Sales and Marketing Tech Glossary
Below is a list of common sales and marketing technology terms, as well as some which are trending to become more relevant. This glossary of key terms is a vital tool to help you understand how the concepts outlined in current and emerging technology platforms have the potential to help (or hurt) your business. We look forward to providing future editions of this glossary as a litmus test for the latest tactics and technologies developed for sales and marketing professionals.
Last Updated: December 28, 2016
Often confused with CRM, a contact database is the actual information housed within the CRM - also known as raw data. A Contact Database contains typical contact information, social media handles for the prospect, past transactions, referrals and any other information to help in your sales efforts. These databases may also be used to generate email lists.
Contact Database Software
This software is designed to house prospect's and client's contact information. There are generally no insights about future possibilities or current activity. This is simply a place to house contact data.
High Velocity Sales
Most commonly a tactic used in SaaS or software sales, this method combines the more rapid approaches of selling found in B2C and applies them in the B2B sales process. One aspect is the shorter sales cycle and even impulse buying (like retail electronics shopping), so the touchpoints of marketing and sales are much closer together. Top performing sales reps engage on a highly personal basis to provide close touch with the product before buying.
The act of tuning each step of the sales process to deliver the maximum quality service with optimum time management. Results include shorter time to customer acquisition and maximum satisfaction.
The act of finding potential customers interested to sell to. Sales personnel will specifically cold call, network, go to trade shows, and follow up on referrals to reach potential customers. Prospects are assigned labels in the sales lifecycle such as Marketing Qualified Lead (MQL), Sales Accepted Lead (SAL), Warm, or Hot, to better classify their status and urgency for sales teams.
Sales Prospecting Tools
Also called Sales Engagement Platform, these solutions for prospecting are more granularly focused on activities such as call tracking/automation, behavior tracking across company-owned media, drip email campaigns, and alerts associated with prospect/employee movement.
Predictive Marketing Analytics
By analyzing past trends, current data, and customer profiles, companies can market more effectively based on future intent and technology moves. This process allows for greater accuracy with content creation, paid marketing, and acquiring new customers.
The practice of using metrics and statistical analysis to make informed business decisions. Examples of these include: A/B Testing, using data to explain why a particular event occurred (quantitative analysis), or forecasting future events based off of data.
Sales intelligence (SI) refers to technologies, applications and practices for the collection, integration, analysis, and presentation of information to help salespeople keep up to date with clients, prospect new data, and drive business. It’s a form of business intelligence for sales, and is primarily relevant to B2B sales cycles. Source: G2 Crowd
By combining factors such as budget, market growth, current pipeline, and past trends, companies can make projections about short-term and long-term sales figures. This often happens in order to push sales goals, as well as better understand whether or not a company will continue to grow on schedule or is at risk of contracting.
Sales organization charts provide a clear view on the exact footprint of a sales department, including project and personnel responsibilities, as well as decision makers in each vertical. It may or may not also contain pertinent contact information. Organization charts are often used in account-based marketing and selling strategies. This information is utilized to target key stakeholders in specific types of purchases and increases the likelihood of a sale occurring if used correctly.
Account-based marketing (ABM) is an alternative B2B strategy that concentrates sales and marketing resources on a clearly defined set of target accounts within a market and employs personalized campaigns designed to resonate with each account. Source: Marketo
This strategy, founded on the principles of Account-Based Marketing and adapted for sales development, focuses on launching tailored, SDR-driven campaigns into specific target accounts. Source: Topo
Composed of statistics, data mining, algorithms, and machine-learning to identify trends and behavior patterns. When applied to sales and marketing, predictive analytics forecasts companies most likely to buy or take future action relevant to your business.
Predictive Lead Scoring
While traditional lead scoring will rank prospects based on recent activity in owned web assets, the predictive approach scores prospects on the likelihood of a closed-won deal taking place. A trend of closed-won deals is processed by algorithms to determine with greater accuracy over time as to which prospects have potential to close. A traditional ranking structure may be used here, although with differing actions for ranking position.
Examples of this technology include DealPredict.
Predictive Sales Analytics
The process by which intelligent algorithms are able to analyze key sales performance indicators in order to deliver accurate sales projections and even provide actionable intel. Such algorithms become increasingly accurate over time as more data is analyzed.
Most often referred to as CRM, this software is designed to house prospect and client contact information with a more progressive view in mind. Features often include active reporting on lead activity, pipeline insights, legal documents, progressive profiling of prospects, and more.
Lists usually purchased from an outside company or service that provides the email addresses of individual contacts in a target market. Often the offering is a one-time list for a flat fee or a pay-per-contact basis. List size is based on the number of contacts desired by the buyer. Various tools allow for generating email marketing lists (with no limit to number of lists or contacts) based on their target market to use for prospecting efforts. List quality can be of concern for broadly sold lists because of the lack contact verification leading to a high bounce and/or return rate.
Marketing automation refers to the software that exists with the goal of automating marketing actions. Many marketing departments have to automate repetitive tasks such as emails, social media, and other website actions. The technology of marketing automation makes these tasks easier. Source: Hubspot
A strategic go-to-market approach that orchestrates personalized marketing, sales, and success efforts to land and expand at named accounts. Source: Engagio
Sales gamification software enhances the sales process by adding competition and recognition as additional motivation for sales representatives. Sales departments indicate the metrics by which their team will be judged, and the tool ranks employees based on their success against those metrics. Rankings are displayed publicly with employees’ scores based on data pulled from the team’s CRM system. Other departments, such as customer support or human resources, also use gamification platforms to enhance employee performance. Source: G2 Crowd
Revenue Attribution Software
Software which enhances and expands upon insights in the process of matching advertising campaigns to customer sales. By properly attributing revenue sources, future campaigns and ad budgets can be better allocated.
The basic premise of ABI is that the more you know about an account, the better able you are to segment leads and personalize messaging. This feeds pipeline growth, renewal strategy, lead generation, sales intelligence, and database maintenance – all essential elements of a successful ABM strategy. Source: LeadGnome