If you’re new to CRM, it can be challenging to wrap your head around all the terminology that’s associated with it. Misunderstandings can also make choosing the right CRM and implementing it difficult too.
To help you get acquainted, we’ve created a CRM Glossary, containing the most common terms used in all CRM systems:
CRM stands for Customer Relationship Management, and a CRM system help businesses attract, retain, and delight customers through a combination of people, process, and technology. Ultimately, CRM is a business strategy aimed at understanding, anticipating and responding to a prospect or customer’s needs.
Cloud CRM or SaaS
Cloud CRM or SaaS is hosted by a CRM vendor and stores the company’s data online. It provides the software as a service because the client doesn’t need to install or maintain anything, they are simply provided with a link to begin using the service.
On-premise CRM is a conventional software – what we’re all used to. It involves installing software on your own servers in your computer room and using your own IT staff to manage it. There is no limitation in data storage.
Targets (also often known as Prospects) are often names you have purchased on a list, or receive regularly from an industry partner. Once the Target’s contact information has been confirmed and some interest in what you have to offer has been established, they are usually converted to Leads.
Leads are the potential prospects or customers who are interested in your product or company. They are unqualified contacts or sales opportunities in your business. They are the raw details gathered about individuals or representatives of organizations collected from trade shows, seminars, advertisements and other marketing campaigns.
Contacts are the people in an organization with whom your company communicates with in pursuit of business opportunities.
Accounts are the companies or departments within a company with which you have business dealings.
An Opportunity represents a lead/contact/account that has shown interest in your business and represents a potential sale.
Quotes are agreements between customers and vendors to deliver the requested product within the specified time at the agreed price. A quote can be converted into a Sales Order or Invoice with a single click. Templates can also be created based on the quote details and then be sent to the customer.
Invoices are bills issued by the vendor to the customers along with the goods or services with the purpose of receiving payments.
Forecasts are the factual insights needed for making smart business decisions and anticipating future sales. Within 1CRM, your forecasts are automatically generated in the form of charts and textual information to provide you with a personalized view of your real time business for tracking and fine-tuning the sales process in your organization.
Campaigns within a CRM are targeted email marketing campaigns designed to increase sales & interest. They could be newsletters, follow-up emails, or special promotions.
Price Books are the agreed price for selling a product to a customer. The unit price is the price fixed by the manufacturer for the product and the list price is the sellers’ price which can be quoted in the price books.
Cases are the feedback received from the customers on various issues pertaining to the use of your products or services. They can be feature requests or bug reports. Once created, these cases can be assigned to the right support agent in your organization for better case resolution and customer satisfaction.