Terms

Account

An account is a formal record used to track transactions and activities for a specific person, item, or entity. While commonly associated with banking and finance for tracking money, the concept also extends to business for managing client relationships and to the internet for providing access to digital platforms.

Historical Context

The word "account" first appeared in 14th-century English, borrowed from the Anglo-French 'acunte'. This term originated from the Latin verb 'computare', which means "to count" or "compute". Its etymology underscores the word's foundational link to the act of tallying and reckoning values.

The practical application of accounts evolved with the rise of double-entry bookkeeping. For centuries, transactions were meticulously recorded in manual ledgers. As commerce grew more complex, these physical books gave way to the sophisticated digital accounting systems used today.

Common Uses

The term 'account' is versatile, appearing in various aspects of daily life and business. Its meaning shifts depending on the context, but it always refers to a record or arrangement for a specific purpose.

  • Financial: A record of money transactions in a bank or business.
  • Business: A formal arrangement to provide goods or services to a client on credit.
  • Digital: A user profile granting access to an online service or platform.
  • Narrative: A report or description of an event or experience.

Account vs. Accrual

While both are core accounting concepts, an account and an accrual serve distinct functions in financial reporting.

  • Account: An account is a specific record that tracks financial activities, acting as a fundamental building block for organizing transactions. This system of categorization is essential for all businesses, from small firms to large enterprises, to prepare financial statements and maintain accurate records.
  • Accrual: An accrual is an accounting adjustment for revenues earned or expenses incurred before cash is exchanged. This method offers a more accurate view of a company's profitability, making it the standard for most enterprises and mid-market companies seeking compliance and investor confidence.

Related Concepts

The concept of an account is central to accounting, operating within a broader framework of related terms. These concepts work together to ensure financial activities are recorded accurately and systematically, forming the backbone of any financial reporting system.

  • Ledger: A book or collection of accounts where transactions are summarized by category.
  • Journal: A chronological, day-by-day record of all business transactions before they are posted to the ledger.
  • Transaction: Any business event that has a financial impact and is recorded in an account.

Practical Applications

This is how you can scale personalized outbound campaigns.

  1. Build a list of target companies or leads.
  2. Enrich your list with fresh data from various sources.
  3. Use AI to generate personalized messages for each prospect.
  4. Automate sending your messages to land more meetings.

Frequently Asked Questions about Account

How does an "account" in a CRM differ from a "lead"?

A lead is an unqualified prospect, while an account is a qualified organization you have a business relationship with. Leads are typically converted into accounts, contacts, and opportunities after they have been vetted by your sales or marketing teams.

What is the significance of parent-child account relationships?

This hierarchy links a main corporate headquarters (parent) with its subsidiaries or branches (children). It provides a complete view of a business entity, which is crucial for strategic selling, identifying cross-sell opportunities, and understanding complex organizational structures.

Why is enriching account data so important for sales?

Enriched data provides a 360-degree view of a prospect, including firmographics, technographics, and buying signals. This enables highly personalized outreach, better lead scoring, and ultimately, higher conversion rates for outbound campaigns.

Other terms

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Customer Experience

Customer experience (CX) is a customer's total perception of your business, based on every interaction across the entire customer lifecycle.

Customer Experience

B2B Sales Channels

Learn about B2B sales channels, including types of B2B sales channels, strategies for effective channel selection, & integrating technology in B2B sales.

B2B Sales Channels

Letter of Intent

A Letter of Intent (LOI) is a document declaring the preliminary commitment of one party to do business with another, outlining the chief terms.

Letter of Intent

Sales Automation

Sales automation uses software to streamline and automate repetitive, manual sales tasks, freeing up reps to focus on selling.

Sales Automation

Marketing Mix

The marketing mix is the set of marketing tools a company uses to sell products, defined by the 4Ps: Product, Price, Place, and Promotion.

Marketing Mix

Site Retargeting

Site retargeting is a marketing strategy that shows ads to people who have previously visited your website but left without converting.

Site Retargeting

Software as a Service

Software as a Service (SaaS) is a cloud-based model where users subscribe to an application and access it over the internet.

Software as a Service

Warm Outbound

Warm outbound is a sales strategy for contacting prospects who've shown interest in your brand through prior engagement, like website visits.

Warm Outbound

Simple Object Access Protocol Application Programming Interface

A Simple Object Access Protocol (SOAP) API is a web service that uses XML to exchange structured information between different applications.

Simple Object Access Protocol Application Programming Interface

Unique Selling Point

A Unique Selling Point (USP) is the distinct feature or benefit that sets your product, service, or brand apart from the competition.

Unique Selling Point

Sales Training

Sales training is the process of honing a salesperson's skills and knowledge to enhance their effectiveness and drive sales success.

Sales Training

Guided Selling

Guided selling simplifies complex sales by giving reps step-by-step instructions and data-driven recommendations to close deals faster.

Guided Selling

Predictive Lead Scoring

Predictive lead scoring uses AI to analyze data and rank leads by their likelihood to convert, helping sales teams prioritize their efforts.

Predictive Lead Scoring

Sales Acceleration

Sales acceleration refers to strategies and technologies designed to speed up the sales cycle, enabling reps to close more deals, faster.

Sales Acceleration

GPCTBA/C&I

GPCTBA/C&I is a sales qualification framework for understanding a prospect's goals, plans, challenges, timeline, budget, and authority.

GPCTBA/C&I

Multi-touch Attribution

Multi-touch attribution is a marketing analytics method that credits multiple touchpoints on the customer journey for a conversion.

Multi-touch Attribution

Sales Playbook

A sales playbook is a guide that outlines your sales process, best practices, and tools to help reps sell more efficiently and consistently.

Sales Playbook

Buyer

Learn about buyer, including identifying your ideal buyer, understanding buyer's journey, & evaluating buyer decision processes.

Buyer

Sales Enablement Technology

Sales enablement technology refers to software and tools that equip sales teams with the resources they need to close more deals efficiently.

Sales Enablement Technology

BANT Framework

Learn about BANT framework, including implementing BANT in sales strategy, advantages of the BANT methodology, & BANT vs. other qualification models.

BANT Framework

Digital Contracts

Digital contracts are legally binding agreements created, signed, and stored electronically, offering a faster, more secure alternative to paper.

Digital Contracts

Price Optimization

Price optimization is the process of finding the ideal price for a product or service to maximize profitability or other business objectives.

Price Optimization

Sales Pipeline Reporting

Sales pipeline reporting is the process of analyzing sales data to track progress, identify bottlenecks, and forecast future revenue.

Sales Pipeline Reporting

Personalization

Personalization is the practice of using data to tailor products, services, or content to an individual's specific needs and preferences.

Personalization

Marketo

Marketo is a marketing automation platform used by B2B marketers to manage lead generation, nurturing, email marketing, and analytics.

Marketo

Sales Coaching

Sales coaching is a process where managers help reps improve their skills and performance through personalized feedback, training, and guidance.

Sales Coaching

Adobe Analytics

Adobe Analytics is a leading web analytics solution for gaining real-time insights into user activity across websites and mobile applications.

Adobe Analytics

Marketing Funnel

The marketing funnel is a model illustrating the path potential customers take, from initial awareness to making a purchase.

Marketing Funnel

Inside Sales Metrics

Inside sales metrics are quantifiable measures used to track the performance, activities, and effectiveness of an internal sales team.

Inside Sales Metrics

Customer Buying Signals

Customer buying signals are the actions, behaviors, or statements a prospect makes that indicate they are moving towards a purchase decision.

Customer Buying Signals

Generic Keywords

Generic keywords are broad search terms that lack specific details like brand or location. They attract a wide audience with less specific intent.

Generic Keywords

Bulk Application Programming Interface

Learn about bulk API, including how it works, the advantages of using it, common use cases, and tips for optimizing it.

Bulk Application Programming Interface

Sales Territory Planning

Sales territory planning is the process of dividing customers into geographic areas to be assigned to specific sales reps or teams.

Sales Territory Planning

Lead Generation

Lead generation is the process of identifying and cultivating potential customers for a business's products or services.

Lead Generation

Sales Funnel

A sales funnel is a model illustrating the customer's journey from initial awareness to the final purchase, narrowing down leads at each stage.

Sales Funnel

Siloed

Siloed describes the isolation of data, teams, or systems within a company, which blocks collaboration and creates operational bottlenecks.

Siloed

B2B Marketing Analytics

Learn about B2B marketing analytics, including key components of B2B marketing analytics, & getting started with B2B marketing analytics.

B2B Marketing Analytics

User-generated Content

User-generated content (UGC) refers to any form of content, like images, videos, or text, created and shared by users on online platforms.

User-generated Content

Sales Velocity

Sales velocity is a key metric measuring the speed at which your company makes money. It shows how fast deals move through your sales pipeline.

Sales Velocity

Elevator Pitch

An elevator pitch is a short, memorable summary of what you do, designed to be delivered in the time it takes to ride an elevator.

Elevator Pitch

Webhooks

Webhooks are automated messages sent by an app when a specific event occurs. They push real-time data to another app's unique URL.

Webhooks

Outbound Sales

Outbound sales is when reps proactively contact potential customers through cold calls or emails to generate leads and build a sales pipeline.

Outbound Sales

Customer Loyalty

Customer loyalty is a customer’s devotion to a brand, shown by their repeat purchases and engagement, driven by positive experiences and trust.

Customer Loyalty

Virtual Selling

Virtual selling is the process of selling to customers remotely using technology like video calls, rather than meeting them in person.

Virtual Selling

Audience Targeting

Audience targeting is the process of segmenting consumers into specific groups to deliver more personalized and relevant marketing messages.

Audience Targeting

Sales Prospecting Software

Sales prospecting software automates the process of finding, contacting, and tracking potential customers to help sales teams build their pipeline.

Sales Prospecting Software

Value Statement

A value statement is a clear, concise declaration of the unique benefits a company provides to its customers, outlining its core purpose.

Value Statement

Lead Qualification Process

The lead qualification process is how you determine which prospects are most likely to become customers by evaluating them against specific criteria.

Lead Qualification Process

Upsell

Upselling is a sales tactic encouraging customers to purchase a higher-end version of a product or related add-ons to boost revenue.

Upsell

Lead Scrape

Lead scraping is the process of automatically extracting contact information and other relevant data about potential customers from online sources.

Lead Scrape

Sales Productivity

Sales productivity is the measure of a sales team's efficiency, focusing on maximizing revenue generation while minimizing the resources spent.

Sales Productivity

Account-Based Marketing Benchmarks

Account-Based Marketing (ABM) benchmarks are key metrics used to measure the performance and success of your targeted account strategies.

Account-Based Marketing Benchmarks

Call Analytics

Call analytics is the practice of analyzing phone call data to extract insights, track key metrics, and improve overall business performance.

Call Analytics

Regression Analysis

Regression analysis is a statistical method for estimating the relationships between a dependent variable and one or more independent variables.

Regression Analysis

Content Rights Management

Content Rights Management involves controlling the use and distribution of copyrighted digital media to protect intellectual property.

Content Rights Management

RESTful API

A RESTful API is a web service interface that uses HTTP requests to access and use data, adhering to the constraints of REST architecture.

RESTful API

Application Programming Interface

An Application Programming Interface (API) is a set of rules that lets different software applications talk to each other and share information.

Application Programming Interface

Customer Segmentation

Customer segmentation is dividing customers into groups based on shared traits. This allows for more targeted and effective marketing efforts.

Customer Segmentation

Lead Scoring

Lead scoring is the process of assigning points to leads based on their attributes and actions to determine their sales-readiness.

Lead Scoring

Lead Response Time

Lead response time is the duration between a potential customer showing interest and your team's first point of contact with them.

Lead Response Time

Talk Track

A talk track is a script that guides sales reps during calls. It ensures they cover key points and maintain a consistent message with prospects.

Talk Track

SQL

SQL (Structured Query Language) is the standard language for managing and querying data within relational databases.

SQL

B2B Sales

Learn about B2B sales, including key strategies for B2B success, types of B2B sales models, & B2B vs. B2C sales: understanding the differences.

B2B Sales

Marketing Performance

Marketing performance is the process of measuring a campaign's effectiveness against set goals using key metrics like ROI and conversion rates.

Marketing Performance

Request for Proposal

A Request for Proposal (RFP) is a formal document that outlines a project's needs and invites qualified vendors to submit bids to complete it.

Request for Proposal

OAuth

OAuth is an open standard for access delegation. It lets you grant apps access to your data on other services without sharing your password.

OAuth

Conversion Rate

Conversion rate is the percentage of visitors who complete a desired goal, like a purchase or sign-up, out of the total number of visitors.

Conversion Rate

Account-Based Everything

Account-Based Everything (ABE) is a strategy aligning sales, marketing, and success teams to focus on a specific set of high-value accounts.

Account-Based Everything

Jobs to Be Done Framework

The Jobs to Be Done (JTBD) framework focuses on understanding customer needs by identifying the specific 'job' they are trying to accomplish.

Jobs to Be Done Framework

Business Continuity

Learn about business continuity, including understanding key components, steps to ensure continuity, common challenges, & best practices.

Business Continuity

Edge Locations

Edge locations are globally distributed data centers that cache content close to users, reducing latency and delivering web content much faster.

Edge Locations

Omnichannel Marketing

Omnichannel marketing creates a seamless, unified customer experience by integrating a company's various communication and sales channels.

Omnichannel Marketing

Hybrid Sales Model

A hybrid sales model blends traditional and digital sales methods to engage customers across multiple channels and buying preferences.

Hybrid Sales Model

Applicant Tracking System

An Applicant Tracking System (ATS) is a software application that manages your entire hiring and recruitment process from a single dashboard.

Applicant Tracking System

Spiff

A spiff is a short-term sales incentive, often a cash bonus, paid directly to a salesperson for selling a specific product or service.

Spiff

Average Revenue per Account

Average Revenue per Account (ARPA) is the average revenue generated from each customer account, usually measured on a monthly or annual basis.

Average Revenue per Account

Purchase Buying Stage

The purchase stage is when a buyer has decided on a solution and is ready to buy. They're comparing vendors to make a final choice.

Purchase Buying Stage

System of Record

A System of Record (SoR) is the authoritative data source for a specific type of data. It acts as the single source of truth for an organization.

System of Record

SEO

SEO, or Search Engine Optimization, is increasing the quantity and quality of traffic to your website through organic search results.

SEO

Video Email

Video email involves embedding a short video directly into an email. This lets recipients watch your message without leaving their inbox.

Video Email

SAM

Serviceable Addressable Market (SAM) is the portion of the market your business can realistically serve with its current products and sales channels.

SAM

Demand Generation

Demand generation is the process of creating awareness and interest in your products to build a pipeline of qualified leads for your sales team.

Demand Generation

Sandboxes

A sandbox is an isolated testing environment where new or untrusted code can be run safely without affecting the host device or network.

Sandboxes

Social Proof

Social proof is a psychological phenomenon where people assume the actions of others reflect correct behavior for a given situation.

Social Proof

Sales Team Management

Sales team management is the process of leading, coaching, and motivating a sales team to achieve its sales goals and drive revenue growth.

Sales Team Management

Overcoming Objections

Overcoming objections is the process of addressing and resolving a prospect's concerns or hesitations to move a sale forward.

Overcoming Objections

White Label

White labeling is when a company puts its own branding on a product or service that was actually produced by a different company.

White Label

Email Deliverability

Email deliverability is the ability for your emails to successfully land in your recipients' inboxes instead of their spam folders.

Email Deliverability

Messaging Strategy

A messaging strategy defines what your brand says, how it says it, and where it says it to connect effectively with your target audience.

Messaging Strategy

Conversion Path

A conversion path is the journey a visitor takes to complete a desired goal, such as making a purchase, filling out a form, or subscribing.

Conversion Path

Marketing Analytics

Marketing analytics involves measuring and analyzing marketing data to understand campaign performance and improve return on investment (ROI).

Marketing Analytics

LPI

LPI, or Lead Per Inquiry, is a key metric that measures how many leads are generated from each inquiry in a marketing campaign.

LPI

CCPA Compliance

CCPA compliance is adhering to the California Consumer Privacy Act, a law that grants consumers more control over their personal data.

CCPA Compliance

Sales Objections

Sales objections are reasons or concerns raised by a potential customer as to why they are hesitant or unwilling to make a purchase.

Sales Objections

B2B Leads

Learn about B2B leads, including identifying quality B2B leads, generating B2B leads effectively, & B2B leads vs. B2C leads: understanding the differences.

B2B Leads

Zero-Based Budgeting (ZBB)

Zero-based budgeting (ZBB) is a method where all expenses are re-evaluated and must be justified from scratch for each new budget period.

Zero-Based Budgeting (ZBB)

Buying Signal

A buying signal is any action from a prospect that indicates they are interested in making a purchase, helping sales teams prioritize leads.

Buying Signal

Buyer Intent

Learn about buyer intent, including understanding buyer intent signals, strategies to capture buyer intent, & buyer intent vs. customer interest.

Buyer Intent

Precision Targeting

Precision targeting is a marketing strategy that uses data to identify and reach a highly specific audience most likely to convert.

Precision Targeting

Channel Partner

A channel partner is a company that works with a manufacturer or producer to market and sell their products, software, or services to customers.

Channel Partner