Deal Closer
A plan outlining how a business will sell its products or services to achieve sales goals. It includes identifying target markets, sales methods, and timelines.
Sales Strategy
The total income generated from selling goods or services before deducting expenses. It’s a key indicator of business performance.
Revenue
The ability of a business to generate profit from its sales after covering costs. It’s a measure of efficiency and success in sales.
Profitability
A system or strategy used to manage interactions with customers, track sales, and improve customer satisfaction and loyalty.
Customer Relationship Management (CRM)
The process of identifying and attracting potential customers (leads) who may be interested in a product or service.
Lead Generation
The process of tracking and managing sales opportunities at different stages of the sales process to ensure consistent progress and forecasting.
Pipeline Management
Predicting future sales based on past data, market trends, and other variables. It helps businesses set realistic goals and allocate resources effectively
Sales Forecasting
Studying market trends, customer preferences, competitors, and industry conditions to understand opportunities and challenges in sales.
Market Analysis
A specific goal set for a sales team or individual, often expressed in terms of revenue or units sold within a particular period.
Sales Target
A specific sales performance benchmark assigned to salespeople or teams, typically tied to incentives or rewards.
Quota
Metrics used to measure the effectiveness and performance of sales activities, such as conversion rates, average deal size, or customer acquisition cost.
Key Performance Indicators (KPIs)
The process of discussing terms and conditions with a prospective customer to reach a mutually beneficial agreement.
Negotiation
The percentage of leads or prospects that are successfully converted into paying customers. It’s a critical metric for evaluating sales efficiency.
Conversion Rate
The process of assigning and managing sales responsibilities within specific geographic or market territories to maximize coverage and efficiency.
Territory Management
The practice of maintaining and nurturing relationships with existing customers to ensure repeat business and long-term loyalty.
Account Management
Encouraging customers to purchase a more expensive version of a product or additional features to increase the value of the sale.
Upselling
Suggesting related or complementary products to customers to enhance their purchase and increase sales revenue.
Cross-Selling
Rewards, often monetary or performance-based, offered to sales teams or individuals to motivate them to achieve or exceed targets.
Incentives
Strategies aimed at maintaining and building long-term relationships with customers to encourage repeat business.
Customer Retention
The process of training and integrating new sales team members or customers to ensure they understand and can effectively engage with the product or sales process.
Onboarding
Identifying and reaching out to potential customers who fit the profile of the business’s target audience and may have an interest in its offerings.
Prospecting
Idea is to create the perception of a better deal. Is a partial refund offered to customers after they purchase a product or service. Purpose being: to Boost sales, promote specific products, or reward customer loyalty.
Rebate
Is a price reduction offered at the point of sale. It’s a straightforward way to attract customers by lowering the cost of a product or service. Can vary as per season, volume and agreement terms.
Discount
Structured marketing programs designed to incentivize sales or reward customer behavior over time. Helps build customer loyalty, create rand awareness and increase sales. BOGO anyone ?
Schemes
Are organized gatherings or conferences involving sales teams, distributors, or business partners to discuss goals, strategies, and performance. Fosters collaboration, improves communication, and aligns sales efforts across a team or organization.
Syndicate Meets