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Most Used Business Sales Terms In Shark Tank

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Most Used Business Sales Terms In Shark Tank

Sales Funnel: The step-by-step process that potential customers go through before making a purchase, typically represented as a funnel to illustrate the stages from awareness to conversion.

Prospect: A potential customer who has shown interest in a product or service but has not yet made a purchase.

Lead: A person or business that has expressed interest in a product or service, often through providing contact information.

Cold Calling: The practice of making unsolicited phone calls or visits to potential customers to generate sales.

Sales Pitch: A persuasive presentation or speech that outlines the benefits of a product or service with the goal of making a sale.

Closing the Sale: The final step in the sales process where the salesperson asks for the customer’s commitment to making a purchase.

Objection Handling: Addressing and overcoming any concerns or objections that potential customers may have about a product or service.

Upselling: Encouraging customers to purchase a more expensive or additional product or service than originally intended.

Cross-selling: Recommending complementary products or services to customers based on their initial purchase.

Sales Quota: A specific sales target or goal set for a salesperson or team to achieve within a defined period.

Sales Cycle: The length of time it takes to complete a sales process from initial contact to closing the sale.

Customer Relationship Management (CRM): Software and strategies used to manage and analyze interactions with current and potential customers throughout the sales process.

Sales Forecasting: The process of estimating future sales performance based on historical data, market analysis, and other factors.

Value Proposition: A statement that explains the unique value and benefits a product or service provides to customers.

Pipeline: A visual representation of all the potential sales opportunities a salesperson or team is currently working on.

Qualification: The process of determining whether a lead or prospect meets the criteria for becoming a customer.

Follow-up: Contacting a customer after a sale to ensure satisfaction, address any concerns, and potentially secure repeat business.

Commission: A financial incentive provided to salespeople based on the value or volume of sales they generate.

Sales Enablement: Providing sales teams with the resources, tools, and information needed to effectively engage and close deals.

Customer Retention: Strategies and efforts aimed at maintaining and increasing customer loyalty to encourage repeat business.

Most Used Business Sales Terms In Shark Tank

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