tactics of the 21st century.
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Dear Mr. President,
As the thought leader of your company, no doubt you struggle with how to ensure that every interaction a customer enters into with your company is positive for the customer and profitable for the company; you also struggle with your ability to make evidence-based decisions in a fast-moving and dynamic market environment where your competition is no longer just the competitor-company down the street, but perhaps individuals, for the reality of what we now call the '21st Century' is that everyone is in competition with everyone else. Finally, you struggle with the creative tension that exists between two of the primary customer facing functions of a service business - marketing and sales. Because these two functions have differing and sometimes competing primary directives, the conversation about priorities at the executive level are sometimes heated as sales and marketing compete for what is usually a constrained budget allocation.
At one level, the Marketing VP is merely 'calling a spade a spade'. At another level, he might be accused of being myopic, since CRM is no longer simply a customer list or a contact list through which loyalty programs can be distributed via frustrating mail-merge programs. However, his perspective should be appreciated for what it is: an impassioned focus on his primary directive - influencing customers to pay slightly more attention to your company's product than the others. Loyalty programs serve this purpose, as well as pricing adjustments at the transaction level; however, at the executive level, you as the President also have to manage your company's ability to maintain pricing at a level sufficient to ...
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