CRM terminology
101.

“Courteous treatment will make a customer a walking advertisement”, said James Cash Penney back in the simpler days of entrepreneurship. Today, the idea behind his quote is even more significant. As our modern clientele grows less and less patient, staying courteous becomes less of a choice.

But, showing politeness doesn’t suffice either; speed, efficiency, and availability are just as crucial. Not only do our customers expect to be delighted every step of the way, but they want to feel special as well. That’s where customer relationship management steps in, simultaneously enriching their experience and accelerating our growth.

To help you master the jargon and employ the best CRM solution, we’ve compiled a list of frequent terms and phrases used by experts and providers

What Is CRM, Exactly?

While customer relationship management (CRM for short) refers to a set of practices and strategies a company can use for handling customer interactions and data, a CRM software system records, stores, organizes, analyses and streamlines this managerial process throughout the customer lifecycle.

Essentially, a CRM tool serves as a database for customer information. Beyond this, a CRM system manages workflow, automates marketing campaigns, reinforces sales, and optimizes different aspects of customer service.

Its functionalities are as numerous as its benefits, though the main purpose of both the practice and the software is to recognize customer needs, anticipate their wants, and reduce their effort, thus basing future interactions on past data and making them fruitful for both yourself and the client

On-Premise CRM

The first two terms you’ll need to get familiar with are “on-premise CRM” and “cloud CRM”. Though both have their advantages, many companies opt for the first solution for three convincing reasons.

On-premise CRM is a type of customer relationship management software that a company hosts in-house, on its own server. This allows full system customization, which cannot be said for all cloud solutions. The second trait many businesses find tempting is better control over CRM data.

Cloud CRM

Alternatively known as “on-demand CRM”, “online CRM” and “SaaS CRM”, the cloud version of this software is held and maintained on the provider’s server, and accessed via internet browser.

The most commonly cited advantages of employing a cloud CRM are ease of use and ease of access. Since there’s no in-house software, there’s no need for in-house servers, installations and maintenance either. The only thing a user needs to access the system is internet connection, which makes a cloud CRM available from any place and device, and at any given moment.

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