Tracking generally refers to the ability to maintain a record of all sales and service activities for customers, prospects, and partners. This would include things like phone calls, sales visits, conference attendance, etc. Additionally, with the help of reporting and analytics, it's possible to "track" the progress of a contact, from the prospect stage to the client stage. Depending upon the information captured, this could also include the ability to determine the effectiveness of marketing campaigns, by connecting new sales to specific campaigns and events.
Profiling is related to tracking. It refers to the ability to maintain personal and demographic information about clients, prospects, and partners. This might include: Age, Sex, Occupation, Income, Race, and data about past buying habits. This helps companies aim marketing campaigns to specific target audiences. Once a contact responds to the campaign, the "tracking" capabilities (above) are used to capture interactions (transactions, phone calls, etc.).
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