Industry Verticals and CRM

Industry Verticals And CRM

Industry Verticals And CRMFor those new to the world of CRM, one of the most common assumptions is that CRM is a “one size fits all” solution that can be implemented in a business of any size and type.

The reality is that every CRM system is unique, and some are better suited to particular industry verticals than others.

While CRM vendors and implementation partners have always offered solutions for various industry verticals, that focus is now stronger than ever.

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A Guide to CRM-Related Three Letter Acronyms

CRM Related Three Letter Acronyms

CRM Related Three Letter AcronymsRaise your hand if the following has ever happened to you: You’re in a meeting at a new company. A lot of Three Letter Acronyms (TLAs) are being thrown around.

You don’t know what some of them mean. You don’t want to appear foolish, so you pretend to understand while simultaneously jotting down as many of them as you can on your notepad. As soon as the meeting is over, you rush to your computer and furiously search for definitions of the terms you heard.

Don’t worry, it’s happened to all of us at some point. The worlds of CRM and inbound marketing brimming with jargon and acronyms. To help you catch up we’ve created a quick guide that will make you better prepared for a TLA-rich environment.

What Does It All Mean?

Here are some common acronyms you’ll see and hear related to CRM, digital marketing, sales, and B2B:

CRM – Customer Relationship Management

Let’s start with the obvious one, CRM. The press often butchers this one by calling it “Customer Relations Management.” CRM also happens to be the ticker symbol for salesforce.com, inc.

There are a number of CRM spinoffs. One of them is PRM — Partner Relationship Management or Patient Relationship Management.

ABM – Account Based Marketing

Account-Based Marketing (ABM) is an alternative B2B strategy that concentrates sales and marketing resources on a clearly defined set of target accounts within a market and utilizes personalized campaigns designed to resonate with each specific account.

Think scalpel instead of a shotgun — that’s ABM in a nutshell.

MQL – Marketing Qualified Lead

Marketing Qualified Leads have shown potential interest in buying. They’ve taken an initial step to engage with your business beyond just a website visit or social media view. An MQL is primed to receive additional contact.

Marketing Qualified Leads (hopefully) turn into Sales Qualified Leads, which then turn into customers.

SAL – Sales Accepted Lead

Sales Accepted Leads are the bridge between MQLs and SQLs. A SAL is a lead that the sales team has agreed to pursue, but has not yet spoken with to determine if they are a qualified prospect.

If a SAL, once contacted, indicates buying interest, they will likely be converted into a Sales Qualified Lead.

SQL – Sales Qualified Lead

A Sales Qualified Lead is a prospective customer that has been researched and vetted by an organization’s marketing and sales teams. The lead has been deemed ready for the next stage in the sales process and (typically) an opportunity has been created in CRM.

Every organization has a slightly different process and set of criteria for moving an MQL to a SAL, and finally to an SQL.

SDR – Sales Development Representative

Previously known as “inside sales reps”, Sales Development Representatives focus solely on outbound prospecting. Sales development reps aren’t responsible for closing business. Rather, SDRs focus on moving leads through the pipeline.

BDR – Business Development Representative

Business Development Representatives have a lot in common with SDRs. In many companies, the two are one and the same role. However, other companies differentiate BDRs and SDRs by the type of leads & relationships they handle.

When siloed, SDRs will typically be responsible only for inbound leads, while BDRs will be responsible for outbound activity.

CRO – Chief Revenue Officer

The Chief Revenue Officer role is a relatively new TLA that was born in Silicon Valley. Common in tech companies, a CRO has ultimate responsibility for driving revenue growth by leveraging and aligning all revenue-generating departments. This includes marketing, sales, and customer experience/success.

RSM – Regional Sales Manager

A Regional Sales Manager is responsible for the sale of a business’s products or services in a specified region or geographical area.

In many organizations, field salespeople report to an RSM.

KPI – Key Performance Indicators

Key Performance Indicators are measurable values that demonstrate how effectively a company is achieving key business objectives. Organizations use KPIs at multiple levels to evaluate their success at reaching targets.

Examples of KPIs include:

  • Return on Investment
  • Cost of Goods Sold
  • Customer Lifetime Value
  • Employee Turnover Rate
  • Sales by Region

Unsurprisingly, many KPIs are also three-letter acronyms. If you’re in charge of monitoring and/or organizing your company’s KPI reports, you really need to know all the acronyms.

CTA – Call to Action

A Call to Action is any text, image, video, or other media designed to get an immediate response from the person reading or hearing it. CTAs are used extensively as part of digital marketing strategies to generate leads and sales.

Incidentally, the plural of call to action is “calls to action.”

Can CRM Help Execute Your B2B Sales Strategy?

Can CRM Help Execute Your B2B Sales Strategy?

Can CRM Help Execute Your B2B Sales Strategy?

Executing a successful B2B sales strategy is difficult. It’s always been difficult, even before the days of the internet when salespeople largely controlled the buying process. But these days, it’s even more difficult. Buyers no longer rely on salespeople for initial information about a company’s products and services. Technology has made it easy for buyers to avoid communication with from sales reps.

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Who Are The Best Microsoft Dynamics 365 CRM Partners?

As a company that delivers CRM selection services, we are often asked who the top implementation partners are for companies that decide to go with Microsoft Dynamics 365 CRM.

There are dozens of Microsoft Dynamics CRM partners to choose from. Over the years, we have worked with a number of them. We have also received recommendations from customers and from industry insiders about others.

We feel that each of the partners listed below has the experience and expertise to deliver solid results. With that said, it’s important for any prospective client looking for a Microsoft Dynamics 365 CRM implementation partner to do their own due diligence before making a final partner selection.

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Avoid CRM Failure With A Sales-Focused Approach

Avoid CRM Failure With A Sales-Focused Approach

Avoid CRM Failure With A Sales-Focused ApproachThe biggest fear of any company that has just purchased new CRM software is that no one will use it.

Sadly, this happens far more often than many business leaders realize. While the reasons given for CRM failure vary from business to business, they almost all come down to the fact that the software didn’t meet a company’s expectations.

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Sales Engagement Software: What Is It And Do You Need It?

Sales Engagement Software: What Is It And Do You Need It?

Sales Engagement SoftwareAny seasoned sales rep can tell you that prospects are fickle creatures. Without warning, they can lurch from laser-focused engagement in one moment, to absolute radio silence the next.

As if that weren’t difficult enough, re-engaging them often requires wading through a half-dozen different communication channels.

Assuming you can reconnect with a client or prospect—which is often easier said than done—keeping their attention focused on you is more complicated than ever.

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5 Things CRM Can Manage After An Opportunity is Won

5 Things CRM Can Do After You've Won An Opportunity

5 Things CRM Can Do After You've Won An OpportunityCRM is well known in the business world for being one of the best and most cost-effective ways of improving sales performance and efficiency in organizations of almost any size.

Many businesses that adopt CRM use it primarily for tracking prospects through a sales cycle which hopefully culminates in a won opportunity.

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Sales Operations and CRM

Sales Operations and CRM

Sales Operations and CRMThe history of sales operations is much longer than most people might expect.

Neil Rackham is often credited with creating the first sales operations group at Xerox in the 1970s. Since then, sales operations has grown to become an integral part of a successful sales team.

As more and more technology has been introduced into the sales process, sales operations is frequently tasked with managing, developing, and supporting the tools, data, and services sales teams need to get their jobs done. This is where sales operations and CRM frequently converge.

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The Importance of Aligning Web Development and SEO

The Importance of Aligning Web Development and SEO

The Importance of Aligning Web Development and SEO

Before SEO existed, having a great website was like having a really slick business card or brochure for your business: it was there to impress other people. When SEO came along, it didn’t matter if a website was well designed and user-friendly. If it had good content and a few strong links, it could rank at number one. Those days are long gone.

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How is CRM Related to Online Marketing?

CRM & Online Marketing Like PB&JWhen you hear the words “peanut butter and”, there’s a very good chance your brain expects the next word to be “jelly”. That’s how it is right? Those two things always go together.

In the world of CRM, the closest equivalent we have is the pairing of CRM and marketing automation. And while that association makes sense on the surface, marketing automation isn’t possible without a strong online marketing program in place to begin with.

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The Value of a CRM Training Program

CRM Training Program

CRM Training ProgramSwitching to a new CRM system is a great step forward, but many companies overlook the value of a CRM training program. Training your staff is well worth the time investment.

Here are some of the areas to consider when you begin to formulate your training plans.

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Enterprise CRM: What Is It And Does Your Business Need It?

Enterprise CRM: What Is It And Does Your Business Need It?

Enterprise CRM: What Is It And Does Your Business Need It?The term “enterprise CRM” can be confusing for someone who has just started searching for CRM solutions for their business. With so many vendors offering so many editions, it’s easy to get confused when trying to decide if a business needs enterprise CRM.

To make matters even more confusing, some vendors offer enterprise CRM, but call it by a different name. This has led some people to believe that CRM and enterprise CRM are the same thing, just with a different volume of licenses. While they do share certain features, there are vast differences between enterprise CRM and standard CRM products. Understanding these differences should make it easier for a business to decide which solution best fits their needs.

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What Does CRM Actually Cost?

What Does CRM Actually Cost?

What Does CRM Actually Cost?Updated: January 5, 2019

Trying to determine actual CRM cost for your business can be a daunting task. In a perfect world, every vendor would clearly list their prices with a per-user breakdown. This isn’t a perfect world, and not all vendors are completely forthcoming about their prices.

For someone who is trying to calculate CRM cost, this can be especially problematic. On top of that, the initial CRM cost can vary widely, depending on your region, optional features, additional equipment, and bulk discounts.

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5 Ways CRM Provides ROI For Your Business

5 Ways CRM Provides ROI For Your Business

5 Ways CRM Provides ROI For Your BusinessAt some point, the decision on whether or not to invest in a product for your business comes down to one simple question: will it be worth the return on investment?

Most CRM software costs money and, like anything you spend money on, you expect a positive ROI. With some business products, it can take years to start seeing that.

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A Brief History Of GoldMine

A Brief History Of GoldMineSince the mid-1980s, CRM software has undergone an incredible evolutionary process. From a basic contact management platform, equivalent to a digital Rolodex, it has transformed into a robust system for managing all customer-facing business processes.

There have been a lot of ups and downs along the way, and many vendors failed to weather the changes. However, one of the earliest, perhaps even the first, true CRM vendors is still alive and kicking.

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Will Your ERP System Integrate With CRM?

Will Your ERP System Integrate With CRM?

Will Your ERP System Integrate With CRM?Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) are two products that go great together.

CRM simplifies and standardizes customer interactions, ensuring a steady flow of sales into the business. ERP streamlines business processes, cutting overhead and ensuring a steady flow of products and services to the consumer.

While either product can work well on its own, their true potential

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A Brief History Of SugarCRM

A Brief History Of SugarCRMOver the past decade, SugarCRM has gone from an open source project to one of the most popular CRM vendors in the world. That growing popularity has provided SugarCRM with sixteen consecutive quarters of revenue growth, with 80% year-to-year growth.

That growth has made SugarCRM a serious contender in the CRM marketplace

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How Secure Is Cloud CRM Data?

How Secure Is Cloud CRM Data?The thought of storing thousands of pieces of customer data in the cloud can raise red flags for decision makers. With the frequent headlines about “hacking” and data breaches, they may wonder just how secure a cloud CRM solution can be.

With so much customer data at stake, it’s good to be concerned about CRM data security

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