The world of sales, just like everything else, is continually evolving. Businesses now more than ever are spending thousands of dollars on sales meetings and employee training initiatives. So, having a good handle on these 4 terms will allow your team to confidently communicate and know how to “talk the talk”.
1. Leads
Most businesses get pretty excited when these babies start roll in, because it shows that a potential buyer is interested in knowing more about your products or services. For most organizations, the marketing team is responsible for generating leads and the sales team qualifies the potential of each and everyone of them.
2. Prospecting
This means "the hunt is on". This process should make up a large part of your customer acquisition strategy. This can include cold calling, cold emailing, attending industry or networking events or social selling. Don’t forget, much of this process can be streamlined by using a prospecting software. Implementing this will help you automate the sales process and close deals faster.
3. Upsell
Upselling is easier said than done for many sales organizations. This term refers to successfully convincing your prospect to buy an upgrade or get an add-on. Your sales teams should always be trying to make a more profitable sale and you can easily to do this by training your team to increase the value of your offer.
4. ROI
Return on investment evaluates the worth of all the time, money, labor, and even efforts like social media marketing, put in ...to close the sale. If you’re not calculating ROI, you definitely should be. The formula is pretty easy. It’s ( Net Profit / Cost of Investment) x 100 = ROI.
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About Adella Pasos
This Entrepreneur and Marketing Expert has shared her passion for growing brands from the ground up. She’s worked with Startups, Small Businesses, Fortune 500 Corporations and Entertainment Talent to help them recognize the value of marketing, and give her clients the ability to access their niche market via online, social media, mobile, merchandising, and events.
She hosts the What's Your Game Plan TV show features: Free Expert Advice, and Growth strategies for Business Owners Across the Globe. Access thousands of FREE Tips, Trends & Tools to Move Your Business Forward!