Multi-Select field capability is a terrific way to streamline your Act system to enter and retrieve data. It also helps you get the most out of Marketing Automation.
The video below is a simple example of how to great such a field. You can find a more complex field in the Demo Database that is provided when you install Act. The ID/Status field is delivered with 20 + selections which covers several different types of data such as their relationship to your business (Lead, Prospect, Customer, Supplier, Competitor, Friend or Family). It also covers what type of Business they are (Manufacturer, Distributor, Consultant) and it even lets you select the contact’s Role in the Sales Cycle (Decision Maker, Influencer, Gatekeeper). While the Id/Status gives you ideas of the many things you could do, we generally recommend using separate Multi-Select fields to cover specific requirements
We have done simple ones like this as well as very large ones with dozens of fields. In general it is best to consult with a Certified Consultant for guidance.