The balance of power is shifting. Your customers are becoming smarter and better informed, and - most importantly - they are talking with each other about you. This is the age of the empowered customer. The rapid emergence of social networking and online communities is having a significant impact on customer expectations and buying behavior.

Today, a customer can walk into a store and, within seconds, whip out his iPhone and tap the Internet to conduct a price comparison with online retailers, read product reviews from other consumers, and find out what offers are available from other brick-and-mortar competitors within driving distance.

Many companies are finding this massive shift of power to the costumer disconcerting, especially as product choices abound, price transparency increases, channels proliferate, and the economic environment is becoming more and more difficult.

Business strategies need to adapt as interaction excellence and customer insight are becoming key sources of competitive differentiation. Traditional CRM must converge with the unstructured "Web 2.0 world", mobility and ubiquity become imperative, and a new breed of analytical tools are needed to thrive in this new reality.

In this Podcast, Dr. Volker Hildebrand, VP CRM Product Management, SAP, will discuss these significant trends and outline SAP's approach to a new generation of CRM that will help companies not only survive the current economy but emerge as a leader in the long run.