Glossary2018-03-09T11:56:36+00:00

Glossary

We’ve put together a handy glossary to ease you into the world of SALES. We hope you’ll find this a useful reference.

 

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  • a

  • Appointments Set
    Total number of appointments set (to conduct a sales presentation) during a call period, whether in-person or via the phone. One of the vital sales stats. - Read More
  • b

  • B2B
    Stands for business-to-business: basically, exchange of products and services between two companies instead of between a company and a customer. - Read More
  • B2C
    Stands for business-to-customer: basically, exchange of products and services between a company and a customer. - Read More
  • Back-out
    A customer who is trying to or did cancel their order. - Read More
  • BANT
    Stands for Budget, Authority, Need and Timeline. BANT is used as criteria for lead qualification. - Read More
  • Beating Objections
    Answering questions or addressing concerns allowing your prospect to make an intelligent purchasing decision. - Read More
  • Bell Shaped Curve
    Visual representation displaying how a sales person’s skills impact their sales results - Read More
  • Benefit
    The emotional enhancement provided by the advantageе of a product. - Read More
  • Buyer
    A contact at a business. They may not always make big decisions, own the company, or dictate when they buy the product, but day-to-day sales are often closed through buyers on the shop floor. - Read More
  • Buyer Persona
    A term used by marketers for fictional, generalised profiles of ideal customers. Having a buyer persona is absolutely necessary to help a company set goals, and understand how to attract and convert those leads into potential customers. A complete buyer persona profile includes approximate(...) - Read More
  • Buyer's Remorse
    A customer feeling anxiety after making a purchase commitment that can often lead to a back-out or cancellation if not handled properly. - Read More
  • Buying Atmosphere
    Setting up your sales presentation so that your customer has a great experience, thus avoiding pressure or awkward moments. People, in general, like to feel that they're making a purchase decision, but, in general, don't like to feel they're "being sold" on a product or service. - Read More
  • c

  • Call-back
    Making repeated phone calls or contacts to attempt to get a prospect to purchase or to find out if a prospect has made a decision regarding purchasing a product or service. - Read More
  • Call-blocks
    A span of time, normally 2 to 4 hours, spent telemarketing to data-mine, prospect, or perform phone demos and follow-ups. - Read More
  • Call-in
    When a prospect contacts you or your company first expressing interest in your products or services. - Read More
  • Calls
    Lead and Prospect contacts. Can be conducted in-person or via the phone, at trade shows, or any other way that you make actual attempts to contact your lead or prospect. - Read More
  • Cancellation Prevention
    Also known as "solidifying your sale" Intended to help prevent buyer's remorse and cancellations. - Read More
  • Churn
    Also known as "churn rate". Churn is basically the percentage rate at which a customer stops subscribing, using or paying for a certain product/service. It's vital to know your churn rate to understand your buyer's behaviour and which features aren't being fully utilised. - Read More
  • Close
    Bringing the prospect to a point of decision. Step five of the Sales Cycle. - Read More
  • Closing Ratio
    Number of sales divided by the number of sales presentations over a period of time. - Read More
  • Cold Calling
    The process of approaching prospective customers either by telephone or face-to-face "cold", or with no introduction or prior contact. It's important to know your target market, so as not to waste anyone's time. - Read More
  • Commission
    Your compensation for closing a sale. Usually based on a percentage of the gross sale or profit margin of the sale. - Read More
  • Contact
    Your first contact with your lead or prospect. Can be conducted via phone or in person. Goal of Contact is to set an appointment, or to "sit down" with your prospect. - Read More
  • Conversion
    The act of converting a prospect to a client or customer. - Read More
  • Critical Questions
    Asking the Qualifying and Procrastination questions in the Presentation. - Read More
  • CRM
    This stands for customer relationship management and most often involves using CRM software to analyse customer interaction data to help business relationships grow. - Read More
  • Current Customer
    A customer who has ordered in the last 12 to 18 months depending on your product or service cycle. - Read More
  • Current Customer Referrals
    Attempting to obtain referrals of other possible prospects from your current customer (usually while making a current customer call.) - Read More
  • Current Customer Upselling
    Contacting your current customers and attempting to sell them additional products or services (either current product "add-ons" or entirely new products or services. - Read More
  • Cycle Of Sales
    The seven steps that must be followed to most efficiently and effectively sell your products or services. - Read More
  • d

  • Data entry
    Inputting lead or prospect data into the CRM platform. - Read More
  • Data-mining
    Researching to find leads or "most probable customers" in your territory. Usually includes first and last name, title, gender, availability, and names in common. - Read More
  • Deal-flow
    Number of potential deals you have in your pipe-line. - Read More
  • Decision Maker
    Any Prospect or Lead who is capable and authorised to make a decision to purchase a Sales Person’s products or services. - Read More
  • Definition Of Selling
    Persuading someone (a prospect) to purchase something from you. - Read More
  • Demo
    Slang for a sales presentation. The act of presenting your product or service to a prospect. - Read More
  • Demo Goals
    Number of demos (sales presentations) you wish to accomplish each week. - Read More
  • Demographic
    Demographics is the study of people’s lifestyle, age, buying habits, etc. Any Sales Rep will be better equipped to sell a product if they understand the product's demographic. - Read More
  • Direct Response Marketing
    Utilising direct marketing via mailers, emails, postcards, etc. to solicit interest from prospects. - Read More
  • e

  • Emotional Sale
    A Prospect emotionally "wanting" your product or service. Your Prospect is excited and interested. - Read More
  • Enablement
    Sales enablement is the process of ensuring that all customer focused employees have the information and skill set to sell. - Read More
  • Ethics
    No one trusts a Sales Rep that does not show sound business ethics. Buyers and consumers these days are well informed by the internet, so, immoral or unethical decisions will be apparent and won't attract long-term loyal customers. - Read More
  • f

  • Footprint
    The exact steps an order must go through from acquisition to delivery. - Read More
  • Forecasting
    The process of estimating future sales to predict the long or short-term performance by a company. Forecasting also helps making good, informed business decisions. - Read More
  • Four Stages Of Learning
    The four different steps a person goes through when learning any new skill or trade. - Read More
  • Funnel
    A buying process that employees lead customers through when purchasing products. The sales funnel is divided into what are referred to as stages that take a customer from awareness to action. - Read More
  • g

  • Gate Keeper
    Someone who screens your attempts to approach the person who makes the buying decisions. Find a way through or around them. Be nice! - Read More
  • i

  • Intellectual Sale
    Your Prospect objectively "needing" your product or service. Your Prospect has a real need that your product or service may satisfy. - Read More
  • l

  • Law of Compensation
    If you help enough people get what they want, you in turn will get what you want. - Read More
  • Lead
    Anyone you could approach to attempt a sale or demonstration or anyone who may be a viable prospect who could become a customer. - Read More
  • Lead qualification
    Process by which leads are graded on their potential. The process involves asking a few questions in order to figure out if the lead's problems fit with the offered solution and whether or not they have the ability to buy. - Read More
  • Lifetime Value (LTV)
    Prediction of the profit gained over the course of the entire future relationship with a customer. - Read More
  • m

  • Margin
    The difference between the cost price and the sell price of a product. Everyone has a margin they like to work with, and for products to be appealing, they need to be able to meet this margin without out-pricing themselves in the market. - Read More
  • n

  • Name Based Rapport
    Utilising “3rd Person Selling” or, in essence, sharing names that both you and your prospect know in common to create credibility and trust. Not to be confused with “name dropping.” Name based rapport, when utilised effectively, can create interest and help your prospect become “open minded”(...) - Read More
  • Networking
    A tremendous advantage for Sales Reps. Sales is a personality game and successfully networking with people throughout your industry plays a significant role in long-term success. - Read More
  • Non-Sales-Related-Activities (NSA's)
    Any actions that are not directly related to “sales-related-activities” (prospecting, setting appointments, doing demos, closing the deal). NSA examples include “surfing the web,” “doing quotes,” and even “obsessive email/voicemail checking.” - Read More
  • p

  • Past Customer
    A customer who has not ordered in the last 12 to 18 months. - Read More
  • Payment
    Discussing and agreeing on payment terms for your sale. - Read More
  • Pipeline
    A document containing all your prospective customers, arranged according to the stage in which they are in your sales or purchasing process. Great sales pipeline management is vital for forecasting. - Read More
  • Presentation
    The actual sales presentation, also known as the “demo.” The goal of the presentation is to make the emotional and intellectual sale. - Read More
  • Product
    What makes your business tick! Having a great product and knowing how and where to sell it is the key to success in sales. - Read More
  • Profile
    Researched information regarding your lead or prospect such as first and last name, best time to call, background information, possible needs, and most importantly, names in common that you can use to build rapport. - Read More
  • Prospect
    Any “Lead” or Decision Maker who has shown any type of interest in your product or service. - Read More
  • Protected Territory
    When your area is protected against other representatives from your company from calling on the same leads that you are to call on. - Read More
  • q

  • Qualifying Your Prospect
    Attempting to obtain a verbal affirmation that your prospect is indeed the person capable of making a purchasing decision. - Read More
  • Question
    Again, know your market! Know your buyer. Ask questions. Listen. Gather information. By asking what a customer wants, you're already one step closing to meeting their needs. - Read More
  • Quota
    Sales targets to help track monthly, quarterly, or yearly success. Assigned to individual employees, regions, entire companies, etc. - Read More
  • r

  • Rapport
    Creating healthy relationships with potential or prospective customers. Listen to their needs and build trust. - Read More
  • Referrals
    Obtaining additional profile information about other possible prospects from a current customer, prospect, associate, or family member. - Read More
  • Retention Rate
    Your client retention percentage. How many clients are you keeping as repeat customers? - Read More
  • Ride-Along
    One sales rep “riding with” or observing another sales rep (normally in the rep’s territory) to help improve sales skills. - Read More
  • s

  • Sales Bundle
    The articles you need to properly submit your sale to customer service. Usually includes contract, payment arrangement, artwork or job specifications. - Read More
  • Sales Cycle
    The beginning to end of your sales process. Starts normally with data-mining, and ends with attempting to get referrals from your client. - Read More
  • Sales Manager
    Usually the individual responsible for training or motivating and managing/accounting for the results of a sales team. - Read More
  • Schedules and Habits
    Your regular sales schedules and habits which will dictate the amount of demos and sales you ultimately make. - Read More
  • Side-selling
    The art of selling an additional "complimentary product" to a prospect who is already using a competitor for your lead product. - Read More
  • Slump (Sales Slump)
    A period of time when a sales person is having problems or challenges making sales. - Read More
  • Social Selling
    Using social media to interact directly with prospective customers by posting useful content and answering questions. Social selling involves both sales and marketing abilities. - Read More
  • t

  • Target Market
    Group of people (prospects) that a company focuses its marketing effort with the goal of converting these people into customers. Target Markets usually share important traits in common such as industry, demographics, geographic location, income, or sales revenue. - Read More
  • Targeting
    This involves researching your market and selecting companies or consumers that suit your product. Choosing the right people before they become customers helps focus your time and selling strategies. - Read More
  • Temperature Questions
    Questions you ask to find out where the prospect is on the buy-line, such as "how am I doing so far" or "can you see why so many people are getting these?" - Read More
  • Time Bandits
    Any “non-sales-related-activities” (NSA’s) that “steal” time away from your “sales related activities” (prospecting, setting appointments, doing product demos, closing the deal.) Hundreds if not thousands of time bandits exists from obsessively checking emails to search social sites to going(...) - Read More
  • Trade-shows
    A marketed event that your leads attend to gain information about their occupation or industry. The trade shows are usually sponsored by vendors wishing to gain exposure in front of their most probable customers. - Read More
  • Training Period
    Usually refers to the amount of time allocated to a newer sales rep before they are expected to meet quota or start producing sales results. - Read More
  • u

  • Unique
    This sells your product. Why is your product better than the competitors? Why is it faster, cheaper, more expensive, portable, etc? Your product must have a distinct selling point, feature or benefit not held by the competition. - Read More
  • Up Selling
    Offering a more expensive product or something extra to encourage a higher spend. - Read More
  • v

  • Variables
    Are elements that can change to meet needs. For example, product price can be negotiated to meet the margin requirements of a large prospective customer. - Read More
  • w

  • Warm Calling
    Calling a prospect with whom you've had contact previously. They tend to turn into appointments much more easily than cold prospects. - Read More
  • Whale
    A potential customer twenty-times the size of your regular ones. These McMassive customers require experienced Sales Reps, and a lot of time and planning but are worth the effort as they will be a huge gain to your business. - Read More
  • WIIFM
    "What's In It For Me?": the essential question your prospect will ask, directly or indirectly. It's essential that, at selling, the potential customer's WIIFM is considered into argumentation. - Read More