Prepare for your next sales meeting with the sales terminology every seasoned sales veteran wishes you knew

If you’re new to the sales industry, you may have noticed that there are plenty of sales terms that you don’t understand and even some that you’ve misinterpreted. Don’t be confused by your co-worker’s lingo. Study up on this sales terminology, and you’ll sound as if you’ve been working on sales as long as the rest of them!

Back-out: a customer who has canceled their order, or one who may be in the process of canceling.

Churn Rate: a metric that measures how many customers are retained by a company and at what value.

Cold Calling: unsolicited phone calls made by salespeople in an attempt to develop leads or sell services.

Commission: compensation a salesperson receives for closing a particular sale. Not all sales include commissions. It is quite often a percentage of the gross sale or profit margin of the sale.

Cross-Selling:  the practice of suggesting or selling a somewhat related product to a customer during a sale.

Customer: a purchaser, organization, or consumer after a sale has gone through.

Customer Relationship Management (CRM) Software: dynamic software that allows sales teams to keep track of all the contact information for their customers.

Feature: a function of a product, usually a specific characteristic, that resolves the pain point of a prospect.

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lead-manager

Sign up with Blitz today for a 30-day free trial of our lead management and sales automation software to turn more leads into customers with less work!

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Impulse Purchase: a purchase that’s unplanned and often emotionally-driven at the last moment.

Lead:  a prospective client who has shown some interest in the product you’re selling or your company.

Networking: creating sales opportunities by making contacts either face-to-face at meetings and gatherings or by other contact methods such as phone, email, social and business networking websites.

Pain Point: a prospect’s need, or why a potential customer may be looking for your product or service. After identifying a prospect’s pain points, a salesperson can offer features to make the customer more comfortable with the sale.

Presentation: A visual (Powerpoint) or verbal meeting between salesperson and client, where the salesperson presents their product or service to the prospect.

Proposal: a written offer with specifications, prices, terms and conditions, and warranties, from a salesperson or selling organization to a prospective client. Sometimes proposals are shared verbally.

Prospect: a person, organization, or organization that a salesperson is pitching a sale to. Another term you might hear when discussing a prospect is a “lead.”

Quota: the minimum volume a salesperson must produce within a specific amount of time as defined by their sales manager or superior.

Referral: a recommendation or personal introduction that allows a seller to approach or begin a dialog with a new lead.

Software as a Service (Saas): any type of web-based software technology that offers a service to the customer who has signed up for it.

Sales Report: a business report of sales results, activities, trends, and other pertinent information.

Sales Automation Software: a tool that automates sales cycles, creating a simpler method of communication and organization for sales representatives and managers.

Trial Close: a technique by which a salesperson tests a prospect’s readiness to buy by making statements that indicate a mild closing.

Up-Selling: a sales technique that is used by a salesperson to influence a prospect or customer to purchase an item of a higher value than the one they were originally considering.

Pop quiz! What is customer relationship management software? Well, the answer is simple – it’s Blitz. While you’re learning the sales ropes, we can help you organize and respond to all new sales leads. We can even help you reach out to current customers and past customers without you having to lift a finger – or make a phone call.

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lead-manager

Sign up with Blitz today for a 30-day free trial of our lead management and sales automation software to turn more leads into customers with less work!

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Have you studied up on your sales terminology? Which of these terms were new to you? Are you wondering what anything else means? Let us know in the comments section!