Qvidian's Glossary of Sales Terminology & Tech Jargon
Cloud Computing:
Computing that relies on using resources delivered as a service over the Internet, thereby allowing instant access to applications or software programs that are loaded somewhere besides the computer from which they are being accessed.
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Cloud-based Sales Applications:
A type of hosted software designed specifically to help the user complete sales tasks.
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CRM (Customer Relationship Management):
A business strategy with outcomes that optimize profitability, revenue and customer satisfaction by organizing around customer segments, fostering customer-satisfying behaviors and implementing customer-centric processes. CRM technologies should enable greater customer insight, increased customer access, more-effective interactions, and integration throughout all customer channels and back-office enterprise functions.*
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On-demand:
This term means, “when needed or required.” With cloud computing, the user has immediate access to data stored in remote locations and can titrate resources up and down almost immediately, as desired.
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Pipeline Visibility:
The ability to see a holistic view of all deals or opportunities throughout each stage of a company’s sales process. The greater the accuracy of data at each stage, the greater the visibility of the pipeline for sales leaders.
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Dynamic Business Rules™:
Rules that leverage CRM data to create customized Playbooks for the user. For example, if a salesforce.com opportunity contains a “competitor” field, the Playbook can serve-up relevant content, coaching, and expertise tailored to the competitor for this deal.
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Proposal Automation:
Proposal automation software automates the creation, delivery and acceptance of a personalized sales proposal to best meet a buyer’s needs.
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RFP Software:
Software that enables an organization to create a library or repository containing the best content that can be used for responding to Requests for Proposals (RFPs). RFP software allows a seller to quickly search or browse for the best answers to the questions in a RFP and to easily respond to the RFP using that content.
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Round Trip™ CRM Integration:
Leverages the data stored in the CRM system about each lead, opportunity or account associated with the Sales Playbook to dynamically recommend the best playbooks, plays and content to successfully move the sales situation forward.
When key plays or stages are completed for each selling situation, the Round Trip™ integration updates the CRM with data to reflect the completed status of those items. Round Trip CRM Integration ensures the true status of deals is reflected in the CRM based upon real work that has been completed.
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SaaS:
Software as a Service (SaaS) is a software distribution model in which applications are hosted by a vendor or service provider and made available to customers over a network, typically the Internet.
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Sales Effectiveness:
Sales effectiveness is the ability for sales organizations to “win” at each stage of the customer’s buying cycle, thereby winning the customer’s business and improving sales results.
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Sales Force Automation (SFA):
Automating the sales activities within an organization. A comprehensive SFA software solution provides functions such as contact and account management, workflow and approval processes, sales lead and opportunity tracking capabilities, note and information sharing, quick proposal and presentation generation, product configurators, calendars and to-do lists and reporting capabilities.
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Sales Forecasts:
Sales forecasts are future sales predictions based on activities and results from the past sales periods. They are predictions made by a sales organization of deals that are in the sales pipeline, their associated revenue and the period of time in which they will close.
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Sales Cycle:
The activities and stages associated with taking an opportunity from “nothing” to close.
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Sales Enablement:
The systems, activities, processes and information that support and promote knowledge-based sales interactions with clients and prospects. The responsibility of sales enablement is typically co-owned by the sales organization and other parts of the organization, including marketing, product development, human resources and others.
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Sales Methodology:
The “how” of selling as a skill set. Sales methodology aligns to the customer buying decision process (orientation, objectives, analysis, discussion, initiation, evaluation & decision).
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Sales Playbooks (Dynamic):
A traditional Sales Playbook is a step-by-step guide created by a company for sales representatives to follow during a sales process. Dynamic Sales Playbooks deliver an interactive experience to sales reps with automated guidance, information and sales best practices tailored to each individual selling situation. A dynamic Sales Playbook makes it easier for sales people to close more deals by streamlining sales complexity into a repeatable process.
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Sales Process:
Well-understood, generic steps (qualify, evaluate, develop, propose/contract, win) identified for selling, from initiation to close. As a process, it is measurable and improvable.
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Smarketing:
The alignment of sales and marketing to make both teams stronger and more effective.
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Win Rates:
The ratio of deals that have won in comparison to the total number of deals that have been created, including those that have been won and lost. Win rates are typically expressed as a percentage of revenue or a number of unique sales opportunities. Some organizations include deals in a ‘non decision’ status in calculations of win rates. Other organizations consider ‘non decision’ deal status as losses. Win rates are typically calculated (or reported) by percentage of revenue.
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*Gartner, Inc. 2012
Let's Review:
Cloud Computing
Cloud-based Sales Applications
CRM (Customer Relationship Management)
On-demand
Pipeline Visibility
Dynamic Business Rules™
Proposal Automation
RFP Software
Round Trip™ CRM Integration
SaaS
Sales Effectiveness
Sales Force Automation (SFA)
Sales Forecasts
Sales Cycle
Sales Enablement
Sales Methodology
Sales Playbooks (Dynamic)
Sales Process
Smarketing
Win Rates
