Business Glossary: ​​Sales Terms You Need to Know

Avoid confusion and learn the most common meanings and applications of the terms of the most popular sale in our glossary

Have you ever felt a bit lost when reading content or attending a lecture and realizing that you don’t know what half of the terms of the sale quoted mean?

Rest assured, you are not alone! With the evolution of sales techniques and technologies, it is normal for new words to become part of everyday life.

Sky Marketing then prepared a glossary with the terms of the main sale that can cause confusion, explaining their most common meanings and applications.

Enjoy!

Benchmarking

Every segment has companies that are reference in some aspect, such as sales, marketing, processes or management. These companies are called benchmarks, and the act of using them as a benchmark for one or more indicators in your company is what we call benchmarking.

The benchmark of Blue World City is its marketing and sales in real estate.

Benchmarking is one of the smartest ways to try to solve problems in your company. After all, other companies can help you cut the way to meet the challenges you face today!

Budget

The word budget means budget in English. It is widely used in the vocabulary of technology companies, as well as a number of foreign terms. By habit, the English word ended up becoming popular and surpassing the Portuguese version.

B2B – Business to Business

The acronym B2B refers to businesses that sell from companies to companies, that is, have legal entities as clients.

B2C – Business to Customer

The acronym B2C, on the other hand, identifies companies that sell directly to end consumers, individuals.

There are still some other variations of the term, less used:

  • B2B2C: companies that sell their products to other companies, which then resell to consumers. This is the case of industries and marketplaces, for example;
  • B2G: stands for Business to Government, contemplating companies that do business with government-related agencies.

Churn

The churn is one of the most important metrics for operations Software as a Service (SaaS) and other subscription sales. The indicator assesses how much a company lost in customers or in revenue due to cancellations.

Closer

A closer is a salesperson who specializes in closing deals. He works well earning the trust of customers, overcoming objections and ensuring the sale.

Conversion

We consider conversion every time a Lead fulfills an action proposed by you along the funnel. It can be a Marketing conversion, such as from Visitor to Lead, or Sales, from Lead to Customer.

It is very important to measure all conversion rates from your Marketing and Sales funnel. Thus, it will be possible to identify which steps need more attention, to leverage the passage of more and more Leads to the bottom of the funnel.

CTA – Call-to-action

CTA is a command, a call to the Lead to perform an action. It can be a download button, a link in an email, an icon, an image… Anyway, any form that represents that an action needs to be performed at that moment.

CRM – Customer Relationship Management

When we talk about CRM, we can talk about customer relationship practices or a sales tool. In another post, we commented on how CRM can also be a culture.

In short, CRM refers to every action taken to maintain a good relationship with customers until the moment of sale and, in some cases, even after that!

Customer Success – Customer Success (CS)

Another term that has become quite popular recently is Customer Success, a customer retention strategy that is based on dedicated, consultative and periodic service. Read more about Customer Success in this post!

Customer Experience – Customer Experience (CX)

The modern consumer doesn’t just consume products: he also buys experiences. Whether in physical or virtual stores, customers seek to be well received, welcomed, have their doubts answered and their problems solved.

Furthermore, there is an expectation of being surprised, of learning what you didn’t know and discovering new possibilities. Thus, a customer becomes loyal not only for the product or service, but for the entire purchase process.

With this, some professionals are currently dedicated to the study of Customer Experience, the customer’s experience in contact with a service or product, seeking to solve problems and provide positive experiences.

Sales forecast

Forecast, forecast or sales forecast is the name we give to predictive analytics designed to anticipate how a funnel will behave over a period of time – such as a quarter or a year.

Lead scoring

Lead Scoring is a way to track and qualify Leads your funnel based on their profile and behavior. It is possible to establish a score for visited pages, downloaded materials and even opened emails, according to your company’s qualification criteria.

In parallel, you can also qualify the Lead by its profile, using data it provides you, such as:

  • Location;
  • Gender;
  • Segment in which it operates;
  • Income;
  • Position, etc.

MVP (Minimum Viable Product)

The MVP is a viable first version of a product, a way to validate an idea. It is very common for startups to release an MVP to the market while still refining various features, to receive feedback and understand if the product makes sense to users the way it was designed.

NPS – Net Promoter Score

The NPS is a methodology satisfaction survey, which measures the likelihood of your customer is a promoter, one Detractor or neutral with respect to its brand. The survey can be applied after a purchase or a service, and is a simple way to measure the experience your customers are having with your team and your product.

Onboarding

The onboarding period encompasses the first steps a customer takes with a product or service – crucial for not breaking the expectations generated during the commercial process!

It can be composed of several steps, such as implementation, consulting, training, etc. Learn more about how onboarding works and how we do it here at RD in this post!

OPPS

The term “pops” is short for opportunities, in Portuguese, opportunities. These are the qualified Leads that reach the commercial pipeline, ready to receive sales contacts.

QLs – Product Qualified Leads

You may have heard of MQLs (Qualified Leads for Marketing) and SQLs or SALs (Qualified/Accepted Leads for Sales), very common in Inbound Marketing and Inbound Sales strategies.

PQLs are Leads who are qualified by-product, meaning they use a limited free or demo version of a product, enjoy the experience, and want to upgrade to a more complete version.

SaaS – Software as a Service

The term SaaS names software that offer services to its users, that is, users do not acquire a license, but the possibility to enjoy the services provided by the tool or platform.

RD Station is an example of SaaS, so is Netflix! 🙂

Self-service Sales

Finally, the last sales term in our glossary literally means self-service sales: the customer buys alone, without the help of a salesperson, through a website or platform.

This is the case of retail sales in e-commerce and marketplaces, as well as some software. The biggest difference is in the complexity. The self-service model works well for simple sales that don’t rely on a lot of explanations and demonstrations.

For more sales terms, see our Inside Sales Glossary as it contains other definitions important to your business!

And if you want to know more about sales news, check out our eBook “CRM Guide”, with tips on how to improve your business routine and the management of the Sales team!