Sales Glossary

The Sales Glossary is here to help you come to terms with the language of sales. Momentum wants to avoid unnecessary jargon but does want you to become familiar with some terms and phrases which powerfully conceptualise key points associated with selling.

The Sales Plan - an important written document that should sit alongside or within your business plan. It should summarise how you will go about making the number and volume of sales you require to make the profits you desire. The plan should be reviewed quarterly.

Sales Forecast – what you predict you will sell based on the activity performed in your sales plan. It’s important to derive targets which give you something to aim for even if you exceed or fail to surpass them.

Sales Reporting – on going reporting which gives management an insight into how well the sales plan is being executed and if targets are being met. The reports will help pinpoint any obstacles which need additional resources and help maintain confidence during tough times.

Sales Targets – the number of sales needed to reach the business / sales plan objectives.

Hitting & Missing Sales Targets – surpassing and falling short of sales.

Suspect – someone / anyone you feel could benefit from your product or service who you have not spoken to.

Qualification – ascertaining if your product or service can serve, protect or give the advantage to a suspect and discovering if they are interested in improving their situation.

Prospect – a suspect who has been qualified who you want to offer your product or service to.

Customer / Client – a prospect who appreciates the value of your product or service and buys from you.

Advocate – someone who believes what you provide is good value and is happy to proactively tell people, doesn’t always to be a client.

Lead - an enquiry or referral which needs to be followed up with qualification which may lead to a sale.

Referral – a lead generated by someone who has recommended your product or service.

Referrer – the person who triggers the referral.

Point of Sale Paperwork – agreement paperwork which captures the details of the customer requirements and is signed to signify commitment from both parties.

Point of Sale Promotional Material – brochures, flyers, business cards which help convey details of what your product or service does to maximise the understanding of benefits.