Customer relationship management (CRM)
Noun
[kuh·stuh·mr ruh·lay·shuhn·shuhp man-ij-ment]
Customer relationship management, or CRM, is a software used to build and manage communication between a company and its customers or prospective customers. It's primarily used by sales, customer success and marketing teams to improve and streamline processes including lead tracking, customer segmentation information and task management.
CRMs are used to increase sales and improve retention by shortening the sales cycle, and monitoring and following up regularly with active customers. A good CRM tool will help attract, delight and engage in order to scale your B2B SaaS business.
Example: B2B SaaS companies use CRM (customer relationship management) software in their business as a centralized place to manage connections with customers and prospects.
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The Ultimate Guide to Partnerships for Ecosystems in 2023
Noun
[cha·nuhl paart·nr·shuhps]
In B2B SaaS, a channel partnership is a joint venture between a software vendor and a partner to resell, manage and deliver the product to end customers. Channel partnerships are a mutually beneficial relationship as they act as an extension of the vendor's marketing department, allowing the vendor to sell more with lowered customer acquisition fees. The partner benefits by making a cut of the revenue for customer referrals or sales.
Example: Channel partnerships are a way to grow revenue by capturing additional customers and allowing SaaS companies to focus on their core business.
Verb
[ko·maar·kuh·tuhng]
Co-marketing is core to partnerships. It is the act of two similar businesses joining together for a mutually-beneficial marketing partnership in order to reach new potential customers.
Co-marketing is often used interchangeably with the term co-branding, however co-branding requires that two companies join together to market a new collaborative product, while co-branding does necessitate the companies creating a new product. Instead they are using the partnership to market their already-existing owner service or product.
Example: Rajit developed a co-marketing campaign to expand his company's reach by working with a business that targeted a similar ideal customer.
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