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Top CRM and Sales terms Glossary

CRM

Customer relationship management (CRM) is a type of company software that assists sales, marketing, and customer care teams in managing customer interactions and sales activities. It is intended to assist businesses in managing and analyzing customer interactions and data throughout the customer lifecycle.

Simply, customer relationship management software is intended to strengthen your company’s customer interactions and generate sales growth.

Mastering every sales word is a difficult task, but it is vital for successful communication within your sales force and CRM software.

Top CRM and Sales terms Glossary

If you require assistance comprehending customer relationship management CRM software, you are not alone. CRM software is a powerful tool that assists small businesses in acquiring and retaining consumers. However, if you’re not familiar with CRM software or CRM solution in general, it might be one of the most challenging tools to use.
Understanding the language is the first step toward mastering CRM software. Here are some of the most often-used buzzwords in CRM software.

Terms and Acronyms in CRM solution

AIDA

A sales acronym that stands for Attention/Awareness, Interest, Desire, and Action in CRM software.

Annual contract value (ACV)

ACV or Annual contract value is a metric that calculates the value of a continuing customer contract by averaging and normalizing its value over a year in CRM solution;.

Annual recurring revenue (ARR)

ARR, or annual recurring revenue, is a measure that illustrates how much recurring money a company generates from all of its subscription accounts.

BANT framework

The BANT framework is a checklist that is utilized throughout the lead-qualifying process.

B = Budget
A = Authorization
N = Need
T = Time

Business-to-business (B2B) 

Business-to-business (B2B) sales are those that occur between two businesses.

Business to customer (B2C)

Business-to-customer (B2C) sales occur between firms and individual consumers.

Bottom of the funnel (BOFU)

Prospects at the bottom of the funnel (BOFU) are on the verge of making a buying decision.

Cold calling

The process of making an unsolicited phone contact to a qualified lead in the hopes of converting them into a prospect is cold calling.

Customer acquisition cost (CAC)

The cost of gaining a new client, including all efforts to move them through the funnel.

Customer attrition

A company’s loss of customers. This occurs in all firms at some time, but it is critical to watch.

Customer churn

Over a certain time period, the number of paying customers who do not return as repeat customers or quit their subscriptions.

Customer engagement

The continual growth of a consumer’s connection with a firm encompasses more than simply the purchase. Moreover, being deliberate and consistent in this regard adds value to every customer engagement, building loyalty.

Customer tracking

A means for business owners to learn more about their consumers and their activities; they frequently utilize customer relationship management (CRM) software to accomplish so.

CRM campaign

A project or activity designed to build relationships with prospects, leads, or existing customers. It can encompass marketing initiatives such as emails as well as sales campaigns such as cold call outreach.

Demand generation

Evidently a marketing technique that generates high-quality leads by leveraging brand recognition and interest. Making corporate marketing communications sound more authoritative is part of this.

Drip campaign

A sort of automated sales outreach is an email drip campaign. A sequence of emails is automatically sent to a defined audience, after a specified action is made.

Key performance indicators (KPIs)

Key performance indicators (KPIs) are numerical metrics that show how well a company or individual employee is doing. KPIs are often specified as targets rather than mandates. Consequently Annual growth, conversion rates, the number of cold calls made, and the number of items sold are all common KPIs.

Lead

Any potential consumer who particularly indicates an interest in your company’s products or services is considered a lead. Leads might be incoming (the client contacts you) or outbound (you reach out to them). Subsequently most businesses concentrate their efforts on generating outbound leads through marketing techniques, social sales, and ad campaigns.

Marketing-qualified lead (MQL)

A marketing-qualified lead (MQL) is a lead that meets the marketing qualification criteria but not necessarily the sales qualification criteria.

Middle of the funnel (MOFU)

Prospects in the centre of the sales funnel are middle-of-the-funnel (MOFU).

Monthly recurring revenue (MRR)

Monthly recurring revenue (MRR) is similar to annual recurring revenue (ARR), besides it is measured on a monthly basis. 

Net Promoter Score (NPS)

NPS is a measure for measuring customer loyalty. It is infact quantified using a survey. Whereas consumers are asked how likely they are to suggest the company or product to someone they know. 

Prospect

A prospect is a lead who has interacted with someone in your firm. Another example of CRM solution. Additional difference helps your sales team to determine who requires first outreach and who is formally at the start of the sales pipeline.

Service level agreement (SLA)

A service level agreement (SLA) is generally a contract between sales and marketing that outlines the expectations of one department for the other. 

Top of the Funnel (TOFU)

Prospects at the top of the sales funnel (TOFU) are also at the top of the sales funnel in a CRM solution.

360-degree customer view

In a CRM software complete picture that collects data from the different touch points a client may use to contact a firm in order to acquire goods and services.

Conclusion

Learn the meanings of the most crucial sales words to understand CRM solution and CRM software, whether you’re a salesman or a marketer. Hence, you’ll be able to communicate with colleagues more effectively, allowing you to spend more time selling and developing successful content.

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