The most important CRM terms in 2024

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When choosing the best CRM tool for your business, you will encounter many of these CRM-related terms that are crucial in understanding how CRM works.

Customer Journey is the complete process a customer goes through when interacting with your business, from initial awareness to purchase and beyond.

Customer segmentation means chairman email lists grouping customers with shared characteristics, behaviors, or needs to tailor marketing campaigns and interactions.

Customer Lifetime Value (CLTV) is the total revenue a customer is expected to generate over their entire relationship with your business.

Customer satisfaction is a measure of how happy and satisfied customers are with your products, services, and overall experience.

Lead is a potential customer who has shown some interest in your product or service.

Lead Generation is the process of attracting and identifying potential customers.

Lead Conversion is the process of converting a lead into a paying customer.

Sales Pipeline refers to different stages a lead progresses through before becoming a customer such as prospect, qualified lead, opportunity, and close.

API (Application Programming Interface) is a set of protocols that allows different software applications to communicate with each other.