The world of sales is full of specialized jargon and easily confused abbreviations.

Here, we’ll demystify 26 tricky sales and marketing terms you’re likely to encounter as a small-business owner:

A gatekeeper may be a receptionist, assistant, or department head who screens incoming communication or requests.

1. Always Be Closing (ABC): A sales technique that emphasizes the importance of continuously moving the prospect toward making a purchase or closing the deal.
2. Account-Based Selling (ABS): A sales strategy that focuses on targeting specific high-value accounts or customers through personalized messaging and cross-functional collaboration to drive significant revenue growth.
3. Business-to-Business/Business-to-Consumer (B2B/B2C): B2B refers to sales transactions between businesses, while B2C refers to sales transactions between businesses and individual consumers.
4. Budget, Authority, Need, Time (BANT): A framework used in sales and marketing to qualify prospects by evaluating their budget, decision-making authority, need for the product or service, and timeline for making a purchase.
5. Buy-Line: The point in the sales process when a prospect makes a decision to purchase a product or service.
6. Cadence: The rhythm or pace at which a sales or marketing campaign is conducted, including the frequency and timing of outreach efforts.
7. Cold Calling: A sales technique where a salesperson makes unsolicited phone calls or visits to generate interest and make a sale, requiring perseverance and resilience to handle rejection and objections.
8. Cross-Selling: The practice of offering additional products or services to a customer who has already made a purchase.
9. Customer Relationship Management (CRM): A strategy and set of technologies that help businesses manage customer interactions, data, sales, and marketing to improve satisfaction and revenue.
10. Direct Sales: The process of selling products or services directly to customers, without the use of intermediaries or third-party vendors.
11. Gatekeeper: A person or entity that controls access to a decision-maker or key influencer in a sales process. In business, a gatekeeper may be a receptionist, assistant, or department head who screens incoming communication or requests.
12. Loss Leader: A product or service offered at a low price, or even at a loss, with the intention of attracting customers who will also purchase higher-margin products or services.
13. Multi-Threading: The practice of engaging with multiple decision-makers and influencers within a prospect’s organization to increase the chances of closing a sale.
14. Objection: A concern or hesitation expressed by a prospect that prevents them from making a purchase or moving forward in the sales process.
15. Pain Point: A specific problem or challenge faced by a prospect that motivates them to seek a solution, identified by salespeople through active listening and empathy, to position their product or service as a viable solution.
16. Positioning Statement: A concise statement that communicates a product or service’s unique value proposition and competitive advantage to potential customers.
17. Proof of Concept: A demonstration or test that shows the feasibility and potential of a new product or service.
18. Prospecting: The process of identifying and reaching out to potential customers or leads with the goal of generating interest and ultimately making a sale.
19. Quota: A predetermined sales target set by a company for a specific period to measure the success of the sales team and drive revenue growth.
20. Request for Proposal/Request for Quote (RFP/RFQ): An RFP is a request for detailed proposals that meet specific project or service requirements, while an RFQ is used to request pricing information for a specific product or service.
21. Sales Pipeline: A visual representation of the various stages and progress of a sales process, from prospecting to closing the deal, to track and forecast sales performance.
22. Sales Script: A structured plan that guides a salesperson through the steps and questions necessary to sell a product or service to a prospect or customer.
23. Soft Sell/Hard Sell: Two distinct approaches to selling, with soft sell emphasizing building trust and rapport, and hard sell focusing on product features and benefits to push for a sale.
24. Weighted Pipeline: The total value of all opportunities in a sales pipeline, taking into account the probability of closing each opportunity.
25. White Label: A product or service created by one company but sold under another company’s brand name, allowing the second company to offer a wider range of products without investing in development and production.
26. Zeroed Out: This is when a salesperson has earned enough commission to pay off their draw balance and can begin earning commission on new sales again.

Defining Success

If you’re ready to put your knowledge into action, consult your financial institution.