Selling and distribution exam

ABC (always be closing)

Sales strategy focusing on closing deals at every opportunity.

Account Manager

A professional responsible for managing relationships with clients or accounts, ensuring customer satisfaction, and driving sales growth through effective communication and service delivery.

Bidding Process

Submitting proposals for goods, services, or projects.

Binding Contract

A contract recognized by law as legally valid.

Brand Advocacy

Positive promotion of a business by customers, often via word of mouth and social media.

Buyer Persona

A semi-fictional representation of your ideal customer based on market research and real data regarding customer demographics and behaviors.

Closing Ratio

A metric that measures the effectiveness of converting prospects into closed deals.

Conversion

Turning prospects into paying customers.

Customer Churn

Percentage of customers who stop using a product or service within a set timeframe.

Customer Nurturing

Building and maintaining strong relationships with existing customers.

CRM (Customer Relationship Management)

A strategy for managing and improving customer interactions.

Deal Closing

The final stage where a prospect agrees to purchase.

Decision Maker

Person or group responsible for making key decisions based on various factors.

E-commerce

Buying and selling of goods and services over the internet.

End of Day

An order for securities that is valid until the end of the trading day.

Gatekeeper

Person who screens communications before reaching decision

Hit Rate

The percentage of sales made compared to the number of visitors or contacts made.

Inbound Sales

Sales approach focusing on helping customers build trust rather than pushing sales.

Invitation to Bid

A formal invitation sent by a buyer to potential suppliers to submit bids for a project or procurement. It outlines the requirements, specifications, and evaluation criteria for the bids.

Key Account

High-value customers who contribute significantly to revenue and profit

KPIs (Key Performance Indicators)

Measurable metrics used to track performance over time.

Lead (Sales Lead)

A potential customer who may have the interest and authority to make a purchase.

Lead Generation

Identifying and attracting potential customers.

Lead Nurturing

Building relationships with leads throughout their buying journey.

Lifetime Cost

Total cost of owning a product, including maintenance and insurance.

Lifetime Value (LTV)

Measurement of how valuable a customer is over the long term.

Objection Handling

Addressing concerns or doubts to move the sale forward.

Outbound Sales

Proactively reaching out to potential buyers through various channels.

Sales Pipeline

Internal tool for salesperson which show where each prospect is in the sale process

POS (Point of Sale)

System where transactions are made and inventory is updated.

Procurement

The process of purchasing goods and services needed for a business.

Prospect (Sales Prospect)

A qualified lead with potential to become a customer.

Purchase Order (PO)

A document sent to a supplier outlining the details of an order.

Qualified Lead

A lead that has met the criteria for sales engagement, either marketing

Referrals

Customers recommending products or services to others.

RFP (Request for Proposal)

A document used to solicit proposals from suppliers or service providers, outlining project requirements and evaluation criteria, often include additional interviews and/or negotiations for short-listed vendors

Sales Automation

Using tools to automate repetitive sales tasks to improve efficiency.

Sales Call

A conversation between a sales rep and a potential customer.

Sales Channel

The route through which products or services are sold to customers.

Sales Director

Responsible for managing the sales department and developing strategies to meet revenue goals.

Sales Forecast

Estimate of expected sales revenue for a set period.

Sales Funnel

Visual representation of the customer's journey stages prospects go through before making a purchase

Sales Incentive

A reward program tied to achieving specific sales goals.

Sales Manager

Oversees the sales team, develops strategies, and implements the sales process.

Sales Objection

Customer concerns that prevent a sale from moving forward.

Sales Pitch

A presentation aimed at persuading a potential customer to make a purchase.

Sales Representative

An employee who sells products to customers and maintains relationships.

Sales Revenue

Income generated from selling goods or services.

Sales Target

A specific sales goal set for a time period.

Sales Script

A set of talking points used by salespeople during interactions with prospects.

Point of Contact (POC)

The individual representing a company to provide information and address inquiries.

SMEs (Small & Mid

businesses that are classified by their number of employees and annual revenue. They play a crucial role in economic growth and job creation.

Social Selling

Using social media to build relationships and sell products or services.

Solution Selling

Identifying a customer’s need and offering a tailored solution.

SOW (Statement of Work)

A document detailing the tasks, deliverables, and requirements of a project.

Tendering Process

A method of procurement where businesses invite bids for large projects or purchases. It involves preparing and submitting formal offers to supply goods or services to meet specified requirements.

Value proposition

A statement that explains how a product or service solves a problem or improves a situation, delivering specific benefits to customers.

Warm call

A sales call made to a lead who has previously shown interest or has an existed relationship in a product or service.

Upselling

A sales technique where a seller encourages a customer to purchase a more expensive item, add-ons, or upgrades to increase the overall value of the sale.

Cold call

A sales call made to a potential customer who has had no prior contact or expressed interest in the product or service.