Meaning of the term territory management in CRM software
In most CRM systems, the term territory management designates a process of lead routing and account management based on a prospect or customer location. The typical scenario is this - a company has substantial national or international presence and a single point of entry for incoming enquiries (like a website or a toll free phone number). After identifying a prospect or client location, these inquiries are passed only to responsible employees in local offices.
Territory management in CRM software offers a number of advantages. For example, it allows one to compare sales or marketing statistics between different territories. It can show which territories are showing positive dynamics (sales are growing) and which ones are declining, allowing management to make appropriate decisions before it gets too late. Finally, it can help in building accurate sales forecasts for each territory.
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