Sales Terms You Gotta Know to Get Ahead

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Once you dive deep into sales, you may find yourself needing a sales dictionary. We don’t blame you—there are so many terms and acronyms to keep track of.

Your daily life will get easier with this short(ish) list of sales terms and their simple explanations:

Business development: The process of identifying new benin telegram data markets, nurturing partnerships, and setting up meetings. It introduces you to new territories and sets the stage for the sales process.
Customer: The person on the other end of your sales conversations that ends up buying from you. You might call them a client or a customer, depending on your industry and what you sell.
CRM: Short for customer relationship management, a software tool for managing interactions with potential and current customers. It’s the single source of truth for sales notes, purchase records, communication preferences, and more.
KPIs: Stands for key performance indicators, the go-to metrics to track how your sales department is progressing towards sales goals. You can track metrics like revenue, sales volume, lead volume, conversion rates, and many more.
Objections: Responses from hesitant prospects about your product or service, like its price, functionality, or the timing of the purchase. They’re a signal to the rep to address concerns and doubts to increase the prospect’s confidence about the offer.
Pain points: The problems your prospects experience that their current solution hasn’t solved. In B2B, pain points usually relate to finances, productivity, processes, or support.
Quota: Sales goals within a specific period, like a month, quarter, or year. Goals can be based on cold calls, qualified leads, closed deals, or any other relevant metric, and even broken down further by sales territories, sales departments, and reps. Meeting your quota is always great news, as it leads to extra commissions.
Sales cycle: A defined set of steps you take to turn a lead into a customer, from lead generation and qualifying to your sales pitch and closing the sale.
Sales management: The core process of building a sales force, empowering it with sales training, coordinating sales operations, and implementing a sales plan. It’s the foundation of a thriving sales team that hits goals without burning out.
Sales metrics: Data points that track your company’s overall sales in a given period or territory.
Sales pipeline: A visual representation of your current leads and prospects in relation to your sales process, usually set up in Kanban board style where each column is a different sales stage.
Sales strategy: A clear plan of action for the sales team, including a clear buyer persona, value proposition, a plan to identify qualified leads, a defined sales pipeline, and a set of sales goals to work towards.