Key Terms and Concepts of Customer Relationship Management

Analytical CRM  Software that assists a business in building customer relationships and analyses ways to improve them.

Collaborative CRM  Umbrella term for all the interactive options for serving customers. It is people-based customer support that includes: collaborative browsing, web-based text and voice chat, desktop sharing, application sharing, file transfer and phone support. 

Conversion Funnel A defined path that visitors should take to reach the final objective.

CRM Customer Relationship Management. 

Customer A person who buys or uses goods or services. A person with whom a business must deal. 

eCRM Electronic Customer Relationship Management.  

Lead A potential customer. 

Operational CRM Entails supporting the “front office” business processes, which include customer contact (sales, marketing and service). 

Salesforce Automation A type of program that automates the business task of sales associated with effective implementation, productivity and forecasts. 

Stakeholder A person or organisation with an interest (a “stake”) in how a resource is managed.

VRM Vendor Relationship Management. The emerging school of thought that incorporates the tools, technology and services that make it easy for customers to manage relationships with vendors.