The Value of CRM 2.0

CRM 2.0 is a relatively new idea, one that is being talked about frequently, but has yet to make its way into mainstream business environments. And, while companies are still learning about the CRM 2.0 methodology – which has the potential to revolutionize the way that organizations interact with their existing and future clients – industry experts are already touting the many advantages it can offer.

CRM 2.0 techniques are built on Web 2.0, a movement that has transformed the way people use the Internet during the course of their day-to-day activities. Web 2.0 is all about collaboration and facilitating open interaction and information-sharing without any barriers or constraints. The nature of the Internet extends conventional communication like never before, allowing users to converse, share data, and exchange ideas with a massive global audience – something that was previously considered impossible.

How will CRM 2.0 work? By taking core Web 2.0 concepts and applying them to traditional customer relationship management strategies. As a result, the CRM 2.0 methodology will deliver numerous advantages, such as:

A True 360 View of the Customer

Full insight into the needs, wants, behaviors, and interests of each individual customer has always been the primary goal of traditional customer relationship management systems. But, this intelligence has typically been driven by data that was generated by the company, not by its clients. CRM 2.0 will change all that, incorporating the voice of the customer – their thoughts and feedback in their own words – into customer management processes, as well as the applications that support them.

Enhanced Development of New Products and Services

By allowing companies to interact with their customers in a more rapid and honest fashion, CRM 2.0 will foster greater collaboration when it comes to product plans and roadmaps. This, in turn, will result in the design and delivery of offerings that are more likely to satisfy the needs and demands of the marketplace.

More Successful Marketing Strategies

If companies could really determine how existing and potential buyers would respond to new slogans, advertisements, promotions, and campaigns, return on marketing investments would skyrocket. CRM 2.0 will make this possible, by allowing marketing departments to gather and assess public perceptions of their programs – before they are launched. This can save time and money by making it easier for marketing teams to determine campaign viability before significant effort is put forth.

A More Collective Approach to Problem-Solving

When customers have a complaint or issue, traditional CRM simply notes the problem and assigns somebody to fix it. But, CRM 2.0 will make this a more collaborative process by actively engaging the client in addressing and correcting the issue.

Improved Loyalty

The unhindered communication and bi-directional participation that Web 2.0 provides will create a greater bond between company and client, and help build a strong foundation that is based on mutual trust and loyalty. As a result, customers will be more satisfied and far less inclined to take their business to a competitor – even when problems occur.