Glossary
Business Value Calculator
A Business Value Calculator is a quick and easy tool that gives potential buyers a look at how valuable a product or service is, taking each of the following into consideration: annual earnings, excess compensation, and level of risk.
Business Value Proposition
A Business Value Proposition is a unique value statement that includes a company’s promise to its customers. A strong value proposition should:- Identify all the benefits of your product or service
- Quantify the value of these benefits
- Address your customer’s articulated and latent pain points
- Connect your product/ service’s value to your buyer’s problem
- Differentiate from the competition
Challenger Sale
The Challenger Sales Model is a sales approach in which the seller actively teaches their prospect, tailors their sales process, and takes control of the customer conversation. The Challenger Sales Model believes that anyone can become a Challenger if they build the right combination of skills.
Digital Engagement
Digital engagement refers to anything involving interactions that take place online. These interactions include digital tools and listening and interacting with prospects online.
Growth Hacking Strategy
This strategy focuses on maximizing the growth of a business; the goal is to acquire high-value customers while minimizing cash outlay.
Lead Scoring Tools
These tools allow you to attach a number value (score) that indicates how qualified (or not qualified) a prospect is.
Lead Segmentation
Lead segmentation is the process of breaking your prospects down into smaller, segmented lists based on their marketing activities, demographics, and pain points. This allows you to send more relevant marketing messages.
Lead Value Calculator
This calculator outputs the total value of each of your leads, allowing you to forecast sales and justify your spend on your various prospective customer segments.
MEDDIC
This acronym stands for ‘Metrics, Economic Buyer, Decision criteria, Identify pain, and Champion.’ Following this process helps sales leaders determine whether or not to continue pursuing a prospect.
Miller Heiman
This sales process ensures that salespeople are fully covering an account by creating opportunities, managing opportunities, and managing relationships.
Procurement
The process of making buying decisions under scarce conditions. It involves selecting vendors, setting payment terms, and negotiating contracts.
ROI Analysis
After calculating your ROI, look at the ratio to determine your standing. 5:1 is considered a strong ROI.
ROI-based Selling
This form of sales serves as a building block to value-based selling. In this method alone, a salesperson provides a return on investment analysis to a prospect in the forms of charts, graphs, and percentages.
ROI Calculator / ROI-generator
This tool outputs your company’s ROI in addition to other useful information such as risk.
ROI Tool
ROI (Return on Investment) tools are interactive web-based calculators that help buyers and sellers gain a mutual understanding of the operational and financial value of the vendor’s solution.
Sales Assessment Ratio
This ratio shows the value of a product or service to its selling price.
Sales Cycle
The start-to-finish process that businesses undergo when selling a product/service to a customer.
Sales Effectiveness
A salesperson’s ability to win each stage of the customer buying process, earning their business on fair terms and in the appropriate time frame.
Sales Enablement
The practice of connecting people and resources that provide necessary touchpoints along the customer journey. A strong sales enablement strategy works with marketing and customer success teams to gain a thorough understanding of the buying cycle, find knowledge gaps, and create content that communicates value.
Sales Methodology
A framework that outlines how your sellers approach each phase of the sales process. While a sales process describes a sequence of stages required for success, a sales methodology introduces discipline through a system of principles and best practices that translate into seller actions.
Sales Platform
The digital channel used to sell a product or service. All sales activities take place over this platform (ex. Salesforce).
Sales Presentation App
A digital application that allows you to create visually appealing ad relevant sales presentations right at your fingertips.
Sandler Training
A sales methodology that looks at the selling process from a leadership perspective, rather than the traditional technique-building lens.
Service-based Selling
The process of listening to customer needs and addressing them directly, as well as knowing when to take control and close a sale to drive business growth.
Solution Selling
A sales methodology that focuses on a prospective customer’s specific issues or pain points to offer a product/service that provides a solution to their unique needs.
TCO Calculator
A web-based calculator that compares the TCO of one to several alternatives.
TCO (Total Cost Ownership)
The purchase price of a particular good or service plus total operational costs. This value allows customers to understand a product’s costs and value over time. Having a lower TCO is a better value from a long-term standpoint.
Value-based Selling
Value-based Selling refers to understanding why your product/service is valuable to your customers and being able to communicate that value to prospects during the sales cycle.
Value Gap
The difference between a customer’s current value (i.e., spending history) and the total value they might generate overtime by purchasing more products/services from a company.
Value Management
Improving and sustaining a balance between the wants and needs of prospects/customers and the resources needed to exceed their standards.
Value Marketing
A customer’s evaluation of one of your product/service’s benefits and costs in comparison to another.
Value Realization
The process of communicating tangible or actual business value to a prospect during the sales cycle.
Are you ready to close more deals by creating compelling visuals of your solution's ROI?
