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Sales Flashcards

1
Q

What is the purpose of sales?

A

To build relationships and provide solutions to customer needs, leading to mutually beneficial exchanges.

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2
Q

What are the stages of the sales funnel?

A

Awareness, interest, decision, action.

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3
Q

What is a value proposition?

A

A statement explaining why a product or service is valuable to the customer.

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4
Q

What is consultative selling?

A

A sales approach focused on understanding customer needs and providing solutions.

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5
Q

What is solution selling?

A

A method where the salesperson diagnoses customer problems and offers tailored solutions.

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6
Q

What is the B2B sales model?

A

Business-to-business sales, where a company sells products or services to another company.

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7
Q

What is the B2C sales model?

A

Business-to-consumer sales, where a company sells directly to individual customers.

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8
Q

What does ‘up-selling’ mean?

A

Encouraging customers to purchase a more expensive product or add-ons.

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9
Q

What is cross-selling?

A

Selling related or complementary products to an existing customer.

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10
Q

What is inbound sales?

A

When customers approach the business due to marketing efforts.

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11
Q

What is the SPIN selling technique?

A

A sales technique involving Situation, Problem, Implication, and Need-Payoff questions.

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12
Q

What is the ‘Feel, Felt, Found’ method?

A

A method to handle objections by empathizing with the customer’s concern and offering reassurance.

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13
Q

What is the ‘Foot-in-the-door’ technique?

A

A method where the salesperson starts with a small request before moving to a larger one.

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14
Q

What is the ‘Door-in-the-face’ technique?

A

A technique where a larger request is made first, followed by a smaller, more reasonable one.

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15
Q

What is a ‘cold call’?

A

A sales call made to a potential customer without prior contact.

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16
Q

What is consultative selling?

A

A sales approach that focuses on creating value by addressing the customer’s needs.

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17
Q

What is social selling?

A

Leveraging social media to find and engage prospects.

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18
Q

What is the ‘ABC’ of sales?

A

Always Be Closing, a reminder to focus on closing deals.

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19
Q

What is the trial close?

A

A question used to gauge the customer’s readiness to make a purchase.

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20
Q

What is the ‘Assumptive Close’?

A

A closing technique where the salesperson assumes the customer has already decided to buy.

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21
Q

What is an objection in sales?

A

A reason given by the customer for not purchasing.

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22
Q

What are common customer objections?

A

Price, timing, need, trust, authority to decide.

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23
Q

How can you overcome price objections?

A

Emphasize the value or ROI of the product.

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24
Q

What is the difference between features and benefits?

A

Features describe the product; benefits describe the value to the customer.

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25
Q

What is rapport building?

A

Establishing a positive connection with the customer to build trust.

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26
Q

What is a sales pitch?

A

A brief explanation of the product/service designed to persuade the customer.

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27
Q

What does ‘customer-centric’ mean?

A

Focusing on the customer’s needs and preferences in the sales approach.

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28
Q

What is lead qualification?

A

Determining if a lead has the potential to become a customer.

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29
Q

What is a ‘hot lead’?

A

A prospect who has shown a high level of interest in purchasing.

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30
Q

What is a CRM?

A

Customer Relationship Management, a tool used to manage sales interactions and customer data.

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31
Q

What is prospecting in sales?

A

Identifying potential customers who may be interested in your product.

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32
Q

What is a sales quota?

A

A target sales number that a salesperson or team aims to reach.

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33
Q

What is the role of empathy in sales?

A

Understanding and relating to the customer’s feelings and perspective.

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34
Q

What is follow-up in sales?

A

The process of contacting leads or customers after the initial interaction.

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35
Q

What is a sales objection handler?

A

A prepared response to common objections that customers might have.

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36
Q

What is a product demo?

A

A demonstration of the product’s features and benefits to a potential customer.

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37
Q

What is an elevator pitch?

A

A short and concise sales pitch designed to communicate value quickly.

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38
Q

What is value-based selling?

A

Focusing on the value a product brings to the customer rather than just its features.

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39
Q

What is an ROI analysis in sales?

A

Calculating the return on investment to justify the cost of a product/service.

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40
Q

What is active listening in sales?

A

Fully focusing, understanding, and responding to the customer during conversations.

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41
Q

What is a referral in sales?

A

When an existing customer recommends your product or service to others.

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42
Q

What is the importance of product knowledge in sales?

A

It enables the salesperson to confidently answer customer questions and showcase benefits.

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43
Q

What is a ‘decision-maker’ in sales?

A

The individual in a business with the authority to make a purchasing decision.

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44
Q

What is the difference between transactional and relationship selling?

A

Transactional focuses on short-term sales; relationship focuses on building long-term customer relationships.

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45
Q

What is scarcity in sales?

A

Creating urgency by indicating that a product or deal is in limited supply.

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46
Q

What is a customer pain point?

A

A specific problem or need that a customer is experiencing.

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47
Q

What is a value-added service?

A

An extra service provided to enhance the core product’s value.

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48
Q

What is customer retention?

A

The ability of a company to retain its customers over time.

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49
Q

What is closing in sales?

A

The process of securing an agreement to purchase from the customer.

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50
Q

What is a follow-up call?

A

A call made after the initial contact to continue the sales process.

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51
Q

What is a follow-up email?

A

An email sent after the initial contact to maintain the sales conversation.

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52
Q

What is a lead in sales?

A

A potential customer who has shown interest in your product or service.

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53
Q

What is a qualified lead?

A

A lead that meets the criteria for a potential sale, such as need, budget, and authority.

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54
Q

What is sales forecasting?

A

Predicting future sales based on historical data and market conditions.

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55
Q

What is a gatekeeper in sales?

A

A person who controls access to the decision-maker, often in a business setting.

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56
Q

What is the 80/20 rule in sales?

A

The principle that 80% of sales come from 20% of your customers.

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57
Q

What is competitive analysis in sales?

A

Evaluating the strengths and weaknesses of competitors to improve your sales strategy.

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58
Q

What is a target market?

A

The specific group of customers your product is aimed at.

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59
Q

What is account-based selling?

A

A personalized sales strategy focused on specific key accounts.

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60
Q

What is networking in sales?

A

Building relationships with others to find potential sales opportunities.

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61
Q

What is a customer persona?

A

A semi-fictional representation of your ideal customer based on data and research.

62
Q

What is the role of negotiation in sales?

A

The process of discussing terms and reaching a mutually beneficial agreement.

63
Q

What is cold emailing?

A

Sending unsolicited emails to potential customers to generate leads.

64
Q

What is a discovery call?

A

A conversation where the salesperson learns about the customer’s needs and challenges.

65
Q

What is product-market fit?

A

The alignment between a product and the needs of the target market.

66
Q

What is the decision-making process?

A

The steps a customer goes through to make a purchase decision.

67
Q

What is lead nurturing?

A

Building relationships with potential customers over time to turn them into buyers.

68
Q

What is a win-loss analysis?

A

Reviewing closed deals to understand why you won or lost the sale.

69
Q

What is a competitor’s edge?

A

The advantage a company has over its competitors in the marketplace.

70
Q

What is a customer acquisition cost?

A

The cost associated with acquiring a new customer.

71
Q

What is a sales pipeline?

A

A visual representation of where prospects are in the sales process.

72
Q

What is sales velocity?

A

The speed at which deals move through the sales pipeline.

73
Q

What is a pain-point question?

A

A question designed to uncover the customer’s specific problems or challenges.

74
Q

What is a buying signal?

A

A verbal or non-verbal cue from the customer that indicates interest in purchasing.

75
Q

What is a referral program?

A

A program where existing customers are incentivized to refer new customers.

76
Q

What is churn rate?

A

The percentage of customers who stop using your product over a given period.

77
Q

What is the sales cycle?

A

The series of steps taken from initial contact to closing a sale.

78
Q

What is a demo request?

A

When a prospect asks to see a demonstration of the product.

79
Q

What is inbound marketing?

A

A strategy that attracts customers by creating valuable content and experiences.

80
Q

What is an outbound sales strategy?

A

Proactively reaching out to potential customers through calls, emails, or other means.

81
Q

What is customer lifetime value?

A

The total revenue a business can expect from a customer over the course of their relationship.

82
Q

What is sales enablement?

A

Providing sales teams with tools, resources, and training to improve their effectiveness.

83
Q

What is a lead magnet?

A

An incentive offered to prospects in exchange for their contact information.

84
Q

What is lead scoring?

A

Ranking leads based on their likelihood to become customers.

85
Q

What is an objection close?

A

A closing technique where the salesperson addresses and overcomes the customer’s objections.

86
Q

What is a product objection?

A

A concern raised by a customer about the product’s features or performance.

87
Q

What is urgency in sales?

A

Creating a sense of urgency to encourage the customer to act quickly.

88
Q

What is authority in the context of sales?

A

The power or right of a person to make decisions regarding a purchase.

89
Q

What is needs assessment in sales?

A

The process of identifying the customer’s needs and challenges.

90
Q

What is lead generation?

A

The process of attracting and converting prospects into potential buyers.

91
Q

What is a sales funnel?

A

A model that describes the journey of prospects from awareness to purchase.

92
Q

What is the discovery phase in sales?

A

The stage where the salesperson gathers information about the prospect’s needs.

93
Q

What is a sales presentation?

A

A formal or informal presentation of the product or service to a potential buyer.

94
Q

What is a sales script?

A

A pre-written set of talking points used to guide sales conversations.

95
Q

What is the purpose of open-ended questions?

A

To encourage detailed responses and uncover more information.

96
Q

What is a close-ended question?

A

A question that can be answered with a ‘yes’ or ‘no.’

97
Q

What is the difference between inside and outside sales?

A

Inside sales are conducted remotely, while outside sales involve face-to-face interactions.

98
Q

What is a gatekeeper strategy?

A

A plan to navigate past the gatekeeper to reach the decision-maker.

99
Q

What is a sales consultant?

A

A professional who provides sales advice and solutions to businesses.

100
Q

What is cross-functional selling?

A

Involving multiple departments or teams in the sales process to provide a better solution.

101
Q

What is emotional selling?

A

Appealing to the customer’s emotions to influence the purchasing decision.

102
Q

What is customer segmentation?

A

Dividing a customer base into groups based on characteristics or behaviors.

103
Q

What is a unique selling proposition (USP)?

A

A factor that differentiates a product from competitors.

104
Q

What is account management?

A

Building and maintaining relationships with existing customers to ensure satisfaction and continued business.

105
Q

What is sales acceleration?

A

Strategies and tools used to speed up the sales process.

106
Q

What is a sales deck?

A

A presentation used by a salesperson to convey the value of a product or service.

107
Q

What is territory management?

A

Organizing and managing sales operations within a specific geographic area.

108
Q

What is pipeline management?

A

Monitoring and managing the progress of sales leads through the sales pipeline.

109
Q

What is a lead conversion rate?

A

The percentage of leads that turn into customers.

110
Q

What is the role of a sales coordinator?

A

Supporting sales teams by managing schedules, customer interactions, and administrative tasks.

111
Q

What is a key performance indicator (KPI)?

A

A measurable value that shows how effectively a company is achieving business objectives.

112
Q

What is a quota attainment?

A

The percentage of a sales quota that has been achieved by a salesperson or team.

113
Q

What is sales coaching?

A

Training and mentoring salespeople to improve their skills and performance.

114
Q

What is an objection handling script?

A

A pre-written response to address common customer objections.

115
Q

What is product bundling?

A

Offering multiple products for sale as one combined product.

116
Q

What is personalization in sales?

A

Tailoring the sales message or experience to the individual customer.

117
Q

What is a decision-making unit (DMU)?

A

A group of individuals involved in the decision-making process for a purchase.

118
Q

What is a customer journey map?

A

A visualization of the steps a customer goes through when interacting with a company.

119
Q

What is competitor benchmarking?

A

Comparing your business performance with that of competitors.

120
Q

What is churn prediction?

A

Identifying which customers are most likely to stop using your product or service.

121
Q

What is a referral close?

A

A closing technique where the salesperson asks the customer for referrals.

122
Q

What is a strategic account?

A

A key account with long-term potential and high revenue for the company.

123
Q

What is predictive sales analytics?

A

Using data to predict future sales trends and outcomes.

124
Q

What is a customer advocate?

A

A person within an organization who supports the customer’s needs and ensures their satisfaction.

125
Q

What is relationship management?

A

Maintaining and improving relationships with customers for long-term retention.

126
Q

What is the buyer’s journey?

A

The process a buyer goes through from realizing a need to purchasing a solution.

127
Q

What is a direct sales model?

A

Selling directly to the consumer without intermediaries.

128
Q

What is channel sales?

A

Using intermediaries, like distributors or agents, to sell your products.

129
Q

What is a complex sale?

A

A sales process that involves multiple stakeholders, a long sales cycle, and high levels of customization.

130
Q

What is a sales proposal?

A

A formal offer to a potential customer, outlining the product, pricing, and terms.

131
Q

What is a procurement process?

A

The steps a company follows to purchase goods or services.

132
Q

What is a request for proposal (RFP)?

A

A document issued by a company to solicit proposals from potential suppliers.

133
Q

What is customer feedback?

A

Information provided by customers about their experience with a product or service.

134
Q

What is sales collateral?

A

Materials used by salespeople to support their selling efforts, such as brochures or case studies.

135
Q

What is a value statement?

A

A concise description of how a product or service benefits the customer.

136
Q

What is a sales territory?

A

A defined geographical or customer area assigned to a salesperson or team.

137
Q

What is customer onboarding?

A

The process of guiding new customers through the initial stages of using a product or service.

138
Q

What is a lead nurturing campaign?

A

A series of communications designed to build relationships with prospects over time.

139
Q

What is upselling?

A

Encouraging a customer to buy a higher-end version of the product or service they are considering.

140
Q

What is a sales playbook?

A

A documented guide outlining the processes and best practices for salespeople.

141
Q

What is customer acquisition?

A

The process of attracting new customers to a business.

142
Q

What is a trial period in sales?

A

A limited-time opportunity for potential customers to try a product before committing to a purchase.

143
Q

What is a win-back campaign?

A

Efforts to regain customers who have stopped purchasing from your business.

144
Q

What is a SWOT analysis in sales?

A

Evaluating a company’s Strengths, Weaknesses, Opportunities, and Threats.

145
Q

What is an early adopter?

A

A customer who adopts a product or service early in its lifecycle.

146
Q

What is competitive pricing?

A

Setting a product’s price based on what competitors are charging.

147
Q

What is a product roadshow?

A

A series of presentations or events used to promote a product to potential buyers.

148
Q

What is sales reporting?

A

The process of tracking and analyzing sales performance data.

149
Q

What is a gatekeeper?

A

A person who controls access to the decision-maker, often in a business setting.

150
Q

What is a repeat customer?

A

A customer who has made multiple purchases from your company.

G/O Flashcards (15 decks)

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