Global IT research firm Gartner says Only 50 Percent of Fortune 1000 Organizations Will Get a Worthwhile Return From Their Social CRM Initiatives by the End of 2012.
Analysts will discuss the Future of Social CRM at Gartner Customer Strategies & Technologies Summit 2012, June 11-12, in London, UK.
The report showed that 50% of Fortune 1000 companies do not benchmark or measure the return on investment of their social Customer Relationship Management and 80% are not collecting and compiling the data required to measure social success.
Here’s some highlights from the report:
Worldwide market for Social CRM software licenses and subscriptions to total $2.1 billion in 2012, up from 850 million in 2011
Social applications by sales, marketing and customer service departments continues to grow rapidly
By the end of 2012, only 50 percent of Fortune 1000 companies will receive a worthwhile return on investment (ROI) from their social customer relationship management (CRM) initiatives
Only 20 percent will even have the data to evaluate where their social strategy is falling short
Social CRM revenue will represent 10% of the overall CRM market
B2B applications for sales use will account for 30 percent of social CRM spending by 2015
Numbers of fans and weekly Tweets are not enough to correlate with business objectives
Social CRM is important to lead generation and cross-selling and up-selling capabilities
Social CRM vendors will need to show quantified business cases and, more importantly, deliver repeatable social CRM processes that are not yet broadly available
Focus on the relationship and less on the management
Tie social objectives to clear and measurable business objectives
Get smarter, think socially and be mobile-oriented
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