Lesson 1 - SE Glossary - Sales Terms Flashcards
Account-Based Marketing (ABM)
A marketing strategy that focuses on targeting specific accounts or customers with tailored content and messaging.
BANT (Budget, Authority, Need, and Timeline)
A framework where these four elements must be present to determine the likelihood of a sale.
Even one missing element significantly decreases the probability of a sale.
Baseline
Baseline is a term used to describe a monetary goal or number of sales that a
business aims to achieve.
Salespeople use baselines to gauge their individual and team progress over time.
Business-to-Business (B2B) Sales
The process of selling products or services to other businesses rather than to
individual consumers.
Business Development Representative (BDR)
A sales professional is responsible for identifying and qualifying potential customers or clients for a company’s products or services.
Focus on inbound lead management.
Buyer Persona
A virtual persona of your buyer that has the characteristics of your target audience based on market research.
Competitive Analysis
The process of identifying and analyzing competitors’ strengths and weaknesses to determine how best to position a product or service in the market.
Competitive Intelligence
The process of gathering and analyzing information about competitors, including their products, pricing, and marketing strategies.
CRM (Customer Relationship Management)
Software or systems used to manage and analyze customer interactions and
data throughout the customer lifecycle.
Cycle of Sales
The modern sales process is divided into seven stages: prospecting, preparation, approaching, presenting, handling objections, closing, and following up.
Cross-Selling
The process of introducing a product to a customer, other than the one being
sold, that compliments their current purchase.
Customer Segmentation
The process of dividing customers into distinct groups based on common characteristics or behaviors, in order to tailor marketing and sales strategies to their needs.
Customer Success
The process of ensuring that customers are successful with a product or service, through onboarding, training, and ongoing support.
Enterprise Resource Planning (ERP)
A system that helps automate and manage business processes across finance, manufacturing, retail, supply chain, human resources, and operations.
Key Performance Indicators (KPIs)
Metrics used to measure and track the success of a sales team, such as conversion rates, revenue, and customer retention.
Lead
An individual or organization that’s demonstrated enthusiasm for an item or
service in one way or another, alludes to a prospect or potential client (individual or association) that shows interest in your service or goods; or any extra info about such entities.
Lead Qualification
It’s a process of organizing a marketing lead or qualified sales as customers that have had experience with your marketing team or sales.
It is produced when the sales and marketing team work together to predict whether a
prospect will make a purchase or not.
Lead Scoring
It is a method in ranking prospects against a scale that stands for the perceived value to characterize by every lead to the organization.
Objection Handling
The process of addressing and overcoming customer objections or concerns during the sales process, in order to move the sale forward.
Pain Point
An essential point that a sales representative must identify in the selling process to determine the prospect’s needs and provide concrete resolutions.
Product Demonstration
A visual or interactive display of a product’s features and benefits, typically used to showcase how a product can meet a customer’s specific needs.
Proof of Concept (POC)
A trial or demonstration of a product or service to prove its viability and effectiveness in addressing a customer’s specific needs.
Proof of Value (POV)
A demonstration or trial of a product or service that is designed to showcase
its value in a specific use case or business scenario.
Request for Proposal (RFP)
A formal document that outlines a customer’s requirements and expectations for a product or service, and invites vendors to submit proposals for consideration.
