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job > sales terms (bonus, (not so) pleasant) > Flashcards

sales terms (bonus, (not so) pleasant) Flashcards

1
Q

Account

A

customer profiles

contain important information about the customer:
purchases,
interactions,
contact information,
preferences.

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2
Q

Annual contract value (ACV)

A

average revenue generated for a particular customer per year

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3
Q

Annual recurring revenue (ARR)

A

the amount of money a business expects to earn over one year—from all its customers

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4
Q

Churn rate

A

% who stopped buying

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5
Q

Closing ratio

A

number of closed deals to the number of prospects the agent interacted with

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6
Q

Conversion

A

any prospect that moves to the next step in the sales pipeline

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7
Q

Markup

A

a price increase for a product

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8
Q

Positioning statement

A

a semi-prepared statement used by sales reps to start conversations with potential customers

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9
Q

Sales performance management

A

set of sales processes created for maximum efficiency

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10
Q

Sales pipeline coverage

A

ratio that measures how full the sales pipeline is compared to the quota you want to achieve at the end of a given time period

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11
Q

Smarketing

A

sales + marketing – alignment of departments for smoother workflows and consistent branding

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12
Q

Monthly recurring revenue (MRR)

A

same concept as annual recurring revenue (ARR) but is measured on a monthly scale

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13
Q

Value chain

A

the value your company brings to the market

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14
Q

Net Promoter Score (NPS)

A

used to assess customer loyalty. It’s measured via a survey that asks customers how likely they are to recommend the business or product to someone they know

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15
Q

Profit margin

A

measures a company’s gross profit relative to its revenue.

gross profit (sales minus all expenses)/your revenue for a given time period x100

You want your profit margin to be high.

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16
Q

Quota

A

sales target / a goal to achieve

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17
Q

ABC

A

“always be closing.”

every step they take in the sales process is one step closer to closing the deal

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18
Q

BANT framework

A

The BANT framework is a checklist used during lead qualification.

B = Budget: Can the lead afford the product?
A = Authority: Is the lead a decision-maker with the authority to buy the product?
N = Need: Does the lead or their business need the product?
T = Time: Is this lead likely to purchase the product in the next sales cycle?

Leads that check all four boxes are extremely qualified and should be nurtured.

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19
Q

Benefits

A

how a product solves a prospect’s problems

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20
Q

Feature

A

an aspect of a product that directly benefits a customer

it CAUSES benefit

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20
Q

Discovery call

A

initial conversation a lead (soon-to-be prospect) has with a sales rep

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21
Q

Pain point

A

a specific problem for a lead—a problem that can hopefully be fixed by a product or service from your company

22
Q

Positioning statement

A

semi-prepared statement used by sales reps to start conversations with potential customers

23
Q

Prospecting

A

never-ending process of identifying and contacting potential buyers

24
Q

Soft sell

A

reps take time to build trust with the prospect and work with them to find the ideal solution

25
Q

Account executive

A

are responsible for managing customer accounts

26
Q

Account development representative

A

are responsible for creating new sales strategies, identifying potential clients, and understanding market trends

27
Q

Sales development representative (SDR)

A

nside sales reps who work to convert inbound leads

28
Q

Bottom of the funnel (BOFU)

A

prospects are very close to making a purchase decision

29
Q

Buying signal

A

indicators that a customer is ready to buy

30
Q

Buying criteria

A

pieces of information a customer requests to see before they make a purchase

31
Q

Buying intent

A

the odds of a prospective customer making a purchase

32
Q

Middle of the funnel (MOFU)

A

At this stage, the prospect has a relationship with the sales rep and is learning more about the products and solutions.

33
Q

Top of the funnel (TOFU)

A

prospects are at the beginning of the sales funnel

34
Q

Opportunity

A

largely interchangeable with a qualified lead.

It refers to a prospect that’s completed the qualification process and shows promise as a customer.

35
Q

Ad-hoc reporting

A

a sales reporting tool that reflects user parameters

Ad-hoc reports are generated by request and usually answer specific metric questions (for instance, What is the combined conversion rate for sales rep 1 and sales rep 2?)

36
Q

Business intelligence

A

an umbrella term for any tool or process that a company uses to make data-driven decisions.

This includes data analysis, KPI comparison, or data visualization.

37
Q

CPQ software

A

configure price quote

It helps sales agents automate customer quotes and proposals, resulting in faster communication, better accuracy, and an improved customer experience.

38
Q

CRM analytics

A

analysis of data in a CRM

39
Q

Enterprise resource planning (ERP)

A

business software that manages a company’s financials, supply chain, operations, commerce, reporting, HR, and manufacturing

40
Q

Escalations

A

process of customer cases or tickets being moved to a higher-authority agent or manager

This usually happens when a lower-level member is unable or unqualified to fix the customer issue.

41
Q

Knowledge base

A

online collection of information about a business

can include everything from product information to sales scripts to marketing plans. Internal knowledge bases are meant to be used by employees, while external knowledge bases are customer-facing, often in the form of FAQs and product usage information.

42
Q

Lead management

A

Lead management refers to the entire process of generating, qualifying, and tracking leads. It also includes prioritizing leads in order of buyer intent for the sales team using lead management software.

43
Q

Opportunity management

A

the process of organizing, delegating, and tracking all the deals in a sales pipeline.

This ensures equal distribution and more likelihood of closing. Opportunity management is handled within a CRM by a sales manager.

44
Q

Sales dashboard

A

A sales dashboard is a visual picture of real-time sales data that keeps everyone in your company up-to-date on metrics. Sales reps can use the sales dashboard to easily monitor daily, weekly, and monthly goals.

45
Q

Closed opportunities

A

Closed opportunities are buyer journeys that come to an end, whether positively or negatively. It doesn’t matter if a sale is made or if the prospect decides not to buy—the opportunity is considered closed.

46
Q

Closed-won

A

Closed-won refers to closed opportunities that end in a sale.

47
Q

Closed-lost

A

Closed-lost refers to closed opportunities that did not end in a sale. But it also includes opportunities that simply require follow-up in a few months (for instance, the prospect can’t invest in your solution while they’re under a contract with another company, but they’re still interested).

48
Q

Conversion path

A

The conversion path is the process a potential customer goes through to become a lead.

49
Q

Demand generation

A

Demand generation is the marketing process of creating brand awareness and interest in a company. This includes activities like nurturing programs, content creation, and SEO (search engine optimization).

50
Q

Gatekeeper

A

A gatekeeper is anyone who allows or prevents a sales rep from contacting a decision-maker.

50
Q

Net promoter score

A

measures how likely a customer is to recommend your solution

51
Q
A

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