tech Flashcards
Account -
An account contains all the records of customer interactions, including
contact information, preferred services, and transactions with your business. An account
is created after the first time a customer buys from your business.
Account Executive/AE/Closer –
A sales team member in charge of
closing deals by converting qualified leads into paying customers.
Account Manager/AM/Farmer
A sales team member in charge of managing and
up-selling existing clients and accounts.
Annual Recurring Revenue(ARR) -
The amount of money a customer pays you every
year on a subscription model.
Annual Contract Value(ACV) -
The annual contract value is the average annualized
revenue per customer contract. ACV is usually compared against customer lifetime
value to see how long it takes to pay back the cost of acquiring a customer.
Account-Based Selling
Account-based selling is a strategy where the entire
company coordinates to pursue high-value accounts. The departments that are most
typically involved in account-based selling are sales, marketing, and customer success.
Business Development Representative
Also known as a Sales
Development Representative (SDR). This representative is a sales
specialist focused on finding new prospects, establishing foundational
relationships, and updating the sales pipeline with new leads.
Business to Business(B2B)
Selling business to business.
Business to Consumer(B2C)
Selling business to consumer
Business Unit -
A group of people representing a specific department or product within
a company such as accounting or manufacturing.
Buyer Persona
A buyer persona is a representation of the ideal customer for your
business. Companies create buyer personas based on market research and data about
existing customers. Having a buyer persona in mind is important for marketers creating
a target audience and for sales representatives qualifying leads.
Buying Signal -
A buying signal is a verbal or nonverbal cues that show a customer is
ready to make a purchase, such as signing up for a free trial or asking about contract
specifics. Picking up on these signals can help sales reps better focus their attention on
customers that are giving off more buying signals.
C-Level / C-Suite –
Highest level executives; C stands for Cheif – like Chief Executive
Officer (CEO)
Champion –
A prospect within a company that wants to purchase your product or
service and is willing to do everything they can to help convince the others in the
company to make the purchase
Channel Partner
A person or company that offers services or products on behalf of
another company
Channel Sales
Focusing on different sales channels, such as an in-house sales
team, retailers, referrals, dealers etc
Churn
The percentage of clients that leave or stop using your services or products
within a certain time period.
Closing Ratio -
A closing ratio is the number of deals closed compared to the number
of engaged prospects. This ratio can be used to evaluate the performance of an
individual sales rep and forecast sales.
Clients
Closed opportunities, paying clients and people that your account managers
should take care of
Closers
Or Account Executives, they are focused on closing deals and they only
prospect a small number of strategic accounts
Cold Call –
Attempt to engage with a prospect (that you don’t yet have a relationship
established) on a call.
Cold Email –
Attempt to engage with prospects via email; sending a sales proposal to
someone that you don’t yet have a relationship with.
Customer Acquisition Cost (CAC)
The cost of acquiring new paying clients.
Customer Lifetime Value (CLV)
Also known as lifetime value (LTV). The total
lifetime value of one client in terms of the revenue they’ll bring before they churn.
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
Customer Success
A strategy and a proactive mindset that helps reduce churn
rates, increase customer satisfaction with a service/product, and the predictability of
recurring revenue
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 to let you talk
to the decision-maker or not
ICP
Ideal Customer Profile is a profile of an ideal client for your business
Inbound
– Interest that comes in (received cold emails, submitted forms..)
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 to generate interest around a
product or a service through different methods – 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.
Lead Scoring
Assigning a value to every lead based on predefined criteria, in order
to rank leads in terms of engaging priority
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 with a service or
product. Setting up an account and introducing the client with their point of contact at
the company
Opportunities –
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 contact 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
Profit margin is 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 –
Alist of names and contact information in some type of list, database or
CRM.
Referral –
Method of generating new sales leads, where someone refers a potential
client to you
Return on Investment (ROI) –
Shows the effectiveness of the initial investment. It is a
ratio between net profit and the cost of investment
Revenue –
The amount of money one business generates in the specific time period (a
year, a quarter…).
SaaS –
An acronym for Software as a Service
Sales Acceleration
Speeding up the sales process using different tools and
technologies to boost productivity and efficiency.
Sales Automation
A process of automating sales workflow by using a software or an
online tool. It can help simplify, speed up and streamline the sales process.
Sales Cadence
A determined sequence of sales activities and the frequency at which
the sales team interacts with leads.
Sales Cycle
Predictable sequences and stages that a company goes through as they
sell their product or service.
Sales Demo
An event that serves as a showcase of the product or service that the
company is selling.
Sales Development Representative(SDR) –
Or an SDR; sales representative focused
on prospecting and finding new sales opportunities
Sales Enablement –
Providing sales professionals with necessary tools, technology,
training, and other resources in order for them to have better performance at customer
engagement.
Sales Funnel –
A visual representation of sales processes with defined stages, that
every potential client goes through as they are let towards a final decision – buying a
product or service.
Sales Pipeline –
A visual representation of a sales process and stages of each
individual prospect.
Sales Prospecting
A process of finding and identifying new prospective clients using
different outbound methods – cold email, social selling, advertising etc
Sales Qualified Lead (SQL)-
A potential client that already met all the necessary
criteria, and is forwarded to Account Executive to close the deal.
Scraping Data
Extraction of large amounts of data from websites.
Segmentation
A process of dividing a large market or a contact list into smaller
segments based on different criteria – location, company size, revenue etc.
Social Selling
A sales tactic that involves using social media as a sales channel.
SDRs engage and create relationships with prospects by probing their needs and
providing relevant and valuable insight.
Top of the Funnel
A term that refers to the top of the sales or marketing funnel,
where all prospects go through a qualification process, both from inbound and outbound
efforts.
Unique Selling Point/Proposition
Unique features of a business that sets it apart
from the competitors.
Vertical
A specific segment of the market where a business targets only a specific
industry, sector or niche.
