Sales are basically activities concerned with the quantity or sale of products at a particular targeted rate over a period of time. The sale of a particular service for a fixed fee is also regarded as a sales transaction. In addition, sales agents may be employed by companies and other organizations to promote the sale of their products or services. In this capacity, they are primarily responsible for generating sales leads. Here are some common sales terms used by sales persons:
Closing sales includes the entire process of collecting payment from the buyer and delivering the product or service to the end user. This term is commonly used in the United States and Canada. Closing sales involves different stages, such as: receipt of money, collection of payment from the buyer, sending invoice, and delivery of the product or service to the end user.
Lead generation is a term referring to the generation of qualified sales leads. Leads are generated from many different sources and it is difficult to quantify their quality. A lead can be qualified or unqualified depending on the source. Qualification of leads implies that a salesperson knows how to successfully generate sales leads and, therefore, a better understand the quality of leads generated from marketing activities.
Selling is the process of acquiring customers, marketing them, and selling them something that is worth their money. In simple terms, sales is the exchange of one quantity for another. There are various types of sales: direct sales, commission sales, merchandising sales, and manufacturing sales. In addition, there are many different sources for selling: wholesale sales, promotional sales, internet sales, high ticket sales, and middle-market sales.
Sales forecasting refers to the projection of sales based on existing and potential customers, their buying preferences, and their future needs. It is used by salespeople to help them measure their progress toward achieving a sales objective, such as double-digit growth. Sales forecasting is more about future prospects rather than past targets and is therefore useful for long-term planning and execution.
CRM stands for Customer Relationship Management. CRM consists of four components: Customer Relationship Management software, customer relationship agents, sales representatives, and marketing teams. The CRM system enables salespeople and other business owners to gain a better understanding of their customers’ needs and motivations, enables better customer support, and allows organizations to develop and implement strategies that will most effectively target their customers’ needs and desires.