Sales Strategies
This is the process of dividing a target market into smaller, more defined categories.
What is market segmentation?
The first step in the sales process, often involving identifying potential customers.
What is prospecting?
This KPI measures the percentage of leads that convert into sales.
What is the conversion rate?
This type of CRM automation helps track customer interactions across different channels.
What is multichannel CRM?
A negotiation tactic where you start with a high offer to make the final price seem reasonable.
What is anchoring?
This strategy focuses on selling additional products or services to existing customers.
What is upselling?
The act of qualifying leads to determine their potential as customers.
What is lead qualification?
The average revenue generated per customer over a defined period.
What is customer lifetime value (CLV)?
A tool within CRM systems that forecasts potential revenue from the sales pipeline.
What is sales forecasting?
This tactic involves offering something of value in exchange for a concession from the buyer.
What is trade-off or quid pro quo?
A sales strategy where you bundle products or services to increase perceived value.
What is bundling?
A formal presentation of your product or service to a potential buyer.
What is a sales pitch?
This KPI measures how much revenue is generated for every dollar spent on sales and marketing.
What is return on investment (ROI)?
This term refers to tailoring sales approaches based on individual customer needs and data.
What is personalization?
A tactic where you emphasize the scarcity of your product to push the sale.
What is scarcity or urgency selling?
This type of selling prioritizes solving the customer’s problem rather than just promoting the product.
What is consultative selling?
The step where objections from the prospect are addressed.
What is handling objections?
A metric that calculates the number of successful deals divided by the number of pitches.
What is the win rate?
A CRM metric that tracks how satisfied customers are with your product or service.
What is the Net Promoter Score (NPS)?
The ability to read the other party's body language and emotional state during negotiations.
What is emotional intelligence?
A sales strategy that uses data analysis and customer behavior insights to predict future sales opportunities.
What is predictive selling?
The final step of the sales process, often involving follow-up and nurturing the customer relationship.
What is closing and follow-up?
The average time it takes to close a deal from the first contact.
What is the sales cycle length?
A CRM strategy that focuses on gaining a 360-degree view of customers
What is customer-centric CRM?
A technique where both sides agree on smaller points first to build momentum toward a larger agreement.
What is incremental or phased negotiation?