Whether or not a company wants to utilize social media, its prospects are already on social media sites. That means smart companies use social media channels in their customer relationship management (CRM) to convert prospects into customers.
According to Marketo, companies that are the best at nurturing generate 50 percent more leads at a third less cost. Social media is a comparatively low-cost way to nurture would-be customers until they are ready to buy. It can provide high return on investment, while also spurring long-lasting relationships with customers.
Using social media in customer relationship management can be a particularly cost-effective way to reach prospects earlier, keep them engaged and interested through the sales funnel, and convert them to customers.