MBA 640 University of Maryland Global Customer Relationship Management Discussion
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Just need replies to the 2 below threads for an online discussion forum. 1-2 paragraphs for each thread, references not needed but a plus. Original questions and relevant materials attached.
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Thread 1 :Customer relationship management is increasingly evolved with the use of social media. For example, consumers now have the ability to rate and or monitor a brand instantly while in the past they could not. This allows consumers experiences to spread rapidly on a worldwide basis which can either be beneficial or detrimental for a brands reputation (UMGC, n. d.).
For online merchandise stores such as CompanyOne there are several social CRM tools and analytical CRM tools. Some social CRM tools include online reputation management and monitoring tools. These tools are used to rate and sort data which allows brands to test how they are perceived by consumers online (UMGC, n. d.).
Some commonly known social CRM platforms includes: Salesforce Social Studio, HubSpot, and Zoho. It is recommended that CompanyOne selects Salesforce Social Studio for its social CRM tool as this tool is more beneficial for the brand to do so. This social CRM software features tools for responding to engagement, organizing social media posts and analytics, which assists the brand with automatically responding and routing customers to the proper department (Zunenshine, n. d.). This is beneficial to the company because they are an online business and will be in need to respond to consumers automatically while providing a proper response.
One con of Salesforce that CompanyOne should be aware of is the cost associated with using the platform. For example, the corporate plan for the platform is $12,000 annually which can be deemed costly by some brands (Zunenshine, n. d.). Overall the platform may be costly but it would provide the brand with what they are looking to do which is to communicate with the consumer effectively.
Some commonly known analytical tools are: Salesforce Einstein, HubSpot & HubSpot Marketing Hub, and Zoho Analytics. It is recommended that CompanyOne selects Salesforce as its analytical CRM tool. Some benefits of the platform are: advanced cloud-based business intelligence analytics platform and Einstein machine-learning which helps the platform adapt to changes in data (Sirk, n. d.). One con associated with the platform is it is costly compared to some of the other platforms. This platform will benefit the brand because it is an online company and the analytical tool will put the brand ahead of the competition due to its smart technologies and data.
Sirk, n. d.). Analytical CRM Software Definition and Key Features. Retrieved February 10, 2021. From https://crm.org/crmland/analytical-crm
UMGC. (n. d.). Social CRM. University of Maryland Global Campus. Retrieved February 10, 2021. From https://leocontent.umgc.edu/content/umuc/tgs/mba/mba640/2211/learning-topic-list/social-crm.html?ou=541358
Zunenshine, M. (n. d.). 7 Best Social CRM Software (2021 Update). Retrieved February 10, 2021. From https://crm.org/crmland/social-crm
Thread 2: How has customer relationship management (CRM) evolved or changed with the rise in the popularity of social media? Explain.
Customer Relationship Management has evolved quite a bit with the rise in popularity of social media. Previously, customers did not interact with businesses on Social Media. They used emails, letters, or phone calls to manage relationships and were limited to one-to-one interactions (Das, 2017). Relationship building was possible like this but more difficult as businesses could collect customer data but had to real way to respond or organize it. This left businesses with unorganized CRM processes and relationships built on individual sales or account executive interactions.
Social media enabled businesses to use CRM software with social media to build better customer experiences and increase revenue. Some examples include using bots to interact with customers, track customer behaviors and patterns, build their brand online, ask specific questions of customers, and get feedback immediately. These changes enabled the one-to-one approach to be replaced with a one-to-many approach. Social CRM allows the business to view who is engaging in in conversations about the business, identify and reward business advocates, and resolve issues by monitoring for complaints (Lurie, 2020).
For an online merchandise store like CompanyOne, what are some of the common social CRM tools?
There are many social CRM tools available today. Some of the most common social CRM tools include HubSpot, Freshworks, Salesforce, and Microsoft Dynamics. Each of these tools work by combining all managed CRM-related processes into one system therefore meeting the definition of a Social CRM tool.
Analytical CRM tools?
CRM analytical tools help to organize data into decipherable sections. Some out the both analytical CRM tools include Saleslogix, Zoho, and Salesforce Analytics Cloud (Peterson, 2014)
Recommend one commercially available social CRM tool and one commercially available analytical CRM tool to CompanyOne, discuss the pros and cons of each tool, explain the reasons for your selections.
The recommended social CRM tool for CompanyOne is HubSpot and the analytical tool is Salesforce Analytics Cloud. To start, HubSpot is ranked as a #1 social software solution on the market. Benefits of HubSpot include a high user satisfaction score, free in price, support on both PC and mobile platforms, and scalable for small businesses or large enterprises (Gilbert, 2020). One down fall of HubSpot is it is only cloud hosted, it cannot be set up on-prem or with an open API. This is a con of the tool as cloud connectivity is required for all connections.
Salesforce AC has many benefits in the analytical CRM marketplace. Benefits of this tool include a robust user interface that makes the program easy to use, added features like contract, opportunity, and lead management, sales forecasting, and customer management (SFSC, 2020). This tool is also integrated with many common applications like Google Drive, Outlook, QuickBooks, and Slack. Other benefits include a staggered pricing model and variety of languages and support. Cons can include an overwhelming number of features and length of time to learn the system.
Both applications were chosen because of their lead in the CRM market. HubSpot is free for users and Salesforce offers different pricing ranges as needed. This will be very beneficial to a company like CompanyOne. They can use HubSpot for free and scale Salesforce as their business grows. These applications are also supported on multiple platforms and had very high customer reviews. Overall, these are the best applications for a company like Company One.
References
Das, S. (2017). How CRM and social media evolved into social CRM. Retrieved from Advanced Web Ranking: https://www.advancedwebranking.com/blog/crm-social…
Gilbert, N. (2020). Top 10 social crm software. Retrieved from Finances Online: https://crm.financesonline.com/c/social-crm
Lurie, I. (2020). What is social CRM? Retrieved from Sales Force: https://www.salesforce.com/eu/learning-centre/crm/…
Peterson, A. (2014). 4 Solutions with the smartest crm analytics. Retrieved from Technology Advice: https://technologyadvice.com/blog/sales/4-solution…
SFSC. (2020). Salesforce sales cloud. Retrieved from Technology Advice: https://technologyadvice.com/products/salesforce-r…
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