Client Relationship Management (CRM) Data

1. At what point should a client be entered into CRM?

When there is a confirmed investment by the company

When there is a potential opportunity with the company

When the first meaningful communication has been established

The correct answer is when the first meaningful communication has been established. This is because entering a client into CRM at this point allows for the tracking and recording of all subsequent interactions and engagements with the client. It helps in building a comprehensive profile of the client and enables effective communication and relationship management. Entering a client into CRM only when there is a confirmed investment or potential opportunity would limit the ability to track and manage earlier interactions and may result in missed opportunities.

Explanation

The correct answer is when the first meaningful communication has been established. This is because entering a client into CRM at this point allows for the tracking and recording of all subsequent interactions and engagements with the client. It helps in building a comprehensive profile of the client and enables effective communication and relationship management. Entering a client into CRM only when there is a confirmed investment or potential opportunity would limit the ability to track and manage earlier interactions and may result in missed opportunities.

2. You meet a CEO at an industry event. You are seated at the same table and you talk, but you do not discuss business. He hands you his business card. Do you enter this person as a contact in CRM?

No. Contacts in CRM should only be people with which we do business

Yes, because you may want to touch base with him down the road

This person should be entered into CRM as a contact, but it shouldn't be entered as an interaction. Any person can be entered into CRM whether or not we are currently doing business with them.

Explanation

This person should be entered into CRM as a contact, but it shouldn't be entered as an interaction. Any person can be entered into CRM whether or not we are currently doing business with them.

3. A contact in CRM is

A corporation with which the company is currently doing business

An individual with whom someone in the firm has had contact

Someone who must be the decision maker at a company

The correct answer is "An individual with whom someone in the firm has had contact". In CRM (Customer Relationship Management), a contact refers to an individual with whom there has been some form of interaction or communication between someone in the company and the individual. This can include activities such as phone calls, emails, meetings, or any other form of engagement. The contact may or may not be a decision maker at a company, and it does not necessarily mean that the company is currently doing business with them.

Explanation

The correct answer is "An individual with whom someone in the firm has had contact". In CRM (Customer Relationship Management), a contact refers to an individual with whom there has been some form of interaction or communication between someone in the company and the individual. This can include activities such as phone calls, emails, meetings, or any other form of engagement. The contact may or may not be a decision maker at a company, and it does not necessarily mean that the company is currently doing business with them.

4. Interactions should only be entered after the communication has taken place.

True

False

Ideally, interactions should be entered before the communication takes place to take advantage of the pre-meeting notes feature, as well as the automated follow up feature.

Explanation

Ideally, interactions should be entered before the communication takes place to take advantage of the pre-meeting notes feature, as well as the automated follow up feature.

5. A contact must always be linked to a client in the system.

True

False

A contact does not always need to be linked to a client. In the case of a new contact, it is permissable for him/her to not have an associated client. However, as soon as a corresponding client is created, the contact should be linked for tracking purposes.

Explanation

A contact does not always need to be linked to a client. In the case of a new contact, it is permissable for him/her to not have an associated client. However, as soon as a corresponding client is created, the contact should be linked for tracking purposes.

6. Which of the following types of interactions should be entered into CRM (check all that apply)?

A phone call with a potential client

Saying hello in passing to a client on the street

A meeting with a client at his/her office

Drinks with a client at a business conference

Interactions that should be entered into CRM are those that involve direct communication with clients or potential clients. This includes phone calls with potential clients, meetings with clients at their office, and drinks with a client at a business conference. These interactions are important to track in CRM because they provide valuable information about the engagement and relationship with clients, which can help in managing and nurturing those relationships effectively.

Explanation

Interactions that should be entered into CRM are those that involve direct communication with clients or potential clients. This includes phone calls with potential clients, meetings with clients at their office, and drinks with a client at a business conference. These interactions are important to track in CRM because they provide valuable information about the engagement and relationship with clients, which can help in managing and nurturing those relationships effectively.

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