If you are an organisation looking for a stakeholder relationship management software, chances are that you may tend to get confused between Stakeholder Engagement Software (SRM) and Customer Relationship Management (CRM) Software as both of them seem similar on face value.
Both softwares manage complex and confusing relationships around and within an organisation; both deal with data on communications, engagement and contact details; and, both are effective in analysing reports on stakeholder activity (offline and online ). Yes! There are similarities but comparing them is like comparing apples and pears because at the root level both of these are different; they differ in their objective and purpose they serve. And here, we will talk in detail about their differences, so that you can conclude which software will fulfil your purpose.
Customer Relationship Management (CRM) Software
When you talk about the CRM, it is all about managing the relationships with an individual customer as opposed to a stakeholder who has very different interests to a customer and most likely need to be managed in groups based on interest and/or influence. In other words, a CRM is a system dedicated to managing the organisation’s interaction with its current and potential customers to manage transactions and the individual customer journey. A CRM is focused on managing a sales opportunity and then maintaining the customer. Whether it’s the CRM’s reports, dashboard or any other activity, all are focused on managing and nurturing the sales by enhancing the interaction with customers. A CRM is clearly not going to be of much use for managing stakeholders through a consultative process.
Stakeholder Engagement Software
Unlike the CRM, the Stakeholder Management System also known as the SRM (Stakeholder Relationship Management) doesn’t just take care of only one kind of relationship (the one with the customers), but it’s a software that manages relationship with other stakeholders as well. The focus of Stakeholder Relationship Management Software is on all the stakeholders who contribute in making the project a success. It is more flexible comparatively and encompasses the tools that are designed to enable regular engagement among stakeholders, including employees and those in community. And we, Engagement Hub are one such Stakeholder Relationship Management Software that derives participation and collaboration of stakeholders.
Ours is a system that:
- Keeps the stakeholders and community informed with project updates.
- Manages workshops, forums and events.
- Maps the stakeholders as per their influence and interest.
- Manages communications centrally (surveys, polls, chats, FAQs ).
- Maximizes the information sharing and collection by using video and picture galleries.
Now if you ask whether one can you use a CRM instead of a stakeholder engagement software? We’ll say a big NO. CRM cannot cater to the huge scope of engagement approaches and procedures required in making the project a success; this can be done only by the SRM.
All in all, while the stakeholder relationship management software can guarantee long-term success, CRM can help you convert leads and stay in touch with potential clients. So, you can choose the software as per your need.