Here are ten essential terms in Sales and CRM management:
- Lead: A potential customer who has shown interest in your product or service.
- Opportunity: A qualified lead that has a high potential to become a customer.
- Pipeline: A visual representation of where prospects are in the sales process.
- Conversion Rate: The percentage of leads that turn into customers.
- Customer Lifetime Value (CLV): The total revenue a business can expect from a single customer account.
- Customer Relationship Management (CRM): A strategy and technology used to manage interactions with current and potential customers.
- Sales Funnel: The process that potential customers go through from initial contact to final purchase.
- Account Management: The process of managing and nurturing relationships with existing customers.
- Sales Forecasting: Predicting future sales based on historical data and market analysis.
- Upselling: Encouraging customers to purchase a higher-end product or add-ons.