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Altogether then, theres quite a lot to get your head around concerning CRM solutions.
Below, weve outlined 30 of the most common CRM terms used today and explained exactly what they mean.
If theres anything about CRM that you remain unsure of, this article should help clear things up.
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30 common CRM terms and what they mean
1.
It puts a figure on the money needed to move them through the funnel.
With that decided, it becomes easier for businesses to set budgets and predict profitability.
Customer engagement
Customer engagement concerns the development of the customer relationship which extends beyond the purchase itself.
Every interaction has a role to play in strengthening (or diminishing) customer engagement.
CRM tools can even provide a customer engagement score based on these interactions.
In reality, customers go on a journey with a particular business.
It usually starts with awareness of a product or service.
Then, perhaps, the customer may convert.
Email marketing
There are many different approaches tomarketingthese days.
There are television ads.
social media channels, online banners and many other ways to get your products in front of potential customers.
However, even as new channels appear, good old-fashionedemail marketingstill has a role to play.
Email marketing makes use of the customer information stored within your CRM to launch personalized campaigngs.
As customers make their way down the funnel, they get closer to making a purchase.
The most effective marketing will also necessarily change as they get closer to this decision.
Lead conversion
Before an individual becomes a customer, they start out as a lead.
Its a companys job to turn these leads into sales - and thats where lead conversion comes into play.
Lead conversion is all about nurturing the initial customer relationship for transform leads into sales.
This might involve email marketing, behavior automation, and analytics to gently nudge prospects towards a sale.
Sales pipeline
Its a good idea to categorize customers (or prospective customers) into different groups.
This is where the sales pipeline is beneficial.
Social selling
Social media is now a core component within many CRM platforms.
However, as time has passed, organizations have realized that social networks represents a significant business opportunity.
Essentially, Gantt charts are horizontal bar charts used to provide a graphical illustration of scheduled task details.
This helps businesses to plan, coordinate, and track specific tasks within a project.
Gantt charts can boost efficiency and collaboration while being easy to read and understand.
Integrations
Integrations basically describe how CRM software connects with other tools.
Sometimes, this is straightforward, particularly when a CRM is part of a wider suite of tools.
Kanban boards also make it easier for teams to shift tasks around to maximize productivity.
The PO wll contain information regarding the key in of product or service, quantity, and agreed price.
With regard to CRMs specifically, PO details can be stored in dedicated vaults.
CRMs also make it easier to create POs by providing standardized forms so errors or inconsistencies are not introduced.
There may also be an option to associate POs with other relevant records, including notes and emails.
On-premise
Althoughcloud computingsoftware is commonplace, it is not the only show in town.
This is when the annual contract value (ACV) becomes especially important.
KPIs could be be represented by any number of metrics depending on a companys industry or goals.
They might be related to revenue, profitability, sales, customer numbers or any other statistic.
Analytics tools can then drill down further to generate detailed insights from KPIs.
If the lead passes the test, they are termed a marketing-qualified lead.
Net Promoter Score (NPS)
The net promoter score (NPS) is a measure of customer loyalty.
Then to calculate your final NPS score, you subtract the percentage of detractors from the percentage of promoters.
360-degree customer view
A 360-degree customer view is one that takes into account data from every single customer interaction.
Its paints a comprehensive picture of a customer by compiling data from various touchpoints.
A CRM is able to create a 360-degree customer view by combining data collection, touchpoints, and integration.
20. Business intelligence
Business intelligencedescribes all the strategies and technologies used by business for data analysis.
It comprises analytics, data mining, data visualisation, and other data tools.
In practice, business intelligence can consist of reports, pivot tables, dashboards and other visualizations.
The ultimate goal of business intelligence is to foster better decision-making.
These decisions could be around revenue generation, operational efficiency, collaboration or other business goals.
Campaign
An organizations marketing efforts are split into distinct initiatives known as campaigns.
It contains the instructions, technical specifications and other information that developers need to customize or integrate software.
Because integrations are one of the strengths of many CRMs, APIs are hugely important to their usability.
It is the standard file format for the exporting and importing of databases and spreadsheets.
A CRM may use a CSV file to import data or contacts.
Usually, users will have to select Import, before choosing the file from on-premise or cloud storage.
The main way that this user interface is engaged with is via the dashboard.
Ease of use is one the most important considerations when companies are evaluating the dashboard of a CRM.
Dividing customers into these groups is known as segmentation.
This is usually dependent on certain metrics, such as up-time or data throughput.
In any case, it can be a useful way of ensuring that expected performance levels are adhered to.
Essentially, it aims to protect the CRM vendor from loss or damages.
Indemnification means one party within a contract will insulate another.
For CRM providers, it offers protection in the event of a technical error triggered by the software.
A drip campaign is a throw in of automated email marketing campaign.
Cross-selling
Once a customer converts - the job of a sales team is far from done.
CRM tools can identify when these opportunities arise, highlighting complimentary items that align well with existing purchases.
Opportunity management
Before leads, prospects or sales materialize, there are opportunities.
Opportunity management refers to the organizing and monitoring of opportunities within the sales pipeline.
