Status feature of Chat and Contact & CRM of WhatsTool Business dashboard

By putting status in chat and contact & CRM, any business can keep their users on a particular state of status. By this, they get to know how many customers are aligned with a particular status. So that, they can filter it out whenever it is required for any purpose like doing follow-ups or targeting them via running a campaign.

What is the Status in CRM?

The "Status" feature often refers to the state or stage of a contact, lead, opportunity, or customer in the sales or relationship lifecycle. The status can indicate where the contact stands in terms of engagement, conversion, or follow-up. Common statuses might include "Prospect," "Qualified Lead," "In Progress," "Won," or "Closed-Lost." This feature helps sales and customer service teams track and manage their interactions with contacts and ensure a systematic approach to nurturing and converting leads into customers.

What are the lifecycle stages of CRM?

The lifecycle stages, often referred to as statuses, in a CRM (Customer Relationship Management) system, represent the different phases that a contact or lead progresses through during the sales or relationship journey. Each stage reflects the evolving status of the interaction, from initial contact to final conversion.

1. Prospect: This is the initial stage where a potential customer's information is captured in the CRM. They might have shown interest but haven't been fully qualified as a lead yet.

2. Lead: At this stage, the prospect has shown more interest and engagement, possibly by responding to marketing efforts or showing intent to purchase. Leads are typically evaluated to determine their fit and potential as paying customers.

3. Qualified Lead: A qualified lead meets certain criteria that indicate a higher likelihood of conversion. This stage signifies that the lead has been assessed and has the potential to become a customer with further nurturing.

4. Opportunity: When a qualified lead expresses clear interest in purchasing a product or service, they become an opportunity. This stage often involves active discussions and negotiations.

5. Proposal or Quote: At this point, a formal proposal or quote is provided to the potential customer, outlining the specifics of the offer, pricing, and terms.

6. Negotiation: During the negotiation stage, both parties might discuss and address any concerns or questions related to the proposal. This phase aims to align the customer's needs with the offered solution.

7. Won: When negotiations are successful and the customer agrees to move forward, the status changes to "Won." The deal is closed, and the lead becomes a paying customer.

8. Closed-Lost: If negotiations do not lead to a successful deal, the status becomes "Closed-Lost." The lead is marked as not converting into a customer at this time.

9. Renewal or Upsell: For existing customers, this stage involves efforts to renew contracts or explore opportunities for upselling or cross-selling additional products or services.