Sales/Marketing word
Sales/Marketing word
10 Business and management terms
I created a little glossary of useful words to help people studying sales or marketing learn important vocabulary they might not know!
- (CRM) customer relationship management
- acronym
- to retain current customers, increase their spending, and convert prospects into new customers.
- BANT
- acronym
- An acronym used in sales for lead qualification that stands for Budget, Authority, Need, Timeline. It's a famous tool for sales reps and sales leaders to help them determine whether their prospects have the budget, authority, need, and right timeline to buy what they sell.
- Bluebird Sales
- A "bluebird" is a sale that came seemingly from nowhere or with unexpected ease.
- Example: A sales rep might say, "Fortunately, a bluebird flew right in at the end of the quarter, helping me reach my goal."
- Call to Action
- What you want your target audience to do after receiving your marketing message.
- Churn Rate
- A metric that measures how many customers you retain and at what value.
the percentage of customers or subscribers who stop using a company's service or cancel their subscription during a specific time period
- Example: if a company had 500 customers at the beginning of October and only 450 customers at the end of October, their customer churn rate would be: (500-450)/500 = 50/500 = 10%.
- End User
- The person who uses a product or service.
- Example: If you make T-shirts, a person wearing your shirt is the end user. If you make websites, the person using the website is the end user.
- Mark-up
- The amount added to the cost price of goods to cover overhead and profit.
- Pipeline
- The step-by-step process sales reps go through to convert a prospect into a customer. . It can also refer to a visual representation of the sales process, where every open opportunity is arranged based on the sales stage they're in.
- Soft Bounce
- An email that is rejected by an email server for a temporary reason
- Sound bite
- noun
- A series of words or phrases sales reps use to respond to and overcome a customer objection.