An illustrated primer of terms used in CRM
When we discuss B2B CRM processes, it is important to know some terms. I wanted to go back to basics but, this time with some screenshots from an actual web-hosted CRM product, Salesgenie CRM++. Whether we discuss CRM 1.0 or CRM 2.0. For a basic understanding of CRM, please visit my previous posts on CRM in the blogroll where all my articles on CRM for small businesses are posted.
Account: This is the organization/ company that buys or will hopefully buy from your company. It is important to realise that the Account is a “collective” of people; typically many people with roles in the B2B purchase process.
Contacts: The men and women who work for this company and importantly with a relevant role to play in decision making regarding the product or service that you are selling to the Account.
Campaign: a sustained effort by various means (e-mail, post, seminar, tradeshows etc) to communicate the product or service benefits to the contacts.
Response: customer action on receipt of e-mail/ mail, attending a seminar, registering for a seminar, visiting a website, downloading something. Response needs to be captured by the system, automatically or manually. It is important to capture it individually- per contact- to follow up, as well as collectively, to measure success in response generation.
Activity: Any customer response as above and any sales activity like meeting (phone or face to face), product demonstration- anything that can advance the sales process. Task: Any activity which we need to perform in the near future to serve the customer.
Lead: An evidence of customer interest in our product or solution. Normally understood to be the main job of marketing- and their chief output. To see a more modern definition of what a sales lead is, click here. Or a more provocative slideshow, click here.
For an example of how a modern CRM system is used to generate leads by the marketing department, click here.
Deal: A deal is a sales lead that the salesperson has worked on, “qualified” to be worthy of follow up and is able to quantify in terms of the size of the opportunity, the timeframe to “closure” and the decision makers involved. Her objective is to be in control of the process to get a decision in his favour.
Quotation: A CRM system will allow you to send a configured priced quotation, complete with taxes and discounts to a contact in an account.
What are your favourite terms? Which ones do you think I did not mention? Go ahead, leave a comment below: