If you want to hatch a career in Sales, you need to know how to walk the walk and talk the talk.
“Sales speak” might feel like a foreign language at first, but taking the time to brush up on the key terms and acronyms before you enter the industry will help you communicate better with your colleagues when you do land that dream position. Additionally, sales is an important part of many industries. No matter what field you’re in, it’s useful to know some of this jargon so you can better understand the business.
But don’t get caught using these words incorrectly! Expand your Sales vocabulary with these 10 common words and phrases.
Quota: This is a target figure that a sales professional would have to reach in a specified time frame. This may be expressed as a dollar amount or in the number of goods or services sold.
Pipeline: Also known as a sales process, a pipeline is a term is used to describe a sales professional’s approach to selling their products or services. It is usually made up of several stages, beginning with the initial contact with a potential customer, to the “close,” or the making of a sale.
Sales Funnel: This is a visual representation of how a sale proceeds from customer awareness to customer action. The funnel illustrates the idea that every sale begins with a large number of prospective customers and ends with a much smaller number of people who actually make a purchase.
UVP: A UVP, or “Unique Value Proposition, is a statement made to a prospective customer that clearly explains the benefit your product or service provides and how it does it uniquely well. In your statement, you should describe your target buyer, the problem you solve, and why you’re better than the alternative.
RFP: Short for “Request for Proposal,” this is a document that an organization sends to companies inviting them to submit a bid for products, solutions, or services. An RFP informs the bidding company of the soliciting company’s needs and expectations.
Lead: A lead is an individual or organization that expresses an interest in your goods or services. A lead may be generated through advertisements, referrals, or other types of Sales and Marketing efforts.
CRM system: Short for “Customer Relationship Management,” a CRM system is a type of technology used to track and maintain essential information about a customer and their activities.
Lifetime Value: Typically expressed in financial terms, this is the value of a customer for a given level time. This phrase is often used to describe the impact of a lost customer.
Pain point: The pain point is a problem that a business or company aims to solve. Identifying a potential customer’s pain points can help you better target a sales pitch to their needs.
ROI: An acronym short for “Return on Investment,” this is a measure of profitability that shows whether or not a company is using its resources efficiently.