I have created a multiple choice field for tags.
The options for this multiple choice field includes all possible tags, which are refined over time.
The sales team has to just update the tags in this field.
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Not very creative: Recently we have moved to using it for deal size (Small, Medium, Large, and Mega).
Iâm in commercial real estate and have used tags to identify the contact by asset type (eg Industrial, Retail, Office, etc).