What B2B lingo you should know?
+Aircraft salesman pleads guilty
Today is going to be short and sweet. I often forget that everyone may not have the same understanding of sales and the process. We are going to focus on defining the basics and understanding some terms associated with B2B sales.
What is sales?
It is the process of getting people interested in a product, and then to buy that product. Another way to look at it is to convert someone's interest in a product or service into a transaction.
Most activities after the sale can usually be defined as account management.
What is prospecting?
The process of engaging with potential customers, who are usually a fit for your product. This can be done in a variety of ways:
cold calling
emailing
social media
video
direct mail
You may hear these referred to as prospecting, outreach, or outbound sales.
Let's take a beat and pause here. What I am describing here is mostly B2B sales. Although many of these concepts can be applied to sales in general.
Ok, let’s get back to it.
Normally, in B2B sales, there are three basic technologies you need to be familiar with.
CRM (Customer Relationship Management)
This is your system of record, a tool for managing your customers and prospects. Some examples are: Salesforce, Hubspot, and Microsoft Dynamics.
Sales Engagement
This is your system of execution. This is how prospects will be engaged with, kept track of, and surfaced. Some examples are: Salesloft, Gong, and Outreach.
Data Tools
This is your source of information. This is who will be engaged with. To start prospecting, quality information about potential prospects is necessary (for example, phone number and emails). Some examples are: Zoominfo, Clay, and Cognism.
These are the basics, however, there are other, more advanced tools out there that make outbound prospecting even more efficient.
Tools like PowerDialers, which allow you to call multiple people at once, and Conversation Intelligence, which allow you to record conversations and surface key moments.
Lastly, there are some terms and lingo that you want to know.
The sales Jargon/Lingo/Acronyms
OTE (On-Target Earnings)
This is the base + commission. The amount you can expect to earn if you hit your target.
Quota
This is the sales performance target you are expected to achieve in order to receive your commissions.
Pipeline
This is the process of tracking the stage a prospect is at in the sales cycle, from meeting booked to closed won.
Lead
A person who is a good fit for your product or service. This could be someone who has reached out to you (inbound) or someone that you have reached out to (outbound).
Churn
The amount of customer discontinuing services. Usually measured as a percentage of customers who are cancelling services or not renewing.
DM (Decision Maker)
The person who has the power to purchase your service or solution.
Champion
The person who may have the power to influence the DM to purchase. Also may be one of the DMs in the buying process.
KPI (Key Performance Indicator)
Metrics that measure outcomes and activities outside of quota. For example, activity metrics like calls, emails, and talk time.
Objections Handling
The response given to address the resistance from a prospect, and keep the conversation progressing.
SQL (Sales Qualified Lead)
A prospective lead that is ready to talk to the sales team. Usually a person that is ready to begin the sales process.
MQL (Marketing Qualified Lead)
Lead marketing has qualified as interested and likely to become a customer.
Multichannel
Strategy offering a product through multiple sales channels.
Multithreading
Process of engaging with multiple individuals within a customers organization to build relationships and gather information.
There is a lot to learn when you step into your first professional sales role. Honestly, the learning never stops. However, the better prepared you are the easier it will be.
The seller who is not willing to learn and adapt will not last long, be replaced by AI, or be surprised when they are not making as much.
Sales is always changing, and it’s important to always have the posture of a student. Continue to invest in your skills and always be willing to learn.
Want to learn more about B2B sales? Learn to network!
📌
is a LinkedIn Top Voice on Business Networking and regularly shares bite-sized, actionable tips for B2B service providers and fractionals on how to grow their business through networking & referrals.Here are my top 3 favorite posts of his:
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Until next time,
Tajh
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Great summary! Thanks for sharing.