Marketing ops has a language of its own, and CRM software has its own even more specific definitions. Before you set up a marketing measurement system, it’s important to understand what you’re looking at. Our Full Circle team pulled together the most important marketing terms with definitions as a resource:
1. A lead – in our platform, a lead is a set of information about an individual that represents a possible selling opportunity.
2. A Salesforce lead – an object where an individual’s personal and company data is stored in a single record inside your CRM such as Salesforce.com.
3. Account – an account is an organization, company, or consumer worth tracking for your company. This can be a customer, partner or competitor.
4. Contact – a contact does not have a status field and cannot be converted in the way that a lead can. It is always owned by a sales representative. It is not a sales opportunity.
5. Opportunity – an opportunity is the potential future sale. It is directly tied to revenue.
6. Inquiry – a lead generated by the marketing program where the prospect exhibited some interest. Lead and Inquiry can often be used interchangeably. Inquiry also refers to a top-level funnel stage.
7. Lead Status — a field typically used to communicate the status of a lead record to both the marketing users and the sales rep who is working the lead.
8. Target – a “cold” contact which has the right profile for a sales representative to initiate contact.
9. Digital Touch – a click on a digital ad or website by a prospect or customer.
10. Scoring – how companies measure a lead’s demographic information (e.g. what we know about them and how well that fits your customer profile) and activity information (e.g. what they did).
11. Nurture time-outs – a mechanism that facilitates a forced “time-out” after a sales representative has completed a sale or disqualified the Lead or Contact. This mechanism prevents over-contacting a prospect or customer.
12. Lead Lifecycle System – at Full Circle, instead of a linear process, this is the process you set up to nurture a lead or a contact. It provides complete visibility into how prospects interact with your marketing programs.
13. Response Management Process – the process of managing Leads and Contacts in your CRM platform.
14. Funnel Metrics – a set of metrics that measure the efficiency of the marketing and sales efforts which include volume, velocity, conversion rates from click to close, measuring from stage to stage.
15. Campaign Attribution – A measurement of marketing campaign impact on pipeline and revenue usually scored with a sales amount in dollars or other currency.
Bonnie is a 5-time VP of Marketing at Genesys, Netscape, Oracle (Network Computer Inc.), Stratify, and VoiceObjects. While valuing the creative side of marketing, Bonnie’s real love is marketing operations — measuring marketing investments and determining investment optimization. Now as CEO of Full Circle Insights, Bonnie is working to help fellow marketers get the data needed to succeed. In 2000, Bonnie was named one of the “Top 20 Female Executives in Silicon Valley” by San Jose Magazine. Bonnie holds a B.A. in biology from Princeton University.
[Ebook] Best Practices for Designing a Lead Life Cycle in Salesforce
Download this guide to get our recommendations on how to track funnel metrics using lead and contact statuses, stages, and campaign responses in Salesforce.