If you are going to interview for a sales position, and you want to be a salesperson, these terms are common sales jargon and are “must know” terms if they are not familiar to you already. The terms are divided into three sections: sales terms, sales jobs terms, and business terms. The book also contains the definitions and commentary on each sales term.

Sales Terms
1. Client List
(Also: “Book of Business,” “Accounts,” or “Customers”)
Illustration: “You will take over an excellent client list.”

2. Cold Calling
Illustration: “Do you like cold calling?”

3. Elevator Pitch
Illustration: “What is your company’s elevator pitch?”

4. FUD (Fear, Uncertainty & Doubt) – Pronounced “fud”
Illustration: “How much would it cost your company in consulting hours to have your network down and then rebuilt?” I gave that FUD line to the director of technology to get my appointment bragged the salesperson.

5. Good Cop/Bad Cop
Illustration: “The buyer and his boss play ‘good cop/bad cop’ with me.”

6. Hunter-Farmer Sales Team
Illustration: “We use the hunter-farmer strategy to work our territories and to maximize our efficiencies.”

7. Open-ended Questions
(Also: “High-gain Questions”)
Illustration: “What are the issues that the current process creates?”

8. Product Line(s)
(Also: “Lines”)
Illustration: “May I schedule some time next Tuesday to meet with you to review some of my new product lines.”

9. Purchase Order Number (“PO#”)
Illustration: “I will give you a PO today if you can guarantee delivery on Monday.”

10. Sales Forecasts
Illustration: “Your quota had you selling 100 units, but you are forecasting a 120. What has changed?”

11. Sales Quota
(Also: “Sales Plan”)
Illustration: “I am setting your quota for 103 units. You sold 93 last year. Our division needs to increase our sales by 10 percent.”

12. Sales Cycle
Illustration: “Where are you in your sales cycle with that account?”

13. Sales Pipeline
(Also: “Sales Funnel”)
Illustration: “How strong is your pipeline this month?”

14. SPIF (Sales Performance Incentive Funds)
(Also: “SPIFF” – Special Incentive for Field Force)
Illustration: “We got a $500 Best Buy gift certificate SPIF for the salesperson who sells the most new products this month.”

15. “Terms”
(Also: “Terms & Conditions,” “T&Cs”)
Illustration: “We are still negotiating T&Cs but we agreed on pricing and the delivery time.”

16. Trial Close
Illustration: “What color car would you prefer?”

Sales Job Terms
17. Channel Partner
Illustration: “ABC Consulting is a channel partner for us.”

18. Channel Sales Manager
Illustration: “John is the channel sales manager for us.”

19. Independent Sales Representative
(Also: “ISO” – Independent Sales Organization)
Illustration: “I am an independent sales representative representing twelve different manufacturers.”

20. Inside Sales Representative
(Also: “CSR” – Customer Service Representative)
Illustration: “He is my inside sales representative and will be handling any ordering details or questions.”

21. Outside Sales Representative
(Also: “Outside Salespeople”, “Field Sales”, “Account Executive”, “Territory Manager”, “Sales Executive”, “National Account Representative”)
Illustration: “We have fourteen outside sales representatives who cover twenty-three states.”

22. Specification Sales
Illustration: “I got my zip code report for my territory, and my product was still selling extremely well.”

23. Value Added Reseller (VAR)
Illustration: “Are you guys a VAR for Oracle?”

Business Terms
24. Four Ps of Marketing
(Also: “Marketing Mix”)
Illustration: “We failed because we got only three out of the four Ps of marketing right with our product launch.”

25. “Just In Time” Inventory (JIT)
Illustration: “Since we have gone to a JIT system, we are more flexible and agile with product improvements and enhancements.”
Translation: As a JIT vendor, your company will be contractually obligated to provide products in a timely fashion and at a set price. In most cases, your company will face the consequences of punitive damages if your company does not perform.

26. Business Model
Illustration: “Our business model targets companies between $50 million and $750 million in sales.”

27. Market Segment
Illustration: “Our products target the first-time home buyer market segment.”

28. Original Equipment Manufacturer (OEM)
Illustration: “We ‘OEM’ their products.”

29. Opportunity Costs
Illustration: “After reviewing the opportunity costs of partnering with them, we decided it was worth the effort to hire David to foster the relationship.”

30. Product Life Cycle
Illustration: “We are in the growth phase of our product life cycle.”

31. Rate of Adoption Curve
Illustration: “I think we have a good chance at selling them since their key decision maker is an “innovator.”

32. Reverse Auctions
Illustration: “We continued to bid on the reverse auction until we got to the point where the next bid was below our cost.”

33. RIF (Reduction in Force) – Pronounced “Riff”
Illustration: “They are expecting a huge RIF a few months after the merger is finalized.”

34. ROI (Return on Investment)
Illustration: “I know the cost to attend the trade show is $3000, but how can we calculate an ROI for the show?”

35. Supply and Demand
Illustration: “With more manufacturers producing the item, the laws of supply and demand say that pricing must be affected without the demand changing.”

36. SWOT Analysis – Pronounced “Swat”
Illustration: “We need you to do a SWOT analysis on that product line.”

37. Value Proposition (Value Prop)
Illustration: “She described her value proposition as helping us to eliminate the raw material waste on our paper machines with the use of her laser strobe.”

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