{"id":49422,"date":"2021-06-24T17:33:00","date_gmt":"2022-10-18T17:33:40","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=49422"},"modified":"2023-03-27T15:55:00","modified_gmt":"2023-03-27T04:55:00","slug":"from-crm-to-cpq-demystifying-the-abcs-of-better-business","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/au\/blog\/from-crm-to-cpq-demystifying-the-abcs-of-better-business\/","title":{"rendered":"From CRM to CPQ: demystifying the ABCs of better business"},"content":{"rendered":"\n

Business technology has always involved its fair share of acronyms. But if the alphabet soup has you saying \u201cOMG,\u201d then here\u2019s a handy primer that breaks down some of the most common acronyms you\u2019re likely to encounter.<\/p>\n\n\n\n

What is ABM?<\/h2>\n\n\n\n
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Just as you can tailor experiences for a single customer based on factors like purchasing history or website engagement, you can tailor experiences for an entire account. This means personalised marketing for an entire account and the many different people you might interact with while serving that account. Learn more about ABM in this deep dive and infographic<\/a>. <\/p>\n\n\n\n

Extra credit: <\/b>\u2018Ideal customer profile\u2019 or ICP<\/b> is an acronym that comes up a lot if you\u2019re talking about ABM. Basically, it\u2019s a detailed summary of your ideal customer. The more detailed the ICP, the better your ability to target lead-generation strategies.<\/p>\n\n\n\n

What is AI?<\/h2>\n\n\n\n

The term \u2018artificial intelligence\u2019 is often used as a catch-all for modern, digital technology. But, specifically, it\u2019s the part of that technology that simulates human intelligence. This enables technology to learn over time and repeat certain kinds of tasks or logic, empowering people to focus on the more complex work that demands contextual reasoning. Find out what it means for businesses<\/a>. <\/p>\n\n\n\n

Extra credit: <\/b>\u2018Machine learning\u2019 or ML<\/b> is a related term and refers to the specific act of learning to predict outcomes, which is an essential part of AI. This process might be supervised, meaning the machine is actively taught, or unsupervised, meaning the machine can learn on its own. \u2018Human in the loop\u2019 or HITL<\/b> refers to a workflow that delegates the bulk of data-crunching to an AI-enabled solution, but incorporates human oversight to validate the machine\u2019s conclusions.<\/p>\n\n\n\n

What is B2B?<\/h2>\n\n\n\n

\u2018Business to business\u2019 refers to businesses with products and services that are sold to other businesses. So a corporate accounting service would be considered B2B, as it sells its services to companies. But a suburban accounting service may or may not be B2B, depending on whether it services local businesses, or individuals.Extra credit:<\/b> \u2018Business to consumer\u2019 or B2C<\/b> refers to businesses with products and services that are sold to consumers. You can even combine both with \u2018Business to business to consumer,\u2019 or B2B2C<\/b>. Typically connected to ecommerce, this refers to a business model that sees one business partnering with another business to sell to a customer. Think about the Uber Eats model, where the technology of one business combines with the culinary skills of another business, to sell to consumers. Check out Fisher & Paykel\u2019s story to find out how they redefined their sales approach in all three environments<\/a>.<\/p>\n\n\n\n

What is CRM?<\/h2>\n\n\n\n

\u2018Customer relationship management\u2019 is probably the most common Salesforce acronym \u2013 it\u2019s where we started! By our very own definition, \u201cCRM<\/a> is a technology for managing all your company\u2019s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.\u201d<\/p>\n\n\n\n

See our CRM 101 guide<\/a> to understand more about this technology and how it\u2019s become a critical tool for teams all over the world.<\/p>\n\n\n\n

What is CPQ?<\/h2>\n\n\n\n
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\u2018Configure, price, quote\u2019 is a term for a type of software, such as Salesforce CPQ<\/a>, that quickly and accurately provides pricing for any configuration. It means products and services can be highly customised for each customer with an immediate, accurate price. <\/p>\n\n\n\n

Extra credit: <\/b>There\u2019s a whole bunch of other terms you might encounter when you\u2019re talking about CPQ. For instance, ACV<\/b>, \u2018annual contract value\u2019 refers to the value of subscription revenue from a customer over 12 months. Meanwhile, QTC or Q2C<\/b> (\u2018quote to cash\u2019) is the process that begins with a customer\u2019s interest and ends with the product or service being received and paid for by that customer.<\/p>\n\n\n\n

What\u2019s an eDM?<\/h2>\n\n\n\n

\u2018Electronic direct mail\u2019 marketing is the marketing process that involves sending emails directly to customers and potential customers<\/a>, continuously refining their journeys to help you build a base of subscribers and leads. Here are seven of our favourite examples<\/a>, or check out our 101 primer on email marketing<\/a>.Extra credit: <\/b>\u2018Click-through rate\u2019 or CTR<\/b> is often a key metric for eDM marketing, measuring how many people click on a link and usually represented as a percentage of emails that achieved a click. Also, a COI<\/b> is a \u2018confirmed opt-in\u2019 \u2013 when a subscriber clicks the confirmation link in the email sent to confirm their subscription. And another one you\u2019ll hear often is \u2018user experience\u2019 or UX<\/b>, which refers to the ease, meaning and relevance of a user\u2019s interaction with your emails, website and other digital channels. While this one is hardly exclusive to eDM marketing, it\u2019s a major consideration for everything from eDM design to subscription options.<\/p>\n\n\n\n

What is IoT?<\/h2>\n\n\n\n

We\u2019re now surrounded by web-connected devices, from smartphones to refrigerators, from mini-satellites to farm equipment. Collectively, these billions of devices are known as the \u2018internet of things\u2019.From a business perspective, this means a much bigger web of data sources that feed back into your CRM, helping you develop efficiencies like tracking stock while it\u2019s in transit or proactively replacing ageing equipment. Find out more about IoT technology<\/a> and how it\u2019s changing the way businesses work.<\/p>\n\n\n\n

What is MQL?<\/h2>\n\n\n\n
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A \u2018marketing qualified lead\u2019 is one who has indicated interest in what a brand has to offer based on marketing efforts or is otherwise more likely to become a customer than other leads. In many cases, an MQL will have intentionally interacted with your brand, whether it\u2019s submitting contact information, downloading materials, signing up for a mailing list, adding items to a shopping cart, or repeatedly visiting a website. <\/p>\n\n\n\n

Extra credit: <\/b>Along similar lines, a \u2018sales accepted lead\u2019 or \u2018sales qualified lead\u2019 (SAL<\/b> or SQL<\/b>) is a lead that is being handled by Sales as they consider a purchase. Think of it like this: an MQL is sort of just window shopping, while an SQL is inside the store and actively looking to make a purchase.<\/p>\n\n\n\n

What is SaaS?<\/h2>\n\n\n\n
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No, it\u2019s not a special branch of the armed forces! \u2018Software as a service<\/a>\u2019 is a popular licensing and delivery model for centrally hosted software that involves subscription, rather than a one-off purchase. The benefit for the user is that their subscription includes constant updates, so they\u2019re always using the latest and greatest version. SaaS models have fuelled the massive rise in cloud technology use, whose history you can see detailed in this handy infographic<\/a>.<\/p>\n\n\n\n

What is SEO\/SEM?<\/h2>\n\n\n\n

When people go looking for something that\u2019s relevant to your business \u2013 whether it\u2019s a product or information \u2013 you want to show up in their searches. \u2018Search engine optimisation\u2019 is all about making your online properties rank as high as possible in the results pages of search engines like Google.\u2018Search engine marketing\u2019 is the use of mainly paid advertising to create greater SEO results. <\/p>\n\n\n\n

Extra credit: <\/b>Those results pages are often called SERPs<\/b> or \u2018Search engine results pages.\u2019 GA<\/b> or \u2018Google analytics\u2019 is an analytics platform that helps website managers track website performance and where your traffic is coming from \u2013 it\u2019s just one type of analytics tool, which is crucial for measuring your SEO or SEM.<\/p>\n\n\n\n

What is SFA?<\/h2>\n\n\n\n
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Why waste your time doing repetitive tasks that can be automated by technology? Success in business today is all about working smarter. That\u2019s where \u2018Salesforce Automation<\/a>\u2019 comes in. It\u2019s about processes that are repetitive and often administrative, that can be managed quickly and without error by technology, leaving you to look after the high-value work. <\/p>\n\n\n\n

Want to keep learning about technology that grows businesses and propels innovation? Find out about Salesforce Customer 360<\/a>.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

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