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Industry Research : Gartner: Market for Social CRM Will Surpass $1 Billion by 2012

The worldwide social customer relationship management (CRM) market is forecast to reach over $1 billion in revenue by year-end 2012, up from approximately $625 million in 2010, according to Gartner Worldwide social CRM is projected to total $820 million in 2011.

However, analysts said spending by buyers on social software for marketing, customer service and sales increased by 40 percent in 2010, but social CRM remained less than 5 percent of the total CRM application market. More than 100 vendors have social CRM offerings. Most are not profitable and generate annual revenue of less than $1 million.

"Use by consumers accounts for over 90 percent of spending on social CRM, but spending on business to business (B2B) use is growing faster and will account for 30 percent of total social CRM spending by 2015," said Adam Sarner, research director at Gartner. "The market will continue its rapid consolidation throughout 2011. Previously, social vendors acquired each other. Now, business application vendors and outsourcers have started to add capabilities through acquisitions."

Most vendors remain relatively small and unprofitable, although many grew 50 to 100 percent in 2010. In order to thrive in the future, analysts said that social CRM vendors will need to provide clear benefits for companies and communities, demonstrating multiple use cases for sales, marketing and customer service processes.

"Until recently, many companies have treated social CRM as a series of experiments and tactical purchases. Few have a social CRM strategy or established metrics to measure its effect on hard business results. Different departments, employees and managers implement different types of applications for different purposes," Mr. Sarner said. "This lack of consistency among buyers keeps the market fragmented into at least three segments — sales, marketing and customer service — with many small vendors taking various approaches to address one area, approach or use case. The majority of vendors that survive and thrive in the mid-term will offer tools that can address multiple use cases in more than one department."

Today's vendors differentiate themselves on the basis of functions, process workflow, analytics and ease of use or superior experience delivered through professional services. The functions that social CRM vendors offer tend to reflect one of four typical starting points:

• Hosting and supporting a branded or private-label community, and providing the surrounding functions
• Monitoring, listening to, surveying and responding to private-label or independent social networks
• Facilitating the sharing of B2B or business to consumer (B2C) contacts through communities
• Establishing community product reviews largely to facilitate online sales

"Vendors who can assemble a full set of social CRM functions, and make progress in two or more of these areas, will be best positioned for market success as the market matures," Sarner said. "Over time, vendors will find it harder to gain an advantage by providing unique core functions for social CRM."

Four other factors will also differentiate vendors:
• Seamless interoperation between public social networks and internal collaborative communities
• Integration of processes with traditional, operational CRM applications, such as multichannel campaign management, a customer service knowledgebase or a sales lead application
• Application-specific analytics to help prove the ROI of the social CRM application
• Partnerships with global system integrators, or digital or interactive agencies and consultants, to promote and deploy the applications

Gartner analysts said that R&D in social CRM will center on five areas: (1) deeper integration with traditional CRM processes; (2) tools to measure ROI; (3) deeper integration with social network services — particularly Facebook and Twitter; (4) increased use of analytics; and (5) new use cases for social CRM.

"The need for integration will favor more-traditional CRM vendors that add social capabilities. Integration did not matter much when enterprises were just experimenting with social CRM," Mr. Sarner said. "However, companies are asking for the integration of social data with other customer data within sales, marketing and customer service processes, which will require the integration of social CRM with applications such as a knowledgebase for customer service, multichannel campaign management, sales force automation or e-commerce, Web content and Web analytic applications, master data management, and even back-office applications."

Posted by Veronica Silva Cusi, news correspondent
Source: http://www.cio.in

Today's Tip of the Day - Workforce Management Solutions

Read today's tip or listen to it on podcast.

Published: Monday, August 29, 2011

Printer Friendly Version Printer friendly version

2024 Buyers Guide Omnichannel

 
1.) 
Premium Listing
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.


2.) 
Alvaria

Noble Contact Center
Truly unified omnichannel operations. Your customers have growing expectations about how and when they want to interact with you. The noble contact centre suite helps you seamlessly communicate with your customers, no matter which channel(s) they prefer. Noble helps you optimise agent activity and improve the efficiency of customer interactions with our unified omnichannel solutions. Seamlessly manage communications over a variety of voice and non-voice channels including voice, email, sms text, web chat and social media. Simultaneously manage inbound and outbound communications without having to log in and out of programs. And combine all channels on a single platform to improve contact centre efficiency and profitability.

3.) 
Eckoh

Eckoh Experience Portal
Cloud-based portal that delivers Eckoh's complete Secure Payment and Customer Engagement solutions. Simply take the solutions you need today and add additional ones as you need them. All from one supplier.

4.) 
eGain Corporation

eGain Solve
Rated #1 by analysts and trusted by some of the biggest brands in the world, eGain Solve helps businesses design and deliver smart, connected customer journeys across social, mobile, web, and contact centers. You can sell smarter, serve better, and know more.

5.) 
Hodusoft Pvt. Ltd.

Omnichannel Contact Center Software
"HoduCC" is a comprehensive and consolidated contact center software. It guarantees to provide the best call center software that suits best for all types of call centers. Being one of the top Voice over Internet Protocol (VoIP) solutions providers across the globe, HoduSoft ensures that this contact center software offers intelligence, security, and advanced features.

HoduCC has been designed in a way to make sure that user loyalty is built and the customers’ expectations are accomplished. Doesn’t matter what your business size is, HoduCC is most affordable Contact Center Software for small businesses as well.

HoduCC allows customer support teams to provide personal, productive phone...
(read more)

6.) 
Ivonesia Solusi Data

Sociomile
Elevate your service quality and experience a seamless and more personalized customer care solution to get a happier customer journey that transforms into loyalty.

7.) 
Vads

VADS Omnichannel Solutions
Omni Channel is a cross-channel business model and content strategy that companies use to improve their user experience. Omnichannel is an integrated way of thinking about people’s relationships with organisations. Rather than working in parallel, communication channels are designed to cooperate and build a coherent, evolving, cross-channel experience.

Omni Channel supersedes multichannel and includes channels such as physical locations, FAQ webpages, social media, live web chats, mobile applications and telephone communication Companies that use omnichannel contend that a customer values the ability to be in contact with a company through multiple avenues at the same time.


Benefits ...
(read more)

8.) 
Teckinfo Solutions Pvt. Ltd.

InterDialog UCCS
InterDialog UCCS - a robust contact/ call center software that helps organizations provide a seamless customer experience across all channels in the customer service journey. All interactions from various channels come to a single unified queue on the InterDialog platform. With unified view agents get to see all historical interactions , enabling him to give a resolution quickly. InterDialog UCCS is a comprehensive Contact/Call Center Software with robust CTI, Unified Q ( ACD), Reporting, Unified Agent Management, Administrator, Supervisor - Monitoring (Pmonitor)

9.) 
Trust Business Partners LLP

Customer Interaction Automation
Delivering Ai -powered process automation and digital engagement tools. Onto existing technology stack as well as part of a total suite of offerings including Omnichannel contact centre. We work through partners who can add services and bespoke solutions.
 

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