CRM Terminology

Are you searching for  getting few domain knowledge about CRM?
If yes then this is the right blog you choose, hope you will like it.

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what exactly CRM is?

• CRM is nothing but customer relationship management basically by sales department of the Organisation in order to do business for maximising the benefit
• And CRM software are the application software which helps to automate the sales department work. 

Examples:

• Distributed source(http://distributedsource.com/crm) .
• Nimble(http://www.nimble.com/)--Must login, it's interesting
• SalesForce(http://www.salesforce.com/).
• Sage ACT(http://na.sage.com/sage-act)
• Oncontact (http://www.oncontact.com/)

Customer:

• Customer is a person or organisation that buys goods or services from a store or other business.
• CRM system will help to maintain the relationship with customer in order to maximise your benefits by automating maximum sales flow

Leads:

• Leads are the individual or representative of organisation who shows interest in your product or services
• Or in other word leads are the potential customers self registered online.

Deals:

• Deals are the qualified/selected customer contacted by the sales team.
• by the way the dictionary mining of deal is "An agreement entered into by two or more parties for their mutual benefit, esp. in a business or political context."

Opportunity/Potentials:

• Opportunities are the hot Leads from where the Organisation can get more revenue by converting them into Deals.
• Or you can say Opportunities are the sales and pending deals that you want to track; may be for making deal with them.
• Potentials are the business deals with organisation or peoples that generates revenue for your  organisation.

Cases:

• Cases are the feedback that are received from the customer on various issue by using your product or services.

Activities:

• Activities are the process to keep track of business interaction including task(eg. phone call or email)  and calendar events (eg presentation or business meetings).

Task:

• Task is an activity which is having due date.

Events:

• Event is an activity which is having start and end time.

Contacts:

• Contacts are the peoples in the company with whom you communicate and interact in pursuit of a business.

Accounts:

• Accounts are companies or department in a company, with which you make business dealings.

Forecasts:

• Forecasts are nothing but the predict and plan your sales cycle from pipeline to close sales and manage sales expectation  throughout your organisation

Campaigns:

• A campaigns is a marketing effort to increase  the sales through planned, executed, distributed and analysed marketing activity.

• The Goal of the effort is to often generate new Leads and help converting them to Deal.
• A campaigns may have other goal like to awareness and brand to the company.
• A CRM system can help for manage, execute and monitor marketing campaigns.

Products:

• A product is a business offering form a business to it’s customer.
• A CRM system should allows a business to record it’s product and related information so sales staff and other CRM users can use product information fully and correctly in their business activity.

Vendors:

• Vendors are the companies, individuals or contractors from whom your organisation gets products/services.

Invoice:

• Invoice are the bills generated by the vendor along with the goods/services with the purpose of procuring payments.
• Or in a more general way you can say a commercial document issued by a seller to the buyer

Purchase Order:

• Purchase Orders are legally bound order-placing documents for procuring products or services from vendors.

Price Book:

• Price Books are the agreed price for selling a product to a customer. Based on the agreed terms, the prices can even vary for different customers.