Sales Glossary
Back out
Customers who try cancel their order
Base
Based salary
Beating Objections
Answering questions or concerns thus allowing your prospect to make an intelligent purchasing decision
Buy-Line
A graphical, visual “line” that denotes where a prospect is regarding emotionally and intellectually being sold. If a prospect is “above the buy-line,” he would theoretically sign the contract if asked to do so
Buyer’s Remorse
A customer feeling anxiety after making a purchase commitment that can often lead to a back out or cancellation if not handled properly
Buying Atmosphere
Setting up your sales presentation so that your customer has a great experience, thus avoiding pressure or awkward moments People love to purchase, but everyone HATES TO BE SOLD!
Callback
Making repeated phone calls or contacts to attempt to get a prospect to purchase (Can be VERY annoying)
Call-blocks
A span of time, normally 2 to 4 hours, spent telemarketing to data-mine, prospect, or perform phone demos and follow-ups
Call-in
When a prospect contacts you or your company first
Calls
Lead and Prospect contacts Can be done in-person or via the phone, at trade shows, or any other way that you make actual attempts to contact your lead
Cancellation Prevention
Also known as ‘solidifying your sale’ to prevent buyer’s remorse and cancellations
Close
Bringing the prospect to a point of decision
Closing Ratio
The percentage of sales divided by presentation Example if you perform 10 presentations and get 4 sales, you have a 40% closing ratio
Commission
Your portion of the sale that compensates you for making the sale
Contact
Your first contact with your lead or prospect can be done on phone or in person Goal of Contact is to set an appointment, or to ‘sit down’ with your prospect
Conversion
The act of converting a prospect to a client or customer
Crewing
Preventing a back-out
Critical Questions
Asking the Qualifying and Procrastination questions in the Presentation
Current Customer
A customer who has ordered in the last 12 to 18 months depending on your product cycle
Data mining
Researching to find leads or ‘most probable customers’ in your territory Usually includes first and last name, title, gender, availability, and names in common
Deal-flow
Number of potential deals you have in your ‘pipe-line’
Demo
Slang for the presentation The act of presenting your product to the prospect Our litmus test to declare a presentation an actual demo or presentation is if you get far enough in the presentation to discuss price
Demo Goals
Number of demos you wish to accomplish each week
Demo Ratio
The percentage of demos divided by contacts
Direct Response Marketing
Utilizing direct marketing via mailers, emails, post-cards to solicit interest from “Luke-warm” prospects DRM is used to get rid of cold-calling (in conjunction with referral selling)
Draw
A ‘loan’ against future commissions earned Usually set up as a debit/credit system where any commissions you earn must first be used to ‘repay’ the draw
Draw Cap
The max amount your draw can add up to
Drive By
“Dropping in” on a lead or prospect in-person, and unannounced
Footprint
The exact steps an order must go through from acquisition to delivery
Goal Card
A paper or electronic tool to track demos, calls, and sales
Law of Averages
Your statistical average of getting a sale from calls to demos A person can plan his or her results with a fair amount of accuracy if he knows his statistics and thoroughly believes and follows the law of averages
Law of Compensation
If you help enough people get what they want, you in turn will get what you want!
Lead
Anyone you could approach to attempt a sale or demonstration
Lead Generation
Researching the ‘most probable customers in your area’ This is the list of ‘leads’ or contacts you will eventually approach Lead Generation is also often used to refer to ‘prospecting,’ although in our company we try not to confuse the two
Marketing
The act of promoting your company, products, and services in the effort to attract a primary influence to your company (normally pertains to customers)
Mom & Pop
Small business usually family owned
New Customer
A customer who has never ordered before
Objections
Any question or concern voiced by a prospect that possibly could cause you to not close a sale
Off-Schedule
A sales person who is not performing the agreed upon or necessary tasks to fulfill his/her obligation or quota
Open Accounts
Accounts that are ready to be resold (you can never re-sell a customer to soon!)
Package Sale
Selling multiple items at one demo
Past Customer
A customer who has not ordered in the last 12 to 18 months
Payment
Discussing and agreeing on payment terms for your sale
Pipeline
The line of potential candidates you have who will more than likely purchase within a given amount of time
Pitch
Or, “Pitching your product” the art of selling your goods or services
Price-build-up Creating a relativity point to discuss the price of your product or service
Primary Influences
Customers, Employees, Lenders, Vendors, and Stockholders
Procrastination
Being “put-off” by a prospect leaving without a yes or no
Prospecting
The act of contacting leads to attempt a sale or demonstration
Prospect
Any ‘Lead’ who has shown any type of interest in your product or service
Profile
Researched information regarding your lead or prospect such as first and last name, best time to call, background information, possible needs, and most importantly, names in common that you can use to build rapport
Presentation
The actual sales presentation, also known as the ‘demo’ The goal of the presentation is to ‘make the emotional and intellectual sale’
Protected Territory
When your area protect against other representatives from your company from calling on the same leads that you are to call on
Quota
The minimum volume a sales person must produce within a given amount of time
Rapport
Things you have in common with the prospect with our system, we usually refer only to what matters most NAMES in common!
Referrals
Obtaining additional profile information about other possible prospects
Retention Rate
Your client retention percentage- How many clients are you keeping as repeat customers?
Sales Bundle
The articles you need to properly submit your sale to customer service. Usually includes contract, payment arrangement, artwork or job specifications
Schedules and Habits
Your regular sales schedules and habits, which will dictate the amount of demos and sales, you ultimately make
Sales Cycle
The beginning to end of your sales process Starts normally with data-mining, and ends with attempting to get referrals from your client
Sales Manager
Usually the individual responsible for training or motivating and managing/accounting for the results of the team. Often a “Super-Producer” that the owners or superiors “drafted into sales management” with the ill-conceived idea that “just because you’re a super-producer, you’re GUARANTEED to become a Super-Manager!”
Side selling
The art of selling an additional “complimentary product’ to a prospect that is already using a competitor for your lead product
Straight-Commission
Working on a commission ONLY basis No base, draws, etc.
Temperature Questions
Questions you ask to find out where the prospect is on the buy-line such as “how am I doing so far” or “can you see why so many people are getting these?”
Territory
Your area of focus usually protected
Trade-shows
A marketed event that your leads attend to gain information about their occupation or industry The trade shows are usually sponsored by vendors wishing to gain exposure in front of their most probable customers
Training Period
Usually referred to the amount of time allocated to a newer sales rep before they are expected to meet quota
Up-sell
Selling additional products or services to your existing clients