1-4: Sales Industry Terminology Flashcards
Cold Call
When you call someone not expecting a call. Typically done in an attempt to book a meeting
Lead
A potential customer. It usually means they have done ‘something’ that shows interest.
Account
A company that you’re working with or want to work with
Contact
An individual who is listed under an account
Discovery Call
The initial call with a lead. Typically set up by the SDR. The goal of this meeting is to understand client’s pain points/future goals and to help them understand your product
Demo Call
Meeting where client can get a live demo/walkthrough of the product
CRM
Customer Relationship Management SAAS. Usually salesforce or hubspot.
Opportunity (Opp)
An opp is when an AE marks a meeting as qualified. Typically after the discovery or demo call. This means the AE will continue chatting with them and will, therefore, allow the SDR/other departments to receive credit for the work
Agreement/Contract
Terms and conditions stipulating the products/services offered by 2 companies in exchange for money
Legal
Legal department of a company
SMB
Small and md sized businesses. Determined by revenue. Buckets are determined by employer
Mid-Market
A mid market company is larger than a startup but smaller than enterprise. Just bc they’re big doesn’t mean they have money. Decisions are usually made slower but the deals are bigger
Enterprise
Larger, more formal companies. More hoops to jump through and more ppl involved. These are typically the slowest but largest deals
CTA (Call To Action)
A prompt that aims to motivate the target audience to take a certain action
OTE (On Target Earnings)
How much you make before taxes when base and commissions are combined
SE (Sales Engineer)
A sales engineer is typically on sales calls with an AR and is there to provide technical support
ARR
Annual Recurring Revenue. Value of a contract anually. total/# of years
MRR
Monthly Recurring Revenue. Value of a contract monthly. total/# of months
Churn
When a previous customer stops paying for a product
