Metamorphosis of CRM

Abstract

As per the report of Grand View Research, the global Social CRM market is expected to grow to USD $81.9 billion by 2025. The report justifies that Social CRM has managed to exhibit a profound growth rate in a couple of years. Social CRM is now becoming a necessity for most of the businesses. The transformation of CRM went from being a strategy that focused on forming only financial bonds with customers to a business strategy that aims at establishing both transactional and interactional relationship with its customers. This change led to the evolution of a new version of CRM known as Social Customer Relationship Management. Social Media combined with CRM can benefit companies like never before. This chapter proposes a conceptual framework of a metamorphosis of CRM based on literature review. It presents the hospitality practitioners a reference to gain insights into the potential advantages like brand loyalty and positive word of mouth by the systematic implementation of Social CRM Strategies.