Lesson 1 - SE Glossary - Sales Terms

Question 1

Account-Based Marketing (ABM)

Answer 1

A marketing strategy that focuses on targeting specific accounts or customers with tailored content and messaging.

Question 2

BANT (Budget, Authority, Need, and Timeline)

Answer 2

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.

Question 3

Baseline

Answer 3

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.

Question 4

Business-to-Business (B2B) Sales

Answer 4

The process of selling products or services to other businesses rather than to
individual consumers.

Question 5

Business Development Representative (BDR)

Answer 5

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.

Question 6

Buyer Persona

Answer 6

A virtual persona of your buyer that has the characteristics of your target audience based on market research.

Question 7

Competitive Analysis

Answer 7

The process of identifying and analyzing competitors’ strengths and weaknesses to determine how best to position a product or service in the market.

Question 8

Competitive Intelligence

Answer 8

The process of gathering and analyzing information about competitors, including their products, pricing, and marketing strategies.

Question 9

CRM (Customer Relationship Management)

Answer 9

Software or systems used to manage and analyze customer interactions and
data throughout the customer lifecycle.

Question 10

Cycle of Sales

Answer 10

The modern sales process is divided into seven stages: prospecting, preparation, approaching, presenting, handling objections, closing, and following up.

Question 11

Cross-Selling

Answer 11

The process of introducing a product to a customer, other than the one being
sold, that compliments their current purchase.

Question 12

Customer Segmentation

Answer 12

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.

Question 13

Customer Success

Answer 13

The process of ensuring that customers are successful with a product or service, through onboarding, training, and ongoing support.

Question 14

Enterprise Resource Planning (ERP)

Answer 14

A system that helps automate and manage business processes across finance, manufacturing, retail, supply chain, human resources, and operations.

Question 15

Key Performance Indicators (KPIs)

Answer 15

Metrics used to measure and track the success of a sales team, such as conversion rates, revenue, and customer retention.

Question 16

Lead

Answer 16

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.

Question 17

Lead Qualification

Answer 17

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.

Question 18

Lead Scoring

Answer 18

It is a method in ranking prospects against a scale that stands for the perceived value to characterize by every lead to the organization.

Question 19

Objection Handling

Answer 19

The process of addressing and overcoming customer objections or concerns during the sales process, in order to move the sale forward.

Question 20

Pain Point

Answer 20

An essential point that a sales representative must identify in the selling process to determine the prospect’s needs and provide concrete resolutions.

Question 21

Product Demonstration

Answer 21

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.

Question 22

Proof of Concept (POC)

Answer 22

A trial or demonstration of a product or service to prove its viability and effectiveness in addressing a customer’s specific needs.

Question 23

Proof of Value (POV)

Answer 23

A demonstration or trial of a product or service that is designed to showcase
its value in a specific use case or business scenario.

Question 24

Request for Proposal (RFP)

Answer 24

A formal document that outlines a customer’s requirements and expectations for a product or service, and invites vendors to submit proposals for consideration.

Question 25

Return on Investment (ROI)

Answer 25

A measure of the financial benefits that a customer can expect to receive from investing in a product or service, compared to the cost of the investment.

Question 26

Sales Analytics

Answer 26

The process of collecting and analyzing sales data to gain insights into sales performance, customer behavior, and market trends.

Question 27

Sales Collateral

Answer 27

Printed or digital materials used to support the sales process, such as brochures, case studies, and white papers.

Question 28

Sales Development Representative

Answer 28

A sales professional responsible for identifying and qualifying potential customers or clients for a company’s products or services.

They focus on outbound prospecting and lead generation.

Question 29

Sales Enablement

Answer 29

The process of providing sales teams with the tools, resources, and support they need to effectively sell products or services.

Question 30

Sales Engineering

Answer 30

The process of providing technical expertise to sales teams to help close deals by demonstrating how products and services can solve customer problems.

Question 31

Sales Engineering Management

Answer 31

The process of managing a team of sales engineers, including setting goals, tracking performance, and providing coaching and support.

Question 32

Sales Forecasting

Answer 32

The process of estimating future sales volumes and revenues, based on
historical data and market trends.

Question 33

Sales Funnel

Answer 33

The series of stages that a potential customer goes through from initial awareness of a product or service to the final purchase decision.

Question 34

Sales Methodology

Answer 34

A structured approach to selling that defines the steps and processes involved in the sales process, including prospecting, discovery, and closing.

Question 35

Sales Operations

Answer 35

The processes and systems used to support sales teams, including sales enablement tools, CRM software, and analytics platforms.

Question 36

Sales Pipeline

Answer 36

A visual representation of the stages of the sales process, typically used to track progress and identify potential bottlenecks.

Question 37

Sales Process Automation

Answer 37

The use of technology and software to streamline and automate sales
processes, such as lead generation, prospecting, and follow-up.

Question 38

Sales Training

Answer 38

The process of providing sales teams with the knowledge and skills they need to effectively sell products or services, including product training, objection handling, and negotiation skills

Question 39

Search Engine Optimization (SEO)

Answer 39

Internet marketing practice of optimizing a website so that it’s more likely to show up in unpaid search results.

Question 40

Value proposition

Answer 40

A statement that describes the unique benefits and value that a product or service provides to its target customers, and how it is different from or better than the offerings of competitors.

Question 41

Value Statement

Answer 41

A statement from the company that informs customers of the establishment’s initial plans and priorities for its market.