An account can represent your customer, partner, or competitor. A customer account allows you to store your customer data, so you can have a 360-degree view of your customer. Whereas, a partner account helps you to better manage your partner by allowing them limited access to your Salesforce using the Partner community. A competitor account allows you to manage your competitor offerings, rates, and service industries.
As per a Gartner report, 65% of a company's business comes from existing customers and it costs them five times more to attract a new customer than to keep an existing one satisfied. This indicates the importance of maintaining a good relationship with existing customers and, at the same time, follow-up with focused customer engagement to grow the relationship and increase revenue growth on an ongoing basis.
The different types of accounts in Salesforce are as follows:
Business account (B2B): When you sell a product or offering to another organization, such...