Definition of account management in CRM


Meaning of the term account management in CRM software

In some CRM systems, the term account management can be used interchangeably with the term CRM (customer relations management). Therefore, account management designates all the tools and strategies used by a company to build relationships with current and potential customers. The most common account management practices include collecting and analyzing customer data, tracking all stages of customer lifecycle and forecasting customer behavior. The primary goal of account management is improving customer retention and driving sales growth.

Advanced account management software usually provides a range of tools to make the life of salespeople much easier. Among the most popular solutions there is sales automation, contact center, shared calendars, or lead routing tools. Lead routing is especially important for companies that have a large number of incoming leads as it allows to set up different lead distribution rules, such as potential deal size, lead source or a history of previous interactions with a lead. Later on, the leads are distributed among your sales reps according to your preset rules automatically.

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