Sales Development Terms 2 Flashcards
Customer Acquisition Cost (CAC)
The cost of acquiring new paying clients.
Customer Lifetime Value (CLV)
The total lifetime value of one client in terms of the revenue they’ll bring in before they churn. Also known as lifetime value (LTV).
Customer Relationship Management (CRM)
A software or Internet-based service that helps business owners and sales professionals manage their sales pipeline, track prospects and related activities throughout the sales cycle.
Decision Maker
The person in charge of making the purchasing decision at a company.
Fortune 500
A list of 500 of the largest companies in the US based on revenue.
Gatekeeper
The person who answers the corporate phone and decides if you can talk to the decision-maker or not.
Ideal Customer Profile (ICP)
A profile of an ideal client for your business.
Inbound
Interest that comes in (response to cold emails, submitted forms, etc.)
Inbound Sales
Sales that happen as a result of customers directly approaching and engaging with the brand/company.
Lead
Someone who is a potential fit to purchase your product or service.
Lead Generation
All of the activities that have a goal of generating interest around a product or a service through different methods (i.e. content marketing, PPC, referrals, outbound marketing, and partnerships).
Lead Nurturing
Engaging and building a long-term relationship with existing prospects.
Lead Qualification
A process of qualifying if a lead is a good fit to purchase your product or service.
Influencer
Someone who has a strong influence over the purchase of a product or service, but isn’t the final decision-maker.
Marketing Qualified Lead (MQL)
A lead that will most likely become a paying client, based on what pages the lead visited, what action they took on the company website, and other online engagement.
Monthly Recurring Revenue (MRR)
The amount of regular and predictable income a company expects to receive every month.
Onboarding
A set of actions or a process of introducing a new client to a product or service. Setting up an account and introducing the client with their point of contact at the company.
Opportunity
A qualified lead that is a good fit for your solution. An SDR has qualified this person as someone who has the need and ability to purchase.
Outbound Sales
Cold calling, cold emailing and social selling, with the goal of initiating contacts with a prospective client and ultimately closing the deal.
Point of Contact
A person or a department within a company that the client can reach out to with questions or specific requests.
Profit Margin
A ratio of profitability that reveals how much money a company actually makes. It is the amount by which revenue from sales exceeds costs. To calculate profit margin, divide your gross profit (revenue-cost of goods sold) by revenue.
Prospects
A list of names and contact information in some type of list, database, or CRM.
