Description

The growth of social media is shaking up corporate customer relationship management (CRM) strategies. It is prompting firms to reconsider the customer referral value component in customer value as it allows customers to expand their social networks beyond their immediate circles of family, friends, colleagues, neighbors, and acquaintances. Companies must then apply tools like social network analysis and social influence scoring to measure and assess social impact on CRV and ultimately CV, or “Social CRM” in their CRM strategies.