When working in the same field, company, or team, we must ensure that everybody speaks the same language. Every team member should be able to understand what we’re talking about and communicate on their side.
Today you are going to learn 8 prospecting terms that you will need to know to be a competent communicator when it comes to prospecting.
TERM 1: Prospect
When a person fits your target buyer role profile or is identified as someone you want to engage with or a potential customer who has shown interest in a company’s products or services, a prospect is considered a good candidate for conversion into a paying customer.
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TERM 2: Sales Qualified Lead
When a customer or prospect (role/person) takes a specific action that shows their willingness to explore with you or one of your salespeople and is further qualified through interactions with someone in the sales organization.
TERM 3: SDR Generated Pipeline
It’s an individual SDR-based metric that includes opportunities uncovered by the SDR through a direct conversation with the customer, be it through the phone or other means. But, at the same time, it excludes opportunities brought to the SDR by a field rep, partner sales rep, distributor rep, or any other rep, manager, director – anyone.
TERM 4: SDR Generated Pipeline Booked
It is an SDR aAssignment-based metric that includes the SDR Generated Pipeline, regardless of which SDR initially generated the pipeline, that has been booked by the SDR, a field Rep, a partner sales rep, a distributor rep, or any other rep.
TERM 5: SDR Generated Pipeline Conversations:
It is an individual SDR-based metric that includes SDR conversations with a customer or prospect discussing/uncovering a net new opportunity.
A net new opportunity is defined as:
- New subscriptions to new buying centers within an existing account
- A completely new chance for Your Company
The conversation can occur during a call with a customer regarding any current deal/opportunity/renewal or a conference/seminar but not through email-based communication.
TERM 6: SDR Existing Opportunity Conversations:
It is an individual SDR-based metric and refers to conversations with a customer to discuss an existing deal/opportunity in Salesforce.
A current chance is defined as:
- A renewal
- A new business opportunity already in Salesforce
- New non-SDR Generated Pipeline opportunity from a field Rep, a partner sales rep, a distributor rep, or any other rep, manager, or partner
This conversation can occur during a call with a customer regarding any existing deal/opportunity, new or existing, and does not include email-based communications.
TERM 7: Meetings Set
Typically this is an individual SDR-based metric. It refers to meetings set up by an SDR for a field rep, account executive, or even a partner sales rep, or a field/partner SE and not for the SDR to attend in person or on phone/webcast
It does include meetings set up at a conference/seminar (not limited to phone-based conversations) by the SDR for someone else.
TERM 8: Tracking of Metrics:
Typically, you and your peers will likely need to track offline and online for a few months.
- Offline Tracking: use the method that works best for you
- Online Tracking: in SalesForce, use the “engagement type” listed above for each activity noted