We manage relationships. "Social media" has opened up a new appreciation for more equitable and more respectful relationships with customers and new influencers. The best businesses didn't need social media crisis to drive them to treat people well. Others learned they must or risk a public kerfafle.
We started by managing relationships with influencers from high-reach bloggers to well-connected design-enthusiasts to regular folks who were both relevant and influential as determined by their followers. Short and long tail influencers. Our goal is to encourage ("earn") some form of word of mouth (aka advocacy or "earned media"). That is not CRM.
Customer relationship management refers to the discipline of managing customer relationships to optimize their profitability. How that "profitability" manifests itself is up to the enterprise. It might be simple short term transactions (more purchases this quarter). It might be long term customer value ("lifetime customer value").
Social CRM is when we combine the two - Social IRM and CRM. Thats when we can combine our database of influencers, the data that tracks their advocacy or WOM and our customer and sales data. It requires us to value both revenue and advocacy to even be bothered. It will be the infrastructure that preoccupies enterprise for the next 5 years.