The transformation in the social media space has led to the evolution of the CRM Platforms with Social Customer Relationship Management (CRM ver 3.0) functionality. In the arena of social media, businesses have begun to focus their energy in building a brand strategy for customer acquisition and customer engagement. The reputation of a brand is a critical factor during all stages of interactions with the customer. Building a brand is very similar to that of the goal of the honey bee to build a honeycomb.
Social media has an incredible power to shape a company’s reputation. The manner and intensity in which customers reveal themselves in social media is found to be dependant on a few factors: the presence of others, relationships with others, reputation in group, group association, conversations and the sharing of content. The attributes of transparency and trust are important in this ‘honeycomb’ model of sharing information.
Honey Bees are usually very gentle creatures who mind their own business. However, if their beehive is endangered, they team up in defence. Like honey bees, if customers’ buying patterns change, there is a threat to the underlying assumptions of the brand that customers are used to buying.
Conversations in popular social media such as Facebook, Twitter and Linkedin take place in various engagement styles such as (1) game show host (2) friendly neighbourhood (3) the beehive (4) community builder and (5) the friend. These engagement styles in the social media and the honeycomb model of sharing information have provided building blocks for the development of a whole new generation of social media products.
Recognizing that the biggest source of influence for customers is their peers and communities, Oracle Corporation has acquired and developed software products that integrate social interactions into a CRM environment. Oracle Social CRM products now provide a more accurate and complete view of the customer.
|Launch of Oracle Social CRM : The technology space for social CRM products is ‘hot’ as observed with the number of mergers and acquisitions in the past two years. These emerging technologies are being designed with easy-to-use interfaces for implementation along with popular social media technology products. Social analytics and sensitivity analysis are emerging as game-changing technology tools. For instance Oracle has acquired Collective Intellect, Virtue and Involver to be able to launch the Oracle Social CRM Product. Oracle has been in an arms race with Salesforce and SAP has spent 5 billion dollars over the past two years in an attempt to acquire a greater market share.|
The desirability of a brand is being measured in social media by the changes to the nature of the ‘tweets’ and ‘posts’ that customers and they engage in various ways. Making CRM data ‘visible’ and social data analytics are leading technology trends in Social CRM applications. There are many technologies in this space, one such example is Buzzient.
Managing a brand with Oracle Social CRM consists of both, the art of brand management in social networks and the science of measuring customer behaviour in social networks.
Lessons to learn:
- The nature of brand management has changed due to social media.
- The latest buzz in technology is in the creation and integration of social applications and social analytics.
- The honeycomb model is one that is useful in modelling the nature of social interaction.
- Organizations such as Oracle are acquiring emerging social media technologies in order to keep up with technology trends and acquiring market share.
- Oracle CRM offers a new tool for brand management.
Submitted By: Tushar Goteti, SMBP Student, University of Waterloo
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