This glossary will help you learn new business terms to be more confortable while talking to others in the business world and help diverse your vocabulary.
A/B testing
adjective
This is the process of comparing two variations of a single variable to determine which performs best in order to help improve marketing efforts. We can see this technique in email marketing, calls-to-action ,landing pages and more.
BANT
Acronym
It is an acronym used in the sales department to indicate every qualification required to be a lead. The B stands for budget, the A means authority, the N is for need and lastly, the T stands for a timeline. These terms help salespeople to determine if their prospects have the adequate BANT for their company's needs.
Bluebird Sales
Adjective
A bluebird sale is a sale that came out of the blue and was very unexpected, just like a bluebird.
Cold calling
phrase
Making continuous calls to reach potential clients. It can be a very inefficient and long process that does not conclude to anything. Even if it is not efficient, it is necessary.
Comission
noun
An amount of money that a salesperson makes when they successfully close a sale or contract
Cost per lead
noun
this refers to the amount of money spent on a lead, such as google ads to recrute leads.
Customer acquisition
adjective
This refers to all the steps and the process that are used to attract a first-time customer.
Customer marketing
adjective
This is a marketing strategy that focuses on clients and their service. This is to enhance their experience and their satisfaction.
Discovery call
adjective
This a term used in the sales department which is the first call that a salesperson will make to a prospect in order to get to know them.
F.I.R.E
acronym
Acronym that help increase sales
Fit: knowing your target accounts.
Intent: knowing which of your target accounts are actively researching or buying products/solutions.
Relationship: knowing which accounts have the deepest relationship with your company.
Engagement: creating engagement with the right people in the right accounts.
Lead nurturing
Phrase
It is a process to build trust and a relationship with leads to make sales more easily.
Mark up
noun
The amount added to the cost price of goods to cover overhead and profit.
Marketing automation
adjective
A software to track and automatize marketing tasks.
Net Promoter Score
Noun
It is a metric system to evaluate the satisfaction of the customer service on a scale from one to ten.
Quota
noun
This is a goal set for a sales representative. For example, a certain amount of sales that you have to close in order to achieve your goal.
Return on investment
noun
This is a metric that evaluates the profitability of an initial investment.
Target account list
Phrase
A list of the most promising leads
The customer journey
phrase
It is a way to evaluate and track the journey that a customer has had with your company. It frames the initial meeting all the way to the final signature.
Value proposition
phrase
This is something, like a product or a service, that differenciates a company in comparison to a competitor. This is used to win over a client and give them a reason for choosing you and not someone else.
Word-of-mouth marketing
adjective
When a customer is pleased with their service or product, they spread the word to close ones, which helps the company's reputation.