sales acronym... always be closing... historic and present day sales tip.
sales process acronym... attention, interest, desire, action... get the prospects attention, gain their interest, create desire and encourage them to act by moving forward with the purchase.
sales influenced by word-of-mouth advertising.
a person who acts on behalf of a company or individual to sell its products or services... an agent is typically compensated on a commission only basis... also see broker
the act of marketing a product or service in conjunction with an event or other brand without paying for the right... typically used when an official sponsorship opportunity is available but a company doesnt wish to pay the fee for the sponsorship or another company has already purchased the sponsorship.
acronym... application service provider... a software solution used by the customer where the solution itself is developed, hosted and managed by an outside company... generally implies a lower implementation cost.
old school closing approach where the salesperson assumes the prospect is buying and moves directly to a request for a signed contract and/ or payment.
a non-monetary exchange... an exchange of products and/ or services for other products and/ or services... sometimes used to minimize cash outlays or to maximize the value of sunk costs.
base salary or base
the guaranteed portion of a salespersons monetary compensation... not always a part of a salespersons compensation.
the value experienced by the customer.
a retail sales term used to describe the Friday after Thanksgiving... traditionally a big selling day for the retail world... originated as a description of the day in the year when a retailer begins to profit or be in the black.
a person who acts on behalf of a company to sell its products or services... a broker is typically compensated on a commission only basis... also see agent.
the amount of money available for use to a salesperson or purchasing agent for a particular time period or a particular project... can also be used to describe a sales target (in revenue and/ or units) for a specified time period... also referred to as a quota, goal or forecast.
a communication from a prospect or customer that indicates s/he is or is strongly considering making a purchase... typically delivered in the form of a question (i.e., can i have it delivered before the end of the month?)
acronym... customer relationship management... term generally used to describe a comprehensive software solution that helps companies manage their relationships with their prospects and customers.
another word for the activity of prospecting... typically used when referring to prospecting that involves prospecting thats done in person rather than over the phone.
the means used by companies to make their products and services available to their target market... examples include direct channel (sold by the companys sales force), distributors, retail stores, manufacturers reps and value added resellers.
part of the sales process...
as a noun... the point at which the prospect makes a commitment to purchase a particular product or service.
as a verb... the point at which the salesperson asks or encourages the prospect to make a commitment to purchase a particular product or service.
a sales call where the salesperson doesnt personally know the company and/ or contact s/he is calling on and/ or a sales call where no known need, by the prospect or salesperson, exists.
comfort zone challenge
an activity in which one engages in order to push one’s envelope where one has relatively little experience and/ or comfort.
compensation paid to a salesperson following the successful completion of a sale to a customer... typically a percentage of the gross sales revenue but can be linked to units or margin as well.
a method or system for managing contact information, priorities and checklists... typically used to describe a software solution that partially automates contact management functions.
to sell a prospect/ customer a product or service that complements or adds value to another purchase... can also be used to refer to selling an existing customer another product or service (regardless of its connection with another purchase)
to communicate specific and valuable benefits of a product or service that a prospect or customer cannot experience elsewhere.
an organization or individual that sells a product made by someone else... sometimes used interchangeably with the words wholesaler, reseller, and VAR
to determine the purchasing potential of a prospect or customer as unlikely and therefore a poor use of sales time (see qualify)
a form of monetary compensation paid in advance of commissions earned and then applied against the balance of future commissions earned-- can be recoverable or non-recoverable... generally used to guarantee personal cash flow to an individual who does not earn a salary.
the activity of buying and selling over an electronic data interchange... typically referred to when describing the activity of buying and selling over the Internet and a web interface...
sales slang... used to refer to a prospect who, if brought in as a customer, would have a tremendously positive impact on revenue generated. (see also-- whale)
a sales professional responsible for growing sales from existing accounts.
a predicted amount of revenue generation for a particular time period and/ or area of geography and/ or industry... can also be used to describe a sales target (in revenue and/ or units) for a specified time period... also referred to as a quota, budget or goal.
sales acronym... general benefit statement... an opening statement of the benefit(s) a customer will receive by purchasing a product or service.
an individual within an organization who is responsible for evaluating the potential value of a salespersons product or service for a particular decision maker and taking action accordingly (e.g., passing them along to the appropriate person, asking them to send something in the mail, etc.)... also called a screener.
a sales target (in revenue and/ or units) for a specified time period... also referred to as a quota, budget or forecast.
a front line sales professional responsible for finding and bringing in new business.
sales acronym... independent sales organization... term used to describe field sales forces that are not employees of the companies which provide the products or services they sell.
an inquiry about your product or service thats initiated (usually by phone, email or in person) by a prospect or customer... no prospecting needed... a gift from the sales angels...
usually refers to those who sell by phone and/ or do not leave the premises physically
Key person 关键人物
a person or organization that has shown an interest in a particular product or service... can also be used to describe a person or organization that sales or marketing staff feel may have a need for a particular product or service.
the dollars generated from a customer over time because of the customers perceived hassles associated with switching to a competitor.
independent sales representatives that are not employed by the companies which provide the products and services they sell... manufacturers reps typically represent multiple manufacturers in complementary industries and sometimes represent competing lines within industries.
the difference between the selling price of a product or service and the cost of producing, delivering or acquiring the product or service.
a set of activities that assist in driving sales of a product and/ or service... see ambush marketing and viral marketing.
the hours in a sales professionals day where s/he can talk with prospects and/ or customers... the most valuable hours of a salespersons day.
a draw that cannot be recovered or retrieved by an employer regardless of employment status of the individual who received the
draw and whether or not the draw paid exceeds commissions earned.
acronym... original equipment manufacturer... an acronym that originally defined a manufacturer who produced a product to be sold under other companys brands... now used in the sales world to describe when a company makes a product and sells it to other companies so that they can sell it under their label.
a statement of challenge or rejection by a prospect or customer of a feature, benefit, product or service... can be helpful to the sales process in that it can indicate about what a prospect or customer is concerned-- allowing for a stronger sales discussion... objections can include a lack of perceived value in a product or service offering, a perception of an inferiority to a competitive offering, a lack of perceived urgency in purchasing the offering, an unknown internal political issue between departments, an unknown corporate initiative with an external party, a lack of funds to purchase the offering, an unknown personal issue with the decision maker(s) and an its safer to do nothing perception by the prospect or customer... see also smoke screen objections
questions that cannot be answered with a yes or a no, generally begin with the words, what, how or why and usually encourage a prospect or customer to expand on a response ... as a result, open-ended questions usually help the salesperson learn much more about the prospect or customer than a close-ended question. (sample)
usually refers to those who sell by visiting others in-person
a negative result that occurs because one does not fully attempt to achieve an outcome because of a message sent by influential individuals that is perceived as a permission to fail or implied acceptance of the reduced attempt... common statements prompting implied acceptance include-- What happens… happens. or The important thing is that you tried.
as a noun... an individual or organization with a need for a particular product or service, the potential for or existence of an understanding of that need and the potential to ultimately purchase the product or service... sometimes confused with a suspect.
as a verb... to proactively seek out potential buyers of a product or service and approach them through personal contact (in person, over the phone, one-to-one email or fax) with the intent to sell should a need exist.
a sales target (in revenue and/ or units) for a specified time period... also referred to as a goal, budget or forecast.
to determine the purchasing potential of a suspect, prospect or customer
sales proposal acronym... return on investment... a term used in the financial world and by management to define the monetary value created or expected to be gained by an investment of capital... typically used as a hard value measurement during the decision making process of the sales process or to measure the success of a purchase after implementation and use.
a draw that can be recovered or retrieved by an employer
regardless of employment status of the individual who received the draw... the recoverable amount is equal to any draw paid to the individual that exceeds commissions earned.
the strongest form of advertising and/ or one of the best forms of a lead... used to describe a prospect that is given to a salesperson by a current customer or prospect... requests for referrals are often forgotten by even the best salespeople.
an organization or individual that sells a product made (and sometimes serviced) by someone else... sometimes used interchangeably with the words distributor and VAR
sales acronym... sales force automation... term generally used to describe a software solution that assists an organization in managing the sales process... also see CRM.
sales contract acronym... service level agreement... a sales contracts clause that defines a guaranteed level of service and any penalties or adjustments should the level of guaranteed service not be met by the providing organization... generally used to make the customer more confident about the purchase.
Small to Mid-Sized Enterprise
the top line of the income statement and the driving force of all organizations, ideas and progress... also used to describe the greatest profession in history and greatest skill one can ever have... (did you expect something less?)
an individual within an organization who is responsible for evaluating the potential value of a salespersons product or service to a particular decision maker and taking action accordingly (i.e., passing them along to the appropriate person, asking them to send something in the mail, etc.)... also called a gatekeeper.
smoke screen (objection)
an objection given by a prospect or customer thats not the primary objection to moving forward... its usually given to divert the salesperson from addressing the primary objection of the prospect or customer and/ or simply because the prospect or customer feels they must object at least once or twice to strengthen their position in a negotiation or sales process... (primary objections can include a lack of perceived value in a product or service offering, a perception of an inferiority to a competitive offering, a lack of perceived urgency in purchasing the offering, an unknown internal political issue between departments, an unknown corporate initiative with an external party, a lack of funds to purchase the offering, an unknown personal issue with the decision maker(s) and an its safer to do nothing perception by the prospect or customer)...
an individual or organization with the potential of need for a particular product or service... sometimes confused with a prospect.
a closing effort typically made early in the sales process... commonly used to qualify interest or attempt to close after a buying signal is given by the prospect.
sales acronym... unique selling proposition... your products and/ or services differentiating factor(s) within the competitive environment.
to sell a prospect/ customer a product or service of higher value
sales acronym... value added reseller... term generally used to describe an organization that sells another organizations product after adding features to it.
the specific and definitive offer of value from one organization to another.
the act of marketing a product or service using tactics that encourage individuals to pass along a marketing message to other individuals in order to have the message delivered at an exponential rate and at very little to no cost to the marketer... a successful viral marketing campaign encourages prospects and customers to market a product or service for the marketing company or individual.
WIIFM or WIIFem
sales factor acronym... whats in it for me or whats in it for them... used to describe what should be the focus of any communication with a prospect or customer... a sales manager might say, make sure you focus on the WIIFM factor or make sure you WIIFem.
a legal practice used to maintain the price points of consumer goods (typically, packaged foods or beverages)... the size or weight of a package is lowered in order to maintain the companys margin on that particular product without raising the price and potentially affecting sales levels for price sensitive consumers.
sales slang... used to refer to a prospect who, if brought in as a customer, would have a tremendously positive impact on revenue generated. (see also-- elephant)
an organization or individual that sells a product made by someone else... usually refers to one who sells to others for resale (e.g., wholesaler to retailer)
the amount of time in the car driving between accounts
the favorite sales word of all-time (when used in conjunction with a paying prospect who can make a decision... and does)