What are people in sales, growth, startups, and marketing teams talking about?
Leads, prospects, contacts, opportunities, accounts, and clients are all terms for the same thing in different stages. I know confusing.
Keeping up with the terminology can be challenging, and that's why we created this ABC spinoff that will help you relax, have a laugh and learn some new words you can put into practice today with your colleagues.
A - Account
An account is a synonym for a customer profile. A space where the client’s information is recorded and tracked to understand their individual needs and preferences better. In some cases, you can hear your peers talking about an account as a client.
B - Bad leads
These are people who either got in contact with you or you contacted them but do not match your customer profile. These are also called low-qualified leads or unqualified leads (depending on your criteria).
C - Commission
The fee or percentage of a sale that salespeople get paid after closing a deal. The commission can vary from company to company, industry to industry, and sometimes from job category to job category.
D - Discount, Discovery, Dialer
A discount is a special lower price made to a client of closing the sale. Clients love a good ol’ discount.
A discovery call is the first call that a salesperson or an SDR makes to a potential lead to identify if they are qualified and ready to move on through the sales pipeline or not.
The dialer is a computer software, application, or electronic device that automates the process of making phone calls.
E - EOD, EOW, EOM, EOQ & EOY
These acronyms refer to End Of X. For example End Of The Day (EOD), End Of The Week (EOW), End Of the Month (EOM), and so on.
F - Forecast
It is the prediction or calculation of a trend or event likely to occur in the future based on qualitative, quantitative, and historical data as well as emergent but relevant factors. Forecasts can be used to predict future sales, and future revenue, or to identify future opportunities.
G - GOAT
Stands for Greatest Of All Time
H - Hard sell
This was a sales tactic popular in certain industries in which the salesperson instead of understanding and addressing the prospect's objections would challenge them.
It’s an aggressive approach to sales that is no longer popular, however, some niches still find this strategy a great way to generate pressure and close more deals.
I - Inbound Sales
The process, method, or transaction wherein purchases occur as a result of customers directly approaching, engaging, and embracing your brand. These are usually led by marketing strategies where the brand is positioned to match the prospect's needs and to lead these initiate themselves the sales process.
J - Judo Business Strategy
This business strategy, it’s based on the principle of utilizing it is designed to give smaller companies an advantage by using their nimbleness and ability to respond more quickly to market changes as a competitive advantage.
K - KPIs
It stands for Key Performance Indicators, basically guiding numbers that indicate the performance of a team, a project, or even an organization.
L - Leverage
Something you use in order to get something else that you want. For example, you could use all the work, time, and successes you’ve had over the course of a year to ask for a pay rise.
M - Multichannel Sequence
This means that the sequence of actions that are designed to get in touch with a potential client happens throughout more than 2 channels. For example, you may plan to connect with someone on Linkedin, send them a personal message, and then send them an email, after that you’d like to give them a call and schedule a follow-up email right after. These sequences target prospects in different channels, hence they are multichannel sequences.
N - Needs Assessment
Is the process of analyzing a system, person, function, or organization to determine what the entity lacks to achieve a desired state or outcome. Normally, throughout this process, you identify and classify specific needs and their level of importance.
O - Opportunities
These usually refer to SQLs (Sales Qualified Leads) and indicate that a prospect has a higher likelihood of opting in, subscribing, or making a purchase based on a set of criteria.
P - Product-Led Sales
This means that the product is the main source of attraction for new leads.
Q - QBR
Quarterly Business Reviews or QBR explores the impact of the business’s product or service on the customer. The sales QBR focuses on sales performance and the forecast. Sales managers reconnect with sales development reps (SDRs) to better understand what worked last quarter, and what didn’t, and how to set up the next quarter for success.
R - RFP
Is the acronym for Request for Proposal.
S - SLA
A service level agreement or SLA is the outlining of the responsibilities and work assigned within the growth efforts to sales and marketing. This promotes accountability, alignment, and better coordination to achieve common goals within both teams.
T - Triggers
These are a set of signals or occurrences that meet certain criteria to be considered an opportunity to make a sale.
U - Upselling
Upselling is the action of increasing the purchase of a client by offering a higher valued product or additional service/products. This increases the profitability in the acquisition of a client and may also open the opportunity for a client to buy a product or service that they weren't previously aware of.
V - Value proposition
Is a statement or message that encapsulates the reasons — such as benefits and unique attributes — consumers would want to patronize a brand or purchase a product.
W - Weighted Pipeline
An in-depth interpretation of the sales pipeline, where leads are valued according to the step they're in within the sales process.
X - X-Mark Signature
If an individual is not able to fully sign under their name a legal document, an X signature may be conducted under the testimony of a person in lieu.
Y - Yield
To yield means to produce benefits out of something else. When you produce revenue in a company you are yielding your efforts.
Z - Zero-Cost Strategy
This is a strategy that did not cost you a cent, and can still make profits. These are great ways to A/B test hypotheses and test products or services without having to put a monetary investment behind them.
As you learn all these terms you'll be able to communicate more effectively with your team, clients and fellow peers in the industry. This vocabulary is always evolving and although you'll have a pretty good base from our Growth ABC's, there are always new strategies, activations, or actions that lead us to the new way of doing sales.