๐Ÿ“’ Sales Glossary

Sales can be confusing; there are a lot of terms and acronyms to keep track of and they can seem like a completely foreign language to those outside the industry or those of you new into your sales roles. They can also vary depending on who you are selling to.

Whether youโ€™re a seasoned sales professional looking to brush up on your knowledge or someone new to the field seeking to decode the mysteries of sales jargon, youโ€™ve come to the right place.

Below is a list of terms commonly used in sales conversations, presentations, and literature. Think something is missing? Let me know!

A

  • A/B Testing: Comparing two versions of a call script or email to see which performs better.
  • Account-Based Marketing (ABM): A strategic approach to business marketing in which an organization communicates with individual prospects or customer accounts as markets of one.
  • ACV (Average Contract Value): The average annual contract value of a customer contract.
  • AE (Account Executive): A salesperson responsible for closing deals.
  • ARR (Annual Recurring Revenue): The amount of money that a company expects to receive from its customers annually for a subscription service.

B

  • BANT (Budget, Authority, Need, Timing): A qualification framework to determine a prospectโ€™s potential to become a customer based on their budget, buying authority, needs, and purchase timeline.
  • BDR (Business Development Representative):ย The salesperson responsible for prospecting and booking meetings.
  • Buyer Persona: A semi-fictional representation of an ideal customer based on market research and real data.

C

  • CAD (Call Activity Dashboard): A dashboard that tracks call activities.
  • Call Reluctance: The hesitation to make cold calls to prospects.
  • Churn Rate: The rate at which customers cancel their subscriptions.
  • CLV (Customer Lifetime Value): The total worth to a business of a customer over the whole period of their relationship.
  • Cold Calling: The process of contacting potential customers who have not previously expressed interest in the offered products or services.
  • CRM (Customer Relationship Management): A technology for managing all your companyโ€™s relationships and interactions with customers and potential customers.

D

  • Decision Maker: The person in an organization who has the authority to make purchasing decisions.
  • Discovery Call: An initial call to learn about the prospectโ€™s challenges and needs.
  • Disqualification: The process of excluding a prospect as a potential buyer because they do not fulfill the minimum criteria.
  • Double Tapping:ย The process of calling a prospect two times in a row to increase the chances of a pick-up.

E

  • Elevator Pitch: A short, persuasive speech to spark interest in what your organization does.

F

  • Follow-Up: Contacting a prospect or customer after an initial meeting or sales call.

G

  • Gatekeeper: A person who controls access to decision-makers, often a receptionist or assistant.

I

  • ICP (Ideal Customer Profile): A detailed description of a company or individual that would benefit the most from your product or service.

L

  • Lead: A person or organization that has an interest in what you are selling.
  • Lead Generation: The process of attracting and converting strangers and prospects into someone who has indicated interest in your companyโ€™s product or service.
  • Lead Nurturing: The process of developing relationships with buyers at every stage of the sales funnel.

M

  • MQL (Marketing Qualified Lead): A lead judged more likely to become a customer compared to other leads based on lead intelligence.

N

  • No-Go Decision: A decision to stop pursuing a particular prospect.

O

  • Objection Handling: The process of addressing and overcoming potential customer objections.

P

  • Pattern Interrupt:ย refers to phrases used to stand out by breaking the typical pattern.
  • Pipeline: A visual representation of where prospects are in the sales process.
  • Prospecting: The process of searching for potential customers, clients, or buyers in order to develop new business.
  • PQL (Product Qualified Lead): A lead who has experienced your product and taken actions that indicate interest in becoming a paying customer.

Q

  • Qualification: The process of determining whether a lead has the potential to become a customer based on certain criteria.

R

  • Rapport: Building a friendly, harmonious relationship with your prospect or customer.

S

  • Sales Cadence: The sequence of activities to increase contact and engagement with prospects.
  • Sales Cycle: The complete process of selling a product or service, from initial contact to closing the deal.
  • SDR (Sales Development Representative):ย The salesperson responsible for prospecting and booking meetings.
  • SQL (Sales Qualified Lead): A prospective customer that has been researched and vetted by both marketing and sales teams and is deemed ready for the next stage in the sales process.

T

  • Touchpoint: Any interaction or communication with a prospect or customer.

V

  • Value Proposition: A statement that explains how a product solves a pain point, delivers specific benefits, and why the customer should buy from you instead of the competition.

W

  • Warm Calling: Contacting a potential customer who has had some previous interaction with the company or shows some interest in the product or service.
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