A curated list of key sales terms, combining industry standards with our unique methodology.
A
Account – A company or individual with whom a salesperson has an established relationship, whether as a prospect or a customer. In our methodology, account management is structured, ensuring alignment with the client’s goals and needs.
B
Business-to-Business (B2B) – Sales transactions between two companies, typically involving longer sales cycles, multiple stakeholders, and complex decision-making.
Business-to-Customer (B2C) – Sales transactions between a business and an individual consumer, often characterized by shorter sales cycles and more emotion-driven decisions.
C
Churn Rate – The percentage of customers who stop doing business with a company over a given period. A high churn rate signals issues with customer retention.
Closing Ratio – The percentage of sales opportunities that result in a successful deal. A key metric in evaluating sales effectiveness.
Cold Calling – The practice of reaching out to potential customers who have had no prior contact with the company. Successful cold calling requires strong rapport-building skills.
Conversion – The process of turning a lead or prospect into a paying customer.
Conversion Rate – The percentage of leads or prospects who take a desired action, such as making a purchase or booking a meeting.
Cross-Selling – Encouraging customers to purchase related or complementary products to their initial purchase.
D
Decision Influences – The different roles individuals play in the buying process, from decision-makers to influencers. At H&P, we map out all decision influences to tailor our approach accordingly.
DISC Profiling – A framework for understanding personality types to improve communication and persuasion in sales.
E
Empathy in Sales – The ability to understand and connect with a prospect’s emotions. At H&P, we use resonating statements to make customers feel heard and understood.
Enterprise Sales – Selling complex, high-value solutions to large organizations, often involving multiple stakeholders and long sales cycles.
F
Feature-Benefit-Personal Impact (FBPI) – A structured way to present solutions:
- Feature – What your product/service does.
- Benefit – How it helps the customer’s business.
- Personal Impact – What it means for the individual buyer.
Forecasting – The process of predicting future sales based on historical data, trends, and pipeline analysis.
G
Gatekeeper – A person who controls access to decision-makers. Our approach focuses on building rapport and finding ways to gain access to key influencers.
Genuine Interest Questions – Questions designed to create connection and trust at the beginning of a conversation.
H
Hard Close – A direct and assertive way to secure commitment: “If we meet all your criteria, will you move forward with us?”
Handling Objections – The process of isolating and addressing customer concerns before presenting a solution.
I
Influencing Roles in Sales – The different roles people play in a buying decision, such as technical buyers, economic buyers, and end-users.
Inbound vs. Outbound Sales – Inbound sales respond to customer inquiries, while outbound sales actively reach out to new prospects.
K
Key Performance Indicators (KPIs) – Measurable metrics used to track sales performance, such as revenue, conversion rate, and average deal size.
L
Latent Pain – A problem a customer isn’t yet fully aware of. In H&P Selling®, we use power & pain questions to uncover these hidden challenges.
Lead – A potential customer who has shown interest in a company’s product or service. Leads are typically classified based on their likelihood to convert.
Lead Qualification – Assessing whether a lead is a good fit based on criteria like budget, need, and decision-making authority.
M
Mirroring – A technique where salespeople subtly match a prospect’s body language, tone, and speech patterns to build rapport.
Multi-Level Selling – Engaging with different levels within an organization to secure buy-in from all key decision-makers.
N
Negotiation Skills – The ability to navigate discussions to reach a win-win agreement. In our methodology, we emphasize structured processes and preparation for objections.
Needs Discovery – The phase in sales where we uncover customer pain points, goals, and buying criteria.
O
Objection – Any hesitation, concern, or resistance a prospect has toward moving forward in the sales process. Effective objection handling involves isolation and resolution before presenting a final solution.
Opportunity Management – The process of tracking and managing sales opportunities through the pipeline.
P
Pain Point – A challenge or issue a prospect faces that needs to be resolved. In our methodology, we focus on uncovering both explicit and latent pain points to create urgency.
Pain Questions – Questions designed to make the customer realize the urgency of solving their issue. Example: “What would happen if this problem isn’t solved in the next six months?”
Pipeline Management – Monitoring and managing sales opportunities to ensure consistent revenue growth.
Power Questions – Thought-provoking questions that challenge the customer’s perspective and highlight areas for improvement.
Prospect – A lead that has been qualified as a good potential customer and is moving through the sales process.
Prospecting – The act of searching for potential customers and initiating contact to create new sales opportunities.
Profit Margin – The percentage of revenue that remains after subtracting costs. Higher margins indicate more profitable sales.
Q
Quota – A sales target that a salesperson or team is expected to meet within a specific timeframe.
Questioning Techniques – The strategic use of open-ended, closed-ended, and probing questions to uncover valuable insights.
R
Rapport Building – Establishing trust and connection with prospects. Our methodology incorporates resonating statements to deepen rapport.
Resonating Statement – A powerful summary of what matters most to a prospect, framed in a way that shows deep understanding.
S
Sales Metrics – The measurable indicators of sales performance, such as conversion rates, sales cycle length, and customer acquisition cost.
Sales Pipeline – The visual representation of where prospects are in the sales process, from initial contact to closing.
Sales Process – The structured series of steps a salesperson follows to convert a prospect into a customer.
Sales Strategy – A long-term approach to achieving sales goals, including targeting, positioning, and engagement tactics.
Solution Selling – Selling by focusing on the problem the customer needs to solve, rather than just pitching a product.
Strategizing Large Deals® – An H&P proprietary approach to securing high-value contracts through strategic planning and execution.
U
Upselling – Encouraging customers to purchase a higher-end or more advanced version of the product or service they originally considered.
V
Value Proposition – The unique benefits and advantages your product/service offers. It must align with Critical Business Issues (CBIs) to be compelling.
W
Win-Win Negotiation – A negotiation approach that ensures both the seller and the buyer benefit from the agreement.
Win Rates – The percentage of sales opportunities that convert into closed deals.