The 18 most common sales terms and abbreviations
There are few things worse than getting into a new job and feeling like they're speaking a completely different language. Don't worry! We've put together a list of the 18 most common terms and acronyms you will encounter in the sales world.
Let's face it, sales is one of those professions that's Plagued With specific terms and acronyms. Although it's completely normal not to understand the sales lingo as a beginner, we know it can be daunting to ask what a term means in the middle of a meeting.
Not to worry!
We've put together a list of the 18 most common terms and acronyms You will encounter in the Sales World. Although there's certainly plenty more, we believe that understanding this small selection will enable you to get by in any entry-level sales job while you continue to evolve your vocabulary.
Enjoy!
The 18 most common sales terms and abbreviations:
- CRM (customer relationship management): Software that helps companies manage their interactions with current and potential customers.
- KPI (Key Performance Indicator): Key performance indicators that measure the success of specific activities or strategies.
- Lead: A person or organization that shows interest in a company's product or service.
- Prospect: A potential customer who has been identified through marketing or sales activities.
- pipeline: A visual representation of all sales steps that a lead goes through until it becomes a customer.
- Conversion rate: The rate at which leads are converted into actual sales or customers.
- Cold Call: A call to someone who is not expecting to be contacted with the aim of selling their products or services.
- Warm Call: A call to someone who has already shown interest or has been in contact with the company in any other way.
- Upselling: The process of selling existing customers a higher-quality product or service than what they already have
- cross-selling: The process of selling existing customers additional products or services that are complementary to what they have already purchased.
- ROI (Return on Investment): A measure for the profit or loss that results from an investment in proportion to the amount invested.
- SaaS (Software as a Service): A software distribution model in which software is hosted centrally and made available via the Internet.
- B2B (Business to Business): A business model that involves transactions between companies, as opposed to transactions between a company and individual consumers (B2C).
- B2C (Business to Consumer): A business model that involves direct transactions between a company and end users.
- MQL (Marketing Qualified Lead): A lead that was rated as ready to sell based on engagement criteria set by marketing.
- SQL (Sales Qualified Lead): A lead that has been rated by sales as ready for the direct sales process.
- Churn Rate: The rate at which customers cancel or do not renew a product or service within a specified period of time.
- Account-Based Marketing (ABM): A strategic approach to marketing that treats key accounts as markets in their own right.
