About a week ago we looked at what social media means to businesses and why social media is the way forward for businesses and perhaps right now you are wondering how social media can benefit you and your business. In a nutshell, your relationship with your customers will never be the same again and it is for the better! I managed to stumble upon this simple yet comprehensive image depicting the evolution of CRM into Social CRM when a business truly integrates social media into their operations.

Social CRM sure looks good and it is important in today’s social media world because businesses are moving towards a collaborative business model. This also means that businesses that has a closed door concept, shutting off customer input will eventually lose out from the market as they only see business through transaction and not interaction / engagement. Little did they know that customers really do have the upper hand in today’s world where a single complain or dissatisfaction can evolve to a global scale within minutes – again, through social media.

Collaborative?

Yes, we are talking about Co-Creation and Co-Promotion of products and it can only be achieved by a collaborative effort, through engaging with your customers. Gone were the days customers will simply buy a product without research and comparison with your competitors.

Reviews, feedbacks and complains can be freely obtained online on blogs, forums, Facebook and Twitter statuses and more therefore making competition greater than before! Think of it this way though, if you’re able to get into their good books, your competitor will be the one struggling instead!

Still have your doubts? Check out the video below!

Start by opening up your doors to listen to what your customers are saying.

What is it that they really want from you?

What is it that makes them your customer?

Is it your product? Or your services?

What are your strengths? What are your weaknesses?

Who do your customer perceive as your competitors?

These questions are best to be answered by your customers.

“Your customers are in someway, your existing followers and fans. Spend more time with them to understand their needs instead of trying to catch the attention of the mass public! Keep the fans, let the rest go. They’ll come when they’re ready”

A traditional business would probably think that the above is crazy.. but it’s not. With social media, businesses today gain direct communication with customers which they do not have 10 years before. A continuous relationship / collaboration with existing customers will in fact draw MORE customers, through them – Co-Promotion.

Find out what excites them as a customer and continue to spark that excitement in them and news will spread among your customers automatically through WORLD-of-mouth, without additional marketing expense. How cool is that?

Imagine creating a new product or service which has guaranteed sales / response – it can happen, with social media. Why? This is the power of Co-Creation. Businesses can use social media to co-create products and services that caters to their needs directly without making wild guesses. Customers know what they want and fans can give you the input you need to produce a killer product / service. It is also an avenue to truly say “we hear you”.

This way, you’ll know whether your product will be widely accepted / rejected even before producing it. Even better if you’re able to get your fans to create on your behalf – you may be on your way to discovering great talents for your business expansion and it’s a good way of getting your fans involved!

Want to know more?

Watch out for upcoming posts on real life social media implementation examples worldwide!