Are you familiar with the Sales Jargon?
What's a closing ratio? How would you convert a lead and what's a sales cycle? Presenting the full cheat sheet!Last modified by Ben Ford, on Mon Feb 27 2023 13:07:24 GMT-0600 (Central Standard Time)
Sales jargon refers to the specialized language and terminology used by salespeople in their work. This jargon can include words and phrases that are specific to a particular industry or product, as well as more general terms that are commonly used in the sales process. Some examples of sales jargon include "upselling," "closing the deal," "value proposition," and "customer acquisition cost." Some people find sales jargon helpful in communicating effectively with clients and colleagues, while others find it confusing or off-putting. It is important for salespeople to be aware of their audience and use jargon appropriately. The Sales Jargon used by Sales reps tend to be pretty long, here you will find the complete list!
The complete Sales Jargon list / cheat sheet
Activity based selling: The theory that you can close more deals by focusing on the activities you can control, such as the number of calls or appointments made, rather than focusing on sales results, sales volume, or making a certain amount of money in sales.
Account based marketing /ABM: Account-based marketing (ABM), also known as key account marketing, is a strategic approach to business marketing based on account awareness in which an organization considers and communicates with individual prospect or customer accounts as markets of one. Account-based marketing is typically employed in enterprise level sales organizations. wiki
Close / Closing: Bringing a prospect to a final buying decision.
Close ratio: Number of deals you close compared to the number of deals you have presented.
Cold calling: Getting in contact with a potential customer with no prior contact or relationship in hopes of setting up an appointment or informing them about your product or service.
Conversion: The act of turning a prospect into a customer
Conversion rate: The percentage of prospects turned into new customers in a particular period of time
CRM / Customer relationship management: A tool or software to manage your customer relationships and sales pipeline. Often also used as process management software.
Deal: An agreement to meet or take action with a prospect.
Demo: A sales presentation of your product or service.
Lead: Anyone who could potentially be a customer.
Marketing: The act of promoting your product or service.
Sales / Marketing Metrics: A collection of individual and organizational performance indicators and ratios calculated from collected data that describe a company’s historical and ongoing sales processes.
Product: Something made to be sold to a consumer.
Prospect: A potential customer or person who may be interested in a company’s product or service.
Quota: A fixed share of something that a person or group is entitled to achieve or contribute to.
Retention rate: The percentage of customers who stay.
Revenue: A company’s income or earnings.
Sales cycle: The series of predictable phases required to sell a product or a service. Sales cycles can vary greatly among organizations, products and services, and no one sale will be exactly the same.
Sales Dashboard: A method of measuring sales performance from a birds-eye view. A sales dashboard helps measure key metrics, individual team members and sales activities.
Sales force: Division of a business responsible for selling products or services.
Sales funnel / pipeline: A systematic and visual approach to selling a product or service. The sales pipeline is helpful in showing you exactly where the money is in your sales process.
Sales management: The process of developing and coordinating a sales team.
Sales management planning: Process of thinking and organizing activities to achieve a desired goal.
Sales management process: Steps taken to attain a company’s objectives.
Sales management strategy: A method to bring about a desired outcome.
Sales manager: Someone who’s responsible for managing salespeople and overseeing a company’s sales process.
Sales meeting: a meeting with the sales team, often to discuss processes, products and services, as well as the potential benefits for the buyer.
Salesperson: Someone who typically works directly with customers to inform them and sell a product while providing customer service.
Sales reporting: The documentation of a company’s activities.
Sales targets: Objectives or goals for a salesperson or company.
Sales velocity: Time it takes for a new deal to close, from the initial contact.
Service: An action performed to satisfy a customer’s need or problem.
Upselling: is the practice of offering additional products or services to a customer who is already making a purchase. The goal of upselling is to increase the value of the sale and generate more revenue for the business. For example, if a customer is buying a phone, a sales rep might try to upsell them by offering a more expensive phone with additional features or a phone case to go with it. Upselling can be an effective way to help customers get more value from their purchase and can also be beneficial for the business by increasing revenue. However, it is important for sales reps to be respectful and not pushy when upselling, as it can lead to a negative customer experience.