To effectively maximize the potential of your Customer Relationship Management software (better known as CRM), it’s essential to grasp several key terms and concepts. This quick-fire article will give you the rundown on a number of essential terms.
Whether you seek to refresh your knowledge of the latest CRM terminology or gain a deeper understanding of your CRM software’s defining features, the Worktables team have got your back!
360-degree customer view
A big-picture look that pulls together info from all the different ways customers get in touch with a company to buy stuff and get things done.
Cross-selling
Getting customers to snag extra products or services on top of the stuff they initially wanted to buy. These add-ons usually go well together, making it a no-brainer for customers to grab them.
Customer acquisition cost (CAC)
The money you splash out on trying to reel in a new customer, covering all the $$$ you spend to guide them down the sales journey.
Customer attrition
Sadly businesses do lose customers. It’s just how the cookie crumbles. Customer Attrition monitors this – an important aspect to keep your business growing in the right direction.
Drip campaign
An email drip campaign is a type of automated sales outreach. A series of emails are automatically sent to a specific audience after they have taken a specific action.
CRM campaign
This is something you set up to build connections with potential customers, leads, or folks you’re already doing business with. It can involve various things like email marketing or reaching out with cold calls as part of sales efforts.
SaaS sales
Selling web-based software to peeps and various outfits, which can be individuals, teams, or even big companies.
Scoring rules
It’s like a scorecard we use to rate how important leads, contacts, accounts, or deals are. We just keep adding or taking away points for each thing on the list until we get a total score
360 degree customer view
Sometimes called the “single customer view,” it’s like the complete scoop on each person you’re doing business with and all the info you’ve gathered about them. You can find this feature in most CRM systems.
BANT (Budget, Authority, Need, Timing)
It’s like a roadmap for sizing up potential B2B customers. You see, a business uses these four standards to check if a sales lead is a good match.
Sales Qualified Lead (SQL)
This is like a customer-to-be who’s been checked out and is looking promising for sealing the deal. It’s typically a joint effort between the marketing and sales teams to make sure they meet specific criteria indicating a better chance of closing the deal.
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Need some extra help boosting your CRM knowledge? Simply contact the Worktables team and we will be happy to help.